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Trivia Tidbit Of The Day: Part 421 -- Trade Is Good.

Free Trade Is Even Better-

Some facts on American trade (.pdf):

In 2006 U.S. exports grew by 12.7 percent over 2005 to $1.4 trillion, while imports increased 10.5 percent to $2.2 trillion. To compare, in 2005 Japan’s GDP was $4.91 trillion and Russia’s GDP was $733 billion.

The United States is actually exporting more than ever before (.pdf):

Exports comprised 11.1 percent of U.S. GDP in 2006, the highest ever in dollar terms. It was 5.2 percent 50 years ago and 9.6 in 2002.

Which is probably surprising for a lot of folks. The common media narrative is that the U.S has nothing left to export, because all the factories and jobs are going overseas. Sure, the trade deficit is large, but that's just because Americans buy most of their cheap consumer goods and clothes from places like China.

And here's one reason among many why we should promote free trade agreements (.pdf):

U.S. Free Trade Agreement (FTA) partners make up 7.3 percent of the world’s GDP (excluding the U.S.), and exports to these countries comprise more than 42 percent of total U.S. exports. As of February 13, 2007 the U.S. has FTAs in force with 13 countries.

A look at those particular numbers (.pdf):

We need more free trade, not less.

Previous Trivia Tidbit: Emissions & Economy.

Posted by Will Franklin · 16 February 2007 02:21 PM

Comments

Posted by: Assistant Village Idiot at February 16, 2007 04:37 PM

Posted by: John at February 17, 2007 09:37 AM