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The table below provides some trade data for the United States and Mexico
The table below provides some trade data for the United States and Mexico. Use the information in the table to answer the questions that follow. All numbers are in billions of U.S. dollars.
Exports to Mexico Imports from Mexico
Computers 100 140
Financial services 40 30
Education services 30 10
Household appliances 100 180
The U.S. trade balance in goods is equal to $ billion.
Part 2
The U.S. trade balance in services is equal to $ billion.
Part 3
The overall trade balance for the United States is equal to $ billion.
Expert Solution
Computation of the U.S. trade balance in goods:-
Trade balance in goods = (Exports of computers + Exports of household appliances)- (Imports of computers + Imports of household appliances)
= (100 + 100) - (140 + 180)
= 200 - 320
= -$120 billion
Computation of the U.S. trade balance in services:-
Total exports of services = (Exports of financial services + Exports of educational services) - (Import of financial services + Import of education services)
= (40 + 30) - (30 + 10)
= 70 - 40
= $30 billion
Computation of the overall trade balance:-
Overall trade balance = Trade balance in goods + Total exports of services
= -$120 + $30
= -$90 billion
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