in 2013, the u.s. imported $2,294 billion of dollars in merchandise like computers, phones, coffee machines, and so on. in the same year, the us exported $1,593 billion of dollars in merchandise like cars, computers, phones, and so on. the difference of $702 billion dollars is known as ______________.

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09-11-2021
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in 2013, the u.s. imported $2,294 billion of dollars in merchandise like computers, phones, coffee machines, and so on. in the same year, the us exported $1,593 billion of dollars in merchandise like cars, computers, phones, and so on. the difference of $702 billion dollars is known as ______________.

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anthougo anthougo · Answer 1 · 2021-11-15T14:41:32+01:00

The balance of trade between the U.S. imports of $2,294 billion and its exports of $1,593 billion is known as the trade deficit. The amount of the trade deficit is $701 billion.

Data and Calculations:

Total imports in 2013 = $2,294 billion

Total exports in 2013 = $1,593 billion

Trade deficit = $701 billion ($2,294 - $1,593)

Thus, the trade deficit arises when the U.S. imports goods of higher dollar value than its exports to other nations in 2013.

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