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No growth in US goods exports to China in 2009
Howard Richman, 2/11/2010

According to preliminary trade statistics released by the Bureau of Economic Analysis on February 10, U.S. goods exports to China shrunk by a miniscule .002% in 2009 while U.S. goods imports from China shank by a massive 12.2%. These statistics reflect the relative growth rates of the two economies, as shown in the following table:

Country Nominal GDP Growth Rate Goods Import Growth Rate
China 8.7% -0.002%
United States -1.26% -12.2%

The following table displays the actual trade data:

Year US Goods Exports to China US Goods Imports from China
2008 $69.733 billion $337.773 billion
2009 $69.576 billion $296.402 billion

Next year, Amercan GDP is expected to grow, so our goods imports from China can be expected to grow. Chinese GDP is also expected to grow next year, so its goods imports from the United States can be expected to stay about the same.




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    Wikipedia:

  • [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]

    Journal of Economic Literature:

  • [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....

    Atlantic Economic Journal:

  • In Trading Away Our Future   Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]