International Trade and America's Place in the Global Economy - Balance Of Trade, Trading Partners, Trade Agreements, Nafta, The International Monetary Fund, The World Bank

World merchandise trade totaled $7.3 trillion in 2003, and trade in commercial services reached $1.8 trillion, according to the World Trade Organization (WTO) in International Trade Statistics 2004 (Geneva, Switzerland: World Trade Organization, 2004). Despite its economic dominance—as shown by per capita Gross Domestic Product (GDP) in Figure 3.1—the United States is only one player in this larger, global economy.

U.S. trade with other countries is broken down by category in Table 3.1. According to U.S. International Transactions, 2003, goods exports totaled $713.8 billion in 2003, a $31.9 billion increase over 2002. An increase in trade with Asia (excluding Japan) accounted for 38% of the growth. Nonagricultural industrial supplies, chemicals, metals, energy products, petroleum products, natural gas, paper, foods, beverages, consumer goods, semiconductors, computers, and automobiles are among some of the export items that showed increases in 2003. Areas that declined included telecommunications equipment and civilian aircraft. Imports totaled $1.26 trillion in 2003, an 8% increase over 2002. The value of petroleum imports increased 29%, including a 21% increase in the price of oil and an 8% increase in the number of barrels imported, according to U.S. International Transactions, 2003. Consumer goods, including everything from pharmaceuticals to kitchen appliances, showed an 8% increase in 2003.