U.S. Exports More Than China or Japan
The U.S. exports more ($1.024 trillion) than any country in the world except Germany ($1.133 trillion), and more than China ($974 billion) or Japan ($590 billion). Data available here.
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Professor Mark J. Perry's Blog for Economics and Finance
Sunday, July 20, 2008
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- Name: Mark J. Perry
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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9 Comments:
Total exports of some of the smaller players with very limited natural resources are equally notable ie. Hong Kong, Singapore and Taiwan.
How do we explain this success?
Wouldn't the per capita number be more honest in this case. On a per capita base the US ranks #62. Hmmm.
rg
Wouldn't the per capita number be more honest in this case.
Yes, it contextualizes the data. Taking it to the next step, exports as a percentage (%) of the economy (GDP), China (59%) and Germany (42%) are powerhouses whereas Japan (13%) and U.S. (9%) are laggards.
China and Germany run trade surpluses, Japan and U.S. run trade deficits. China and Japan own alot of US treasury and agency debt to boot.
Lies, damned lies and statistics comes to mind.
But with trade you also have to take into account for how large countires are in another way. A lot if inter-state trade in the US, whioch is not considered exports would be for say germany. Germany traded with Italy, its exports. Texas trades with new York, its not. Small countries like Hong Kong have such high trade as a percent of GDP because they have to. They cant possibly specialize efficently enough aras of production, where a large country like the US has many comparative advantages. So if you look at exports per capita for the entire EU with non-EU nations, which is a more accurate comparison with the US, you find that the US exports more per capita then the EU per capita. Though we also import more too.
ej,
You beat me to the punch. It amazes me how many people forget intracountry trade in large countries when comparing the international trade numbers of smaller countries.
It is really the international trade data, and the absurd conclusions people draw in favor of smaller countries as a result, that belong under the heading of "lies, damned lies, and statistics".
the numbers also pertain to merchandise exports and do not take into account export of services where US is by far the biggest international player.
overall it matters less as US imports also a lot more in the end financing the deficit by debt ( held mostly by the Chinese, Arab countries and Japan- the first 2 groups not very friendly to us). despite all the talk this where the recent of the US dollar lies. even though the debt to foreigners is not avery high proportion of US wealth is nevertheless big enough to be worrisome ( we should not complain too much when the Chinese, Europeans or arabs are buying huge US assets - think recent sale of Anheuser-Busch to the Belgians.)
"It amazes me how many people forget intracountry trade in large countries when comparing the international trade numbers of smaller countries."
So why bother comparing countries, if does not mean anything anyway?
rg
> Wouldn't the per capita number be more honest in this case. On a per capita base the US ranks #62. Hmmm.
No, because of two things:
1) A large part of US wealth creation comes from IP and services, which are not "exports" for the purposes of this, I'd lay huge odds
2) Even if it is, a lot of US IP is pirated world-wide, substantially boosting "defacto" exports, though not measured receipts.
My own bet is that, if a rational value was applied to pirated IP (i.e., what the market of each nation would really pay if it could buy 'the real thing' and not a pirated knock-off), that the sum total would come very close, if not exceed, the amount of the trade deficit.
Yes, but realize that the exports being discussed here are international exports and not intranational exports. When I read "U.S. Exports more..." I assume it means international trade. I agree, however, that you can't look at this as any concrete economic indicator, as we are a republic made of states and not just a single country.
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