The Great Trade War : 1992 TRADE FLOW

U.S. exports to Japan: $53 billion

U.S. imports from Japan: 96 billion

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U.S. exports to European Community: $103 billion

U.S. imports from European Community: 97 billion

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EC exports to Japan: $31 billion

EC imports from Japan: 62 billion

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Top 5 U.S. Imports

1. Passenger Cars: $46.7 billion

2. Crude Oil: $38.5 billion

3. Computers and Computer Accessories: $33.8 billion

4. Apparel and Textiles: $33.4 billion

5. Auto Parts and Accessories: $25 billion

Top 5 U.S. Exports

1. Computers and Computer Accessories: $28.7 billion

2. Civilian Aircraft: $24.5 billion

3. Chemicals: $23.5 billion

4. Auto Parts and Accessories: $19.9 billion

5. Semiconductors: $15.9 billion

Test Your Trade I.Q.

1) At how many of their annual economic summits have the leaders of the world’s seven biggest industrial nations pledged to complete the Uruguay Round of trad negotiations by the end of the year?

2) Which of the following countries are negotiating entry into the 110-nation General Agreement on Tariffs and Trade: China, Russia, Bulgaria, Slovenia.

3) Which European country has led opposition to U.S. demands that the European Community scale back its agricultural subsidies.

4) Which three countries are the biggest buyers of U.S. merchandise exports in 1991?

5) When did the United States last run a surplus in merchandise trade?

Answers

1) Three, in Houston in 1990, London in 1991 and Munich in 1992. The Uruguay Round remains unfinished, and the leaders are poised to issue another such pledge in Tokyo in July.

2) China, Bulgaria and Slovenia. Russia has observer status and is expected to apply for full membership soon.

3) France.

4) Canada ($85 billion in 1991), Japan ($48 billion) and Mexico ($33 billion).

5) 1975.

Sources: General Agreement on Tariffs and Trade; Department of Commerce; Bureau of the Census, Foreign Trade Division; Trade Data Services Branch.