Foreign trade of the United States

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A series on Trade
World trade
Storck Harbour scene.jpg

Contents

[edit] History

[edit] Embargo Act of 1807

Embargo Act of 1807 was designed to force Britain to rescind its restrictions on American trade, but failed, and was repealed in early 1809.

[edit] Mid-19th century

See American Civil War

During the Civil War period, leaders of the Confederacy were confident that Britain would come to their aid because of British reliance on Southern cotton.[1] The Union was able to avoid this, through skillful use of diplomacy and threats to other aspects of European-U.S. trade relations.

[edit] Before World War II

While the United States has always participated in international trade, it did not take a leading role in global trade policy-making until the Great Depression. Congress and The Executive Branch came into conflict in deciding the mix of trade promotion and protectionism. In order to stimulate employment, Congress passed the Reciprocal Trade Agreements Act of 1934, allowing the executive branch to negotiate bilateral trade agreements for a fixed period of time.[citation needed] During the 1930s the amount of bilateral negotiation under this act was fairly limited, and consequently did little to expand global trade.

[edit] After World War II

Near the end of the Second World War U.S. policy makers began to experiment on a broader level. In the 1940s, working with the British government, the United States developed two innovations to expand and govern trade among nations: the General Agreement on Tariffs and Trade (GATT) and the International Trade Organization (ITO). GATT was a temporary multilateral agreement designed to provide a framework of rules and a forum to negotiate trade barrier reductions among nations.

The growing importance of international trade led to the establishment of the office of the U.S. trade representative in 1963 by Executive Order 11075, originally called The Office of the Special Representative for Trade Negotiations.[2]

[edit] Trade policy

United States trade policy has varied widely through various American historical and industrial periods. As a major developed nation, the U.S. has relied heavily on the import of raw materials and the export of finished goods. Because of the significance for American economy and industry, much weight has been placed on trade policy by elected officials and business leaders.[3]

The Constitution gives Congress express power over the imposition of tariffs and the regulation of international trade. As a result, Congress can enact laws including those that: establish tariff rates; implement trade agreements; provide remedies against unfairly traded imports; control exports of sensitive technology; and extend tariff preferences to imports from developing countries. Over time, and under carefully prescribed circumstances, Congress has delegated some of its trade authority to the Executive Branch. Congress, however, has, in some cases, kept tight reins on the use of this authority by requiring that certain trade laws and programs be renewed; and by requiring the Executive Branch to issue reports to Congress to monitor the implementation of the trade laws and programs.[4]

[edit] Constitutional authority

The authority of Congress to regulate international trade is set out in Article I, Section 8, Paragraph 1 of the United States Constitution:

The Congress shall have power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States;

[edit] Customs territory

The main customs territory of the United States includes the 50 states, the District of Columbia, and the territory of Puerto Rico, with the exception of over 200 foreign trade zones designated to encourage economic activity. The remaining insular areas are separate customs territories administered largely by local authorities:

Transportation of certain living things or agricultural products may be prohibited even within a customs territory. This is enforced by U.S. Customs and Border Protection, the federal Animal and Plant Health Inspection Service, and even state authorities such as the California Department of Food and Agriculture.

[edit] Investment in the United States

Account balance as of 2006[5]
U.S.A. net international investment position

Gross U.S. assets held by foreigners were $16.3 trillion as of the end of 2006 (over 100% of GDP). The U.S. net international investment position (NIIP)[6] became a negative $2.5 trillion at the end of 2006, or about minus 19% of GDP.[7][8]

This figure rises as long as the US maintains an imbalance in trade, when the value of imports substantially outweighs the value of exports. This external debt does not result mostly from loans to Americans or the American government, nor is it consumer debt owed to non-US creditors. It is an accounting entry that largely represents US domestic assets purchased with trade dollars and owned overseas, largely by US trading partners.[8]

For countries like the United States, a large net external debt is created when the value of foreign assets (debt and equity) held by domestic residents is less than the value of domestic assets held by foreigners. In simple terms, as foreigners buy property in the US, this adds to the external debt. When this occurs in greater amounts than Americans buying property overseas, nations like the United States are said to be debtor nations, but this is not conventional debt like a loan obtained from a bank.[6][8]

If the external debt represents foreign ownership of domestic assets, the result is that rental income, stock dividends, capital gains and other investment income is received by foreign investors, rather than by U.S. residents. On the other hand, when American debt is held by overseas investors, they receive interest and principal repayments. As the trade imbalance puts extra dollars in hands outside of the U.S., these dollars may be used to invest in new assets (foreign direct investment, such as new plants) or be used to buy existing American assets such as stocks, real estate and bonds. With a mounting trade deficit, the income from these assets increasingly transfers overseas.[6][8]

Of major concern is the magnitude of the NIIP (or net external debt), which is larger than those of most national economies. Fueled by the sizable trade deficit, the external debt is so large that economists are concerned over whether the current account deficit is unsustainable. A complicating factor is that trading partners such as China, depend for much of their economy on exports, especially to America. There are many controversies about the current trade and external debt situation, and it is arguable whether anyone understands how these dynamics will play out in a historically unprecedented floating exchange rate system. While various aspects of the U.S. economic profile have precedents in the situations of other countries (notably government debt as a percentage of GDP), the sheer size of the U.S., and the integral role of the US economy in the overall global economic environment, create considerable uncertainty about the future.[6][8]

According to economists such as Larry Summers and Paul Krugman, the enormous inflow of capital from China is one of the causes of the global financial crisis of 2008–2009. China had been buying huge quantities of dollar assets to keep its currency value low and its export economy humming, which caused American interest rates and saving rates to remain artificially low. These low interest rates, in turn, contributed to the United States housing bubble because when mortgages are cheap, house prices are inflated as people can afford to borrow more.[9][10]

[edit] Trade agreements

  The United States
  Current Bilateral/Multilateral FTA's
  Proposed Bilateral/Multilateral FTA's

The United States is a partner to many trade agreements, shown in the chart below and the map to the right.

The United States has also negotiated many Trade and Investment Framework Agreements, which are often precursors to free trade agreements. It has also negotiated many bilateral investment treaties, which concern the movement of capital rather than goods.

The U.S. is a member of several international trade organizations. The purpose of joining these organizations is to come to agreement with other nations on trade issues, although there is domestic political controversy to whether or not the U.S. government should be making these trade agreements in the first place. These organizations include:
Existing
Bilateral
Australia · Bahrain · Colombia · Chile · Israel · Jordan · Morocco · Oman · Panama · Peru · Singapore · South Korea
Multilateral
Pending
Proposed
Bilateral
Multilateral
Suspended
Southern African Customs Union (on hold since 2006) · Thailand (on hold after 2006 coup) · Qatar (on hold since 2006)
Defunct or
expired

[edit] Internal institutions

American foreign trade is regulated internally by:

[edit] Imports and exports

  • Proportions

  • Proportion of US exports to imports 1960–2004

  • U.S. exports of goods and services 1960–2004

  • U.S. imports of goods and services 1960–2004

  • Imports and exports by country

  • US exports in 2006

  • US exports of goods by country in 2004 (does not include exports of services)

  • US imports of goods by country in 2004 (does not include imports of services)

The United States is the most significant nation in the world when it comes to international trade. For decades, it has led the world in imports while simultaneously remaining as one of the top three exporters of the world.

As the major epicenter of world trade, the United States enjoys leverage that many other nations do not. For one, since it is the world's leading consumer, it is the number one customer of companies all around the world. Many businesses compete for a share of the United States market. In addition, the United States occasionally uses its economic leverage to impose economic sanctions in different regions of the world. USA is the top export market for almost 60 trading nations worldwide.

Since it is the world's leading importer, there are many U.S. dollars in circulation all around the planet. The stable U.S. economy and fairly sound monetary policy has led to faith in the U.S. dollar as the world's most stable currency.

In order to fund the national debt (also known as public debt), the United States relies on selling U.S. treasury bonds to people both inside and outside the country, and in recent times the latter have become increasingly important. Much of the money generated for the treasury bonds came from U.S. dollars which were used to purchase imports in the United States.

Country 2008 Trade balance (Millions USD) 2009 Trade balance (Millions USD) 2008 Exports[11] (Millions USD) 2009 Exports[12] (Millions USD) 2008 Imports[11] (Millions USD) 2009 Imports[12] (Millions USD) 2008 Total Trade (Millions USD) 2009 Total Trade (Millions USD)
TOTAL -816198.7 -501190.1 1287442 1056894.9 2103640.7 1558085 3391082.7 2614979.9
Canada -78341.6 -20210.9 261149.8 204699.8 339491.4 224910.7 600641.2 429610.5
China -268039.8 -226826.1 69732.8 69576 337772.6 296402.1 407505.4 365978.1
Mexico -64721.6 -47539.4 151220.1 128997.7 215941.6 176537 367161.7 305534.7
Japan -74120.4 -44769.4 65141.8 51179.6 139262.2 95949 204404 147128.6
Germany -42991.3 -27954.5 54505.3 43298.6 97496.6 71253.1 152001.9 114551.7
United Kingdom -4988.3 -1772.2 53599.1 45713.7 58587.4 47485.9 112186.5 93199.6
Korea, South -13400.4 -10595.1 34668.7 28640 48069.1 39235.1 82737.8 67875.1
France -15209.2 -7511.9 28840.1 26522.3 44049.3 34034.2 72889.4 60556.5
Netherlands 18596.6 16244.2 39719.5 32347 21122.9 16102.8 60842.4 48449.8
Taiwan -11399.8 -9942.3 24926.3 18432.4 36326.1 28374.6 61252.4 46807
Brazil 1845.7 6101.4 32298.7 26175.3 30452.9 20073.9 62751.6 46249.2
Italy -20674.1 -14183.6 15460.8 12232.6 36135 26416.2 51595.8 38648.8
Singapore 11968.7 6619.9 27853.6 22278.5 15884.9 15658.6 43738.5 37937.1
India -8022.3 -4713.7 17682.1 16462.4 25704.4 21176.2 43386.5 37638.6
Venezuela -38813.6 -18734.6 12610 9359.8 51423.6 28094.4 64033.6 37454.2
Ireland -23735.7 -20549.5 7610.8 7516.4 31346.5 28066 38957.3 35582.4
Belgium 11595.4 7849.1 28903.5 21629.7 17308.1 13780.6 46211.6 35410.3
Malaysia -17786.6 -12877.4 12949.5 10401.5 30736.1 23278.8 43685.6 33680.3
Switzerland 4241.8 1466.3 22023.6 17499.1 17781.9 16032.9 39805.5 33532
Saudi Arabia -42263.2 -11242.3 12484.2 10803.7 54747.4 22046 67231.6 32849.7
Israel -7849 -9177 14486.9 9567.8 22335.8 18744.8 36822.7 28312.6
Australia 11629.8 11582.6 22218.6 19597.5 10588.8 8014.9 32807.4 27612.4
Thailand -14471.7 -12164.4 9066.6 6920.8 23538.3 19085.2 32604.9 26006
Hong Kong 15015.2 17551.7 21498.6 21118.5 6483.4 3566.8 27982 24685.3
Russia -17448.4 -12838.2 9334.6 5382.8 26783 18221 36117.6 23603.8
Nigeria -33965.6 -15470.2 4102.4 3658 38068 19128.3 42170.4 22786.3
Colombia -1655.9 -1862.2 11437.3 9457.8 13093.2 11319.9 24530.5 20777.7
Indonesia -10154.7 -7832 5644.5 5106.4 15799.1 12938.5 21443.6 18044.9
Spain 1095.9 885.8 12189.8 8750.8 11093.9 7865 23283.7 16615.8
Vietnam -10111.6 -9182.3 2789.4 3107.6 12901.1 12289.9 15690.5 15397.5
Chile 3661.5 3414.9 11857.4 9365.3 8196 5950.4 20053.4 15315.7
United Arab Emirates 13131.2 10610.5 14417.4 12107.3 1286.2 1496.8 15703.6 13604.1
Sweden -7480.1 -3643 5018.3 4563.6 12498.3 8206.6 17516.6 12770.2
Philippines -418.5 -1024.3 8294.9 5772.8 8713.3 6797.1 17008.2 12569.9
Algeria -18111.6 -9609 1243.2 1108.8 19354.8 10717.8 20598 11826.6
Iraq -20010 -7488.5 2069.8 1774.8 22079.8 9263.3 24149.6 11038.1
Angola -16892.1 -7916 2019.2 1422.9 18911.3 9338.9 20930.5 10761.8
Turkey 5316.8 3426.9 9958.7 7089 4641.9 3662.1 14600.6 10751.1
South Africa -3457.6 -1418 6490.5 4460.7 9948 5878.7 16438.5 10339.4
Costa Rica 1741.8 -897 5679.8 4704.4 3938.1 5601.4 9617.9 10305.8
Argentina 1714.3 1669.9 7536.3 5559.7 5822.1 3889.8 13358.4 9449.5
Ecuador -5598.4 -1345.3 3450 3927 9048.4 5272.3 12498.4 9199.3
Peru 370.5 733.1 6183 4925.2 5812.5 4192.1 11995.5 9117.3
Austria -5807.9 -3838.7 2649.1 2538.5 8457 6377.2 11106.1 8915.7
Dominican Republic 2616.5 1941 6594.4 5269.9 3977.8 3328.8 10572.2 8598.7
Norway -4022.9 -2926.9 3292.2 2752.2 7315.1 5679.2 10607.3 8431.4
Denmark -3735.4 -3503.3 2711 2058.5 6446.4 5561.8 9157.4 7620.3
Egypt 3631.8 3199.8 6002.2 5257.6 2370.4 2057.8 8372.6 7315.4
Trinidad and Tobago -6780.1 -3234.3 2250.2 1989.1 9030.3 5223.4 11280.5 7212.5
Guatemala 1255.5 763.1 4718.3 3900.7 3462.7 3137.6 8181 7038.3
Honduras 805 60.1 4846.2 3384 4041.2 3324 8887.4 6708
Kuwait -4373.6 -1830.8 2719.3 1951.8 7093 3782.6 9812.3 5734.4
Finland -2142.4 -2318.7 3760.8 1665.6 5903.3 3984.3 9664.1 5649.9
Pakistan -1693.2 -1538.6 1897.8 1624.9 3591.1 3163.5 5488.9 4788.4
New Zealand -636.9 -397 2533.9 2160.5 3170.8 2557.5 5704.7 4718
Panama 4508.2 4053.8 4887.3 4358 379.1 304.2 5266.4 4662.2
Poland 1543.7 265.5 4130.6 2304.9 2586.9 2039.5 6717.5 4344.4
Bangladesh -3280.4 -3265.1 468.1 434.9 3748.4 3700 4216.5 4134.9
El Salvador 234 197.3 2462 2019.3 2228 1822 4690 3841.3
Hungary -1671.8 -992.7 1431 1231.7 3102.8 2224.4 4533.8 3456.1
Congo (Brazzaville) -4889.1 -2827.9 184.6 277.1 5073.7 3105 5258.3 3382.1
Greece 932.6 1635.1 1931.6 2475.7 998.9 840.6 2930.5 3316.3
Bahamas 2155.1 1635.7 2759.5 2455.3 604.4 819.6 3363.9 3274.9
Qatar 2231.6 2214.4 2715.9 2720.2 484.3 505.8 3200.2 3226
Czech Republic -1190.3 -951.3 1378.4 969.7 2568.7 1921 3947.1 2890.7
Equatorial Guinea -3182.8 -2181 184.5 305.9 3367.3 2486.9 3551.8 2792.8
Portugal 194.5 -483.7 2646 1085.3 2451.4 1569 5097.4 2654.3
Netherlands Antilles 2142.3 1656 2951.6 2130.8 809.3 474.9 3760.9 2605.7
Libya -3457.8 -1252.4 720.9 666.1 4178.6 1918.5 4899.5 2584.6
Nicaragua -609.3 -896.2 1094.2 715 1703.6 1611.3 2797.8 2326.3
Azerbaijan -4121.8 -1750.6 239.1 222 4360.9 1972.6 4600 2194.6
Kazakhstan -617.9 -946.3 985.5 599.5 1603.4 1545.8 2588.9 2145.3
Jordan -197.1 269.3 940.3 1193.4 1137.5 924.1 2077.8 2117.5
Morocco 557.1 1138.1 1435.9 1606.1 878.7 468 2314.6 2074.1
Cambodia -2257.3 -1797.5 154.2 127.2 2411.5 1924.8 2565.7 2052
Chad -3271.8 -1921.4 62.5 62.7 3334.3 1984.1 3396.8 2046.8
Oman 530.1 179.6 1382 1087.5 851.9 907.8 2233.9 1995.3
Jamaica 1914.7 983.2 2643.4 1448.3 728.7 465.1 3372.1 1913.4
Sri Lanka -1678.7 -1364.1 283.3 229.5 1961.9 1593.6 2245.2 1823.1
Luxembourg 451.9 849.5 988 1292.1 536.1 442.6 1524.1 1734.7
Aruba -2499 -832 680.3 446.2 3179.3 1278.2 3859.6 1724.4
Afghanistan 397 1395.4 481.6 1511.5 84.7 116.1 566.3 1627.6
Gibraltar 2639.3 1559 2640.7 1559.9 1.4 0.9 2642.1 1560.8
Lebanon 1364.8 1364 1463.8 1441 99.1 77 1562.9 1518
Romania -58.5 -71.9 1048.2 671.6 1106.7 743.5 2154.9 1415.1
Paraguay 1531.5 1296.2 1609.9 1352.6 78.4 56.4 1688.3 1409
Gabon -1994.5 -1059.9 284 170.8 2278.5 1230.7 2562.5 1401.5
Ukraine -471.9 400.9 1868 890.1 2339.9 489.2 4207.9 1379.3
Haiti 493.9 239.6 944 791.7 450.1 552 1394.1 1343.7
Bahrain 290.6 205.1 829.5 668.6 538.9 463.5 1368.4 1132.1
Lithuania 81.2 -182.1 831.3 408 750 590.2 1581.3 998.2
Uruguay 648.7 505.2 893.1 744.4 244.3 239.2 1137.4 983.6
Côte d'Ivoire -837.5 -538.5 254.1 206.2 1091.6 744.7 1345.7 950.9
Bolivia -121.7 -72.9 389.3 431.7 511 504.5 900.3 936.2
Kenya 98.8 373.8 442.4 654.4 343.5 280.6 785.9 935
Slovakia -753.5 -415 547.5 208.2 1301.1 623.2 1848.6 831.4
Tunisia -141.6 176.3 502.4 502.1 644.1 325.8 1146.5 827.9
Bermuda 681.6 794.4 821.7 807.4 140.1 13 961.8 820.4
Ghana 386.2 499.5 608.4 634.3 222.2 134.8 830.6 769.1
Belarus -935.4 -436.7 134.5 137.3 1069.9 574 1204.4 711.3
Cayman Islands 731.9 630.1 745.9 643.7 14 13.6 759.9 657.3
Slovenia -156.9 -145.9 309.6 241.2 466.5 387.1 776.1 628.3
Syria 56.8 0.9 408.9 304 352.1 303.1 761 607.1
Cuba 711.5 533.3 711.5 533.4 0 0 711.5 533.4
Namibia -20.9 -126.3 280.3 202.3 301.2 328.6 581.5 530.9
Iceland 228.8 170.4 469.5 349.5 240.7 179.1 710.2 528.6
Suriname 279.9 242.5 406.4 381.5 126.5 139 532.9 520.5
Croatia 196 -48.2 466.8 203.3 270.7 251.5 737.5 454.8
Bulgaria 118.7 -3.4 509.4 224.7 390.8 228.1 900.2 452.8
Macao -608.7 -28 306.7 209.2 915.4 237.2 1222.1 446.4
Barbados 457 371.9 497.4 404.7 40.4 32.8 537.8 437.5
Georgia 378.7 294.2 586.5 363.8 207.8 69.6 794.3 433.4
Latvia 165.6 146 394 289 228.3 143 622.3 432
Guyana 142.7 91.8 288.5 260.7 145.8 168.9 434.3 429.6
Madagascar -253.6 -87.5 70.8 165.9 324.3 253.4 395.1 419.3
Malta -25.2 -25.7 253.4 192.9 278.6 218.5 532 411.4
Congo (Kinshasa) -135.9 -250.7 130.3 79.9 266.2 330.5 396.5 410.4
Cameroon -489 -96.1 125.1 153.6 614 249.8 739.1 403.4
Turkmenistan -80.2 217.2 59.7 310.2 139.9 93 199.6 403.2
Benin 815.3 397.9 846.3 398.3 31 0.4 877.3 398.7
Ethiopia 149.3 163.1 301.6 276 152.2 112.9 453.8 388.9
Republic of Yemen 393.2 373.3 401.5 380.8 8.3 7.4 409.8 388.2
Belize 198.7 152.4 352.7 252.8 154 100.4 506.7 353.2
Iran 579 215.1 683.2 281.8 104.1 66.7 787.3 348.5
Estonia -166.5 21 225.6 183.2 392.1 162.2 617.7 345.4
Lesotho -372.8 -287.5 1.3 16.6 374.1 304.2 375.4 320.8
Papua New Guinea -35.5 114.8 70 217.7 105.6 102.9 175.6 320.6
Martinique 281.2 263 288.8 268 7.7 5 296.5 273
Turks and Caicos Islands 424.1 237.3 434.4 247.9 10.3 10.6 444.7 258.5
British Virgin Islands 299.1 227 309.9 233 10.8 6 320.7 239
Mauritius -125.1 -98.8 51.3 70 176.4 168.9 227.7 238.9
Unidentified (1) 183 233.7 183 233.7 0 (X) 183 233.7
Mozambique 196.6 151 213.4 189.8 16.8 38.8 230.2 228.6
Botswana -156.7 -38.7 62.2 93.3 218.8 131.9 281 225.2
Cyprus 203.6 107.7 217.4 160.8 13.8 53 231.2 213.8
Guadeloupe 376.9 208.6 383.9 210.4 7 1.8 390.9 212.2
Tanzania 113.5 108.8 169.3 158.1 55.8 49.4 225.1 207.5
Liechtenstein -215.7 -156.1 29.3 23.5 244.9 179.6 274.2 203.1
Timing Adjustment 0 -217.6 0 -8.8 0 208.8 0 200
Djibouti 133.8 193.8 140.8 196.7 7 2.9 147.8 199.6
Uzbekistan 8.4 7.9 300.7 97.4 292.2 89.5 592.9 186.9
Senegal 119.2 169 137.1 175.9 17.9 6.9 155 182.8
Liberia 13.2 14.6 156.7 95 143.5 80.4 300.2 175.4
Fiji -106.8 -113 55 31.2 161.8 144.2 216.8 175.4
Serbia 135.7 48.4 207.4 110.6 71.6 62.2 279 172.8
Antigua and Barbuda 177.7 147.6 182.5 157 4.9 9.3 187.4 166.3
Niger 5.7 -48 50 58.2 44.3 106.3 94.3 164.5
Guinea -4.6 27.6 101.8 94.9 106.4 67.3 208.2 162.2
St Kitts and Nevis 69.5 59.7 123.9 108.1 54.4 48.4 178.3 156.5
Armenia 108.7 -0.5 151.4 77.1 42.7 77.6 194.1 154.7
St Lucia 215 118.5 241 136.1 26 17.5 267 153.6
Uganda 35.8 88.2 88.5 119.1 52.7 30.9 141.2 150
French Polynesia 58 83.8 130.3 113 72.4 29.3 202.7 142.3
Brunei -2.7 58.6 111.5 100.2 114.3 41.6 225.8 141.8
Togo 106 118.2 117.1 124.9 11.1 6.6 128.2 131.5
Swaziland -121.8 -95 12.1 14.6 133.9 109.6 146 124.2
Zimbabwe -19.1 63.4 92.9 85.5 112 22.1 204.9 107.6
Malawi -20 -24.5 44.9 40.4 64.9 64.9 109.8 105.3
New Caledonia 38.9 50.9 89.1 77.9 50.2 27 139.3 104.9
Marshall Islands 5.9 63.9 25.1 77.6 19.3 13.7 44.4 91.3
Mauritania 60.3 21.5 106.6 56.3 46.3 34.8 152.9 91.1
Sudan 138.3 68.8 143.3 78.7 5 9.9 148.3 88.6
Nepal -56.4 -23.7 28.5 31 84.9 54.7 113.4 85.7
Dominica 103 73.9 105.4 76.7 2.4 2.8 107.8 79.5
Macedonia (Skopje) -41.6 -9.5 36.1 34.8 77.7 44.3 113.8 79.1
St Vincent and the Grenadines 81.7 76.2 82.7 77.4 1 1.2 83.7 78.6
Faroe Islands -1.7 -51.9 14.3 9.9 16 61.8 30.3 71.7
Federated States of Micronesia 51 64.9 54.5 67.8 3.6 2.9 58.1 70.7
Zambia 27.2 50.3 78.7 58.8 51.5 8.5 130.2 67.3
Sierra Leone 11.6 18.2 59.4 42.5 47.7 24.3 107.1 66.8
Grenada 77.2 53.3 84.4 59.1 7.3 5.8 91.7 64.9
Laos -24.1 -23 18.3 20.4 42.4 43.4 60.7 63.8
Albania 28.3 32.5 40 47.5 11.8 15 51.8 62.5
Anguilla 76.7 47.2 81 52.9 4.3 5.7 85.3 58.6
Kyrgyzstan 41.8 45.9 44.3 51.9 2.5 6 46.8 57.9
Monaco 40.5 -21.9 62.7 16.8 22.3 38.7 85 55.5
Mongolia 4.5 25.7 57.2 40.5 52.8 14.8 110 55.3
Montenegro 52.7 20.2 53.2 36.9 0.5 16.6 53.7 53.5
Rwanda 6.7 15 20.4 34.1 13.7 19.2 34.1 53.3
Tajikistan 43.2 32.7 51.4 41.2 8.2 8.5 59.6 49.7
Bosnia-Hercegovina 9.4 -3.6 34.1 21.3 24.7 24.9 58.8 46.2
Mali 25.8 33.1 30.9 36.8 5.1 3.7 36 40.5
Seychelles 19.6 27.8 25 34.1 5.4 6.3 30.4 40.4
Moldova 54 18.7 66.2 26.8 12.2 8.2 78.4 35
Gambia 28.2 32.4 28.9 33.7 0.6 1.2 29.5 34.9
Central African Republic 14.7 28.1 23.3 31.5 8.6 3.4 31.9 34.9
Tokelau 34 -4 39.3 13 5.4 17 44.7 30
Burkina 23.9 23.9 24.5 26 0.6 2.1 25.1 28.1
Western Samoa 8.6 13.9 13.3 18.7 4.7 4.8 18 23.5
Maldives 16.7 14.5 20.3 17.4 3.6 2.9 23.9 20.3
Reunion 5.1 1 8.4 9.4 3.3 8.5 11.7 17.9
French Guiana 17.9 16.7 18 16.8 0.1 0.1 18.1 16.9
Tonga 9.3 9.6 13.7 12.9 4.5 3.4 18.2 16.3
Palau 12.9 14.7 14.1 14.8 1.1 0.1 15.2 14.9
Greenland 28.8 -0.5 34.9 7.1 6.1 7.6 41 14.7
Burundi 4.4 4.6 7.3 8.7 2.8 4.1 10.1 12.8
Falkland Islands -6.5 -5.9 0.8 2.4 7.3 8.3 8.1 10.7
Andorra 14.9 8.9 15.7 9.4 0.9 0.5 16.6 9.9
St Helena -8.2 -3.2 2 2.9 10.2 6.1 12.2 9
San Marino 8.5 7.5 9.3 8.1 0.8 0.7 10.1 8.8
Vatican City 9 7.2 9.3 7.4 0.3 0.2 9.6 7.6
Cape Verde 11.9 5.6 12.2 6.4 0.4 0.8 12.6 7.2
Eritrea 14.7 6.2 14.9 6.7 0.1 0.5 15 7.2
Burma (Myanmar) 10.8 6.9 10.8 7 0 0.1 10.8 7.1
Heard and McDonald Islands 0.3 7.1 0.3 7.1 0 0 0.3 7.1
Montserrat 8.3 5 8.6 5.9 0.2 0.9 8.8 6.8
Solomon Islands 4 5.3 5.2 6 1.2 0.8 6.4 6.8
Vanuatu 62.5 2.1 63.8 3.9 1.3 1.8 65.1 5.7
Kosovo 0 4.7 0 5.1 0 0.4 0 5.5
Gaza Strip Administered by Israel -2.2 -5.3 0.1 0 2.3 5.3 2.4 5.3
Somalia 64.1 3.8 64.3 4.1 0.2 0.3 64.5 4.4
São Tomé and Príncipe 3.1 3.8 3.3 4 0.1 0.2 3.4 4.2
Nauru 10.5 3.6 11.2 3.7 0.7 0.1 11.9 3.8
Comoros -0.5 0.9 0.4 1.9 0.9 1.1 1.3 3
Bhutan 3.5 2.5 4 2.7 0.4 0.2 4.4 2.9
Cook Islands 1.7 1 2.8 2 1.1 0.9 3.9 2.9
Timor-Leste 5 2.3 5 2.4 0 0.1 5 2.5
West Bank Administered by Israel -2.3 -1.2 0.3 0.6 2.6 1.8 2.9 2.4
British Indian Ocean Territories -0.7 1.4 1.3 1.8 2.1 0.4 3.4 2.2
Cocos (Keeling) Island -0.2 0.7 1 1.4 1.2 0.8 2.2 2.2
Kiribati 6.4 -0.3 7.3 0.8 0.9 1.1 8.2 1.9
Christmas Island 10.9 0.2 13 0.9 2.1 0.8 15.1 1.7
Guinea-Bissau 1.9 1.5 2.1 1.6 0.2 0 2.3 1.6
Norfolk Island 3.9 0.3 4 0.9 0 0.5 4 1.4
Mayotte 0 1.1 0.1 1.2 0 0 0.1 1.2
Niue 0.4 1.2 0.5 1.2 0.1 0 0.6 1.2
French Southern and Antarctic Lands 3.7 0.8 4.2 1 0.5 0.1 4.7 1.1
St Pierre and Miquelon -0.6 -0.6 0.4 0.2 1 0.8 1.4 1
North Korea 52.2 0.9 52.2 0.9 0 0 52.2 0.9
Svalbard, Jan Mayen Island 2.2 0.9 2.2 0.9 0 0 2.2 0.9
Pitcairn Island -0 0.5 0 0.6 0 0 0 0.6
Wallis and Futuna 0.7 0.5 0.7 0.5 0 0 0.7 0.5
Tuvalu 0 0.1 0.1 0.2 0.1 0.1 0.2 0.3
Western Sahara 0.1 0.2 0.1 0.2 0 0 0.1 0.2

[edit] See also

[edit] References

  1. ^ U.S. State Department, Preventing Diplomatic Recognition of the Confederacy [1]
  2. ^ International Trade and Investment by Bart S. Fisher and Michael P. Malloy
  3. ^ See, e.g., Business Roundtable, World Business Leaders Urge Trade Ministers To Seize The Opportunity to Resurrect the Doha Round [2]
  4. ^ Bolle, Mary Jane (2007-10-02). "U.S. Trade Statutes: Expiration Dates and Mandated Periodic Reports to Congress". http://assets.opencrs.com/rpts/RL34196_20071002.pdf. Retrieved 2008-07-24. This article incorporates text from this source, which is in the public domain.
  5. ^ Current account balance, U.S. dollars, Billions from International Monetary Fund World Economic Outlook Database, April 2008
  6. ^ a b c d Chapter 5-10: The International Investment Position. International Finance Theory and Policy. 6/3/2004. http://internationalecon.com/v1.0/Finance/ch5/5c100.html. Retrieved 2008-11-17. 
  7. ^ "News Release: U.S. International Investment Position, 2006". BEA. June 28, 2007. http://www.bea.gov/newsreleases/international/intinv/2007/intinv06.htm. Retrieved 2008-11-17. 
  8. ^ a b c d e Bivens, L. Josh (December 14, 2004). "Debt and the dollar: The United States damages future living standards by borrowing itself into a deceptively deep hole". Epinet.org. http://www.epinet.org/content.cfm/Issuebrief203. Retrieved 2009-06-28. 
  9. ^ "Reflections on Global Account Imbalances and Emerging Markets Reserve Accumulation" www.president.harvard.edu/speeches/2006/0324_rbi.html Lawrence H. Summers, speech at The Reserve Bank of India, Mumbai, India, March 24, 2006
  10. ^ "The Chinese Connection" www.pkarchive.org/column/052005.html by Paul Krugman, originally published on May 20, 2002 in The New York Times.
  11. ^ a b 2009 US Trade by Country and Area
  12. ^ a b 2008 US Trade by Country and Area
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