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Wednesday, December 20, 2006

International trade question of the millenium

Quick - which country imports the most from others? Most would correctly guess the United States. In 2005, the U.S. imported 2.45 trillion dollars worth of goods and services. That's approximately 1/5 of our GDP.

However, which country exports the most to others? Many might guess China or Japan. The answer is, once again, the United States. In 2005, the U.S. exported 1.75 trillion dollars worth of goods and services. The United States exported more than the GDP of all but a handful of countries in the world.

The U.S. does have a large trade deficit, but that shouldn't mask the fact that the U.S. is a huge exporter.

New data here from the Bureau of Economic Analysis.

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