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ECO 202 SLO Fall 2022 ECO 201 CLO (Scientific Literacy) Spring 2023 1) Answer the following questions using the BEA Tables for US International Trade in Goods and Services (Links to an external site.) : A. Scroll down to U.S. Trade in Goods and Services, 1960-present to download these spreadsheets. Using annual data in Table 1: 1. Calculate the growth rate in U.S. exports over the last five years. 2017 (2,394,476 - 2,240,824)/ 2,240,824 = 6.856% ~ 6.86% 2018 (2,542,462 - 2,394,476)/ 2,394,476 = 6.180% ~6.18% 2019 (2,546,276 - 2,542,462)/ 2,532.462 = 0.150% ~0.15% 2020 (2,158,651 - 2,546,276)/ 2,546,276 = -15.223% ~15.22% 2021 (2,556,638 - 2,158,651)/ 2,158,651 = 18.436% ~18.44% 2. Calculate the growth rate in imports into the U.S. over the last five years. 2017 (2,904,820 - 2,720,282)/ 2,720,282 = 6.783% ~6.78% 2018 (3,121,057 - 2,904,820)/ 2 904,820 = 7.444% ~7.44% 2019 (3,105,952 - 3,121,057)/ 3,121,057 = -0.483% ~ -0.48% 2020 (2,812,640 - 3,105,952)/ 3,105 952 = -9.443% ~ -9.44% 2021 (3,401,685 - 2,812,640)/ 2,812,640 = 20.942% ~20.94% B. Return to BEA Tables for US International Trade in Goods and Services .Scroll down to U.S. Trade in Goods and Services by Selected Countries and Areas, 1999-present to download those spreadsheets. 1. Using Table 1, to which three nations (not areas or regions) did the U.S. export the highest dollar value of goods and services in 2021? ● Canada = 364,502 ● Mexico = 307,111 ● China= 192,038 2. Using Table 1, to which three nations (not areas or regions) did the U.S. export the higher dollar value of goods and services in 2017?

● Canada = 348 666 ● Mexico = 275,645 ● China = 187 875 3. Using Table 2, from which three nations (not areas or regions) did the U.S. import the highest dollar value of goods and services in 2021? ● Canada = 398,270 ● Mexico = 418,633 ● China =526,807 4. Using Table 2, from which three nations (not areas or regions) did the U.S. import the highest dollar value of goods and services in 2017? ● China = 524,042 ● Mexico = 345,898 ● Canada = 341,331 C. In a few sentences summarize your conclusions from the data analyzed on U.S. imports and exports over the last five years and explain how the data reflect the economic principles you have learned. According to the data of U.S. imports and exports over the last five years, in the year 2019 and 2020 both import and goods and services declined. During the year 2020, COVID-19 hit the US economy badly so that export of goods declined by 15.22 percent. The data reflects the trade deficit in the U.s.economy because in all five years the amount for imports is higher than that of exports. It means that the U. S. economy is highly dependent on the goods produced in other countries.

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