How does international trade affect the United States?

Trade is critical to America’s prosperity – fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services. U.S. goods trade totaled $3.9 trillion and U.S. services trade totaled $1.3 trillion.

How does trade affect the economy?

Trade is central to ending global poverty. Countries that are open to international trade tend to grow faster, innovate, improve productivity and provide higher income and more opportunities to their people. Open trade also benefits lower-income households by offering consumers more affordable goods and services.

How does international trade affect the lives of US consumers?

International trade tends to reduce the prices of consumption goods, creating welfare gains for consumers in importing countries. Welfare gains from trade are larger for households that live in urban areas and that are closer to national borders.

What is the impact of US exports on the United States?

Top export markets include: Goods exports accounted for 9.4 percent of U.S. GDP in 2013. U.S. goods exports have grown more than two times faster than GDP since 2003. The average annual export growth during this period was 8.6 percent, while the average annual GDP growth was 3.9 percent.

How do exports affect the US economy?

A trade surplus contributes to economic growth in a country. When there are more exports, it means that there is a high level of output from a country’s factories and industrial facilities, as well as a greater number of people that are being employed in order to keep these factories in operation.

What would happen if international trade stopped?

A permanent decline in international trade and mobility would erase some of the economic benefits. For example, a uniform decline in trade barriers that reduces world trade by 1\% would have a larger effect on small economies, as they tend to be more open to trade.