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April 06, 2005

The Comparative Advantage of the US

In the comments section to Arcane's post on Humans, Neanderthals, and Free Trade there is a debate focused on comparative advantage and free trade. I thought it would be helpful to inject some actual data into the mix so I pulled up this 15% finished post (basically just working data) that I just lost interest in finishing (I've got a lot of these types of posts cluttering up my computer) and thought I'd offer it here, with a "No-Satisfaction Guarantee" sticker slapped on it. Here's some raw data on US trade practices with no conclusions attached. Make of the data what you will.

Enjoy or ignore.

US Comparative Advantages

Here is the "EXPORTS AND IMPORTS OF GOODS BY PRINCIPAL SITC COMMODITY GROUPINGS - 2002 DATA"

In 2002, the US exported $682 Billion in products and $292 Billion in services. In the same year it imported $1,165 Billion in products and $227 Billion in services. Source.

Breaking down the EXPORT in services we find that Travel accounted for $66.5 Billion, Passenger Fares for $17 Billion, Other Transportation for $29.2 Billion, Royalties & License Fees for $44.1 Billion, Other Private Services for $122.6 Billion, Transfer Under US Military Sales Contracts for $11.9 Billion, and US GOv't Misc. Services for $0.8 Billion. Source.

Breaking down the IMPORT in services we find that Travel accounted for $58 Billion, Passenger Fares for $20 Billion, Other Transportation for $38.5 Billion, Royalties & License Fees for $19.3 Billion, Other Private Services for $69.4 Billion, Direct Defense Expenditures for $19.2 Billion, and US GOv't Misc. Services for $2.9 Billion. Source.

Our $65 Billion trade surplus in services is accounted for by two categories: license fees and other private services.

In Advanced Technology the US is running a deficit of $24 Billion for the first 11 months of 2003. Source.

A trade deficit of $114 Billion with China for the first 11 months of 2003.Source.

A trade deficit of $46 Billion with the OPEC countries for first 11 months of 2003.Source.

A trade deficit of $37 Billion with Mexico for the first 11 months of 2003.Source.

Here are the top 10 Countries with which the US has a trade deficit on November 2003 and the year-to-date deficit amounts to $387.6 Billion.Source.

Here are the top 10 Countries with which the US has a trade surplus on November 2003 and the year-to-date surplus amounts to $29.9 Billion. Source.

Here are the top 10 trade partners of the US and the total value of both imports and exports. Source.

A trade deficit of $7.6 Billion with India for the first 11 months of 2003. Source.

A trade deficit of $488.4 Billion with the World for the first 11 months of 2003. Source.

SIC Trade Figures.

Trade Surplus over a billion dollars in these SIC categories: 098,122,211,251,282,533,574,582,597,728,972

Trade Surplus over two billion dollars in these SIC categories: 012,041,044,081,263,511,575,598,723

Trade Surplus over five billion dollars in these SIC categories: 222,714,874

Trade Surplus over twenty billion dollars in these SIC categories: 776,792

Total Product Exports = $661 Billion. Total Product Imports = $1,150 Billion.

There are 263 classifications. The US has a positive trade balance to the world in only 99 of them.

Below are the SITC categories in which the US maintains a trade surplus:

011 Meat Of Bovine Animals, Fresh, Chilled Or Frozen
012 Meat, Other Than Of Bovine Animals, And Edible Offal, Fresh, Chilled Or Frozen (except Meat And Meat Offal Not Suitable For Human Consumption)
017 Meat And Edible Meat Offal, Prepared Or Preserved N.e.s.
022 Milk And Cream And Milk Products Other Than Butter Or Cheese
025 Birds' Eggs And Egg Yolks, Fresh, Dried Or Otherwise Preserved, Sweetened Or Not; Egg Albumin
041 Wheat (including Spelt) And Meslin, Unmilled
042 Rice
043 Barley, Unmilled
044 Maize (not Including Sweet Corn) Unmilled
045 Cereals, Unmilled (other Than Wheat, Rice, Barley And Maize)
046 Meal And Flour Of Wheat And Flour Of Meslin
047 Cereal Meals And Flours, N.e.s.
057 Fruit And Nuts (not Including Oil Nuts), Fresh Or Dried
081 Feeding Stuff For Animals (not Including Unmilled Cereals)
091 Margarine And Shortening
098 Edible Products And Preparations, N.e.s.
121 Tobacco, Unmanufactured; Tobacco Refuse
122 Tobacco, Manufactured (whether Or Not Containing Tobacco Substitutes)
211 Hides And Skins (except Furskins), Raw
212 Furskins, Raw (including Furskin Heads, Tails And Other Pieces Or Cuttings, Suitable For Furriers' Use)
222 Oil Seeds And Oleaginous Fruits Used For The Extraction Of Soft Fixed Vegetable Oils (excluding Flours And Meals)
223 Oil Seeds And Oleaginous Fruits, Whole Or Broken, Of A Kind Used For Extracting Other Fixed Vegetalbe Oils (including Their Flours And Meals, N.e.s.)
232 Synthetic Rubber; Reclaimed Rubber; Waste, Pairings And Scrap Of Unhardened Rubber
244 Cork, Natural, Raw And Waste (including Natural Cork In Blocks Or Sheets)
246 Wood In Chips Or Particles And Wood Waste
247 Wood In The Rough Or Roughly Squared
251 Pulp And Waste Paper
261 Silk Textile Fibers
263 Cotton Textile Fibers
264 Jute And Other Textile Bast Fibers, N.e.s., Raw Or Processed But Not Spun; Tow And Waste Of These Fibres (including Yarn Waste And Garnetted Stock)
266 Synthetic Fibers Suitable For Spinning
269 Worn Clothing And Other Worn Textile Articles; Rags
273 Stone, Sand And Gravel
278 Crude Minerals, N.e.s.
282 Ferrous Waste And Scrap; Remelting Ingots Of Iron Or Steel
283 Copper Ores And Concentrates; Copper Mattes; Cement Copper
284 Nickel Ores And Concentrates; Nickel Mattes, Nickel Oxide Sinters And Other Intermediate Products Of Nickel Metallurgy
287 Ores And Concentrates Of Base Metals, N.e.s.
288 Nonferrous Base Metal Waste And Scrap, N.e.s.
289 Ores And Concentrates Of Precious Metals; Waste, Scrap And Sweepings Of Precious Metals (other Than Gold)
291 Crude Animal Materials, N.e.s.
321 Coal, Pulverized Or Not, But Not Agglomerated
335 Residual Petroleum Products, N.e.s. And Related Materials
345 Coal Gas, Water Gas, Producer Gas And Similar Gases, Other Than Petroleum Gases And Other Gaseous Hydrocarbons
411 Animal Oils And Fats
421 Fixed Vegetable Fats And Oils, Soft, Crude, Refined Or Fractionated
431 Animal Or Vegetable Fats And Oils Processed; Waxes And Inedible Mixtures Or Preparations Of Animal Or Vegetable Fats Or Oils, N.e.s.
511 Hydrocarbons, N.e.s. And Their Halogenated, Sulfonated, Nitrated Or Nitrosated Derivatives
512 Alcohols, Phenols, Phenol-alcohols And Their Halogenated, Sulfonated, Nitrated Or Nitrosated Derivatives
513 Carboxylic Acids And Anhydrides, Halides, Peroxides And Peroxyacids; Their Halogenated, Sulfonated, Nitrated Or Nitrosated Derivatives
514 Nitrogen-function Compounds
516 Organic Chemicals, N.e.s.
523 Metallic Salts And Peroxysalts Of Inorganic Acids
524 Inorganic Chemicals, N.e.s.; Organic And Inorganic Compounds Of Precious Metals
533 Pigments, Paints, Varnishes And Related Materials
541 Medicinal And Pharmaceutical Products, Other Than Medicaments (of Group 542)
553 Perfumery, Cosmetics, Or Toilet Preparations, Excluding Soaps
554 Soap, Cleansing And Polishing Preparations
562 Fertilizers (exports Include Group 272; Imports Exclude Group 272)
571 Polymers Of Ethylene, In Primary Forms
572 Polymers Of Styrene, In Primary Forms
573 Polymers Of Vinyl Chloride Or Other Halogenated Olefins, In Primary Forms
574 Polyacetals, Other Polyethers And Epoxide Resins, In Primary Forms; Polycarbonates, Alkyd Resins And Other Polyesters, In Primary Forms
575 Plastics, N.e.s., In Primary Forms
579 Waste, Parings And Scrap, Of Plastics
581 Tubes, Pipes And Hoses Of Plastics
582 Plates, Sheets, Film, Foil And Strip Of Plastics
591 Insecticides, Fungicides, Herbicides, Plant Growth Regulators, Etc., Disinfectants And Similar Products, Put Up Or Packed For Retail Sale, Etc.
592 Starches, Inulin And Wheat Gluten; Albuminoidal Substances; Glues
593 Explosives And Pyrotechnic Products
597 Prepared Additives For Mineral Oils Etc.; Liquids For Hydraulic Transmissions; Antifreezes And Deicing Fluids; Lubricating Preparations
598 Miscellaneous Chemical Products, N.e.s.
611 Leather
621 Materials Of Rubber, Including Pastes, Plates, Sheets, Rods, Thread, Tubes, Etc.
642 Paper And Paperboard, Cut To Size Or Shape, And Articles Of Paper Or Paperboard
653 Woven Fabrics Of Manmade Textile Materials (not Including Narrow Or Special Fabrics)
655 Knitted Or Crocheted Fabrics (including Tubular Knit Fabrics, N.e.s., Pile Fabrics And Open-work Fabrics), N.e.s.
656 Tulles, Lace, Embroidery, Ribbons, Trimmings And Other Small Wares
657 Special Yarns, Special Textile Fabrics And Related Products
664 Glass
673 Iron Or Nonalloy Steel Flat-rolled Products, Not Clad, Plated Or Coated
711 Steam Or Other Vapor Generating Boilers, Super-heated Water Boilers And Auxiliary Plant For Use Therewith; And Parts Thereof
714 Engines And Motors, Nonelectric (other Than Steam Turbines, Internal Combustion Piston Engines And Power Generating Machinery); Parts Thereof, N.e.s.
721 Agricultural Machinery (excluding Tractors) And Parts Thereof
723 Civil Engineering And Contractors' Plant And Equipment
728 Machinery And Equipment Specialized For Particular Industries, And Parts Thereof, N.e.s.
735 Parts And Accessories Suitable For Use Solely Or Principally With Metal Working Machine Tools, Whether Or Not Removing Metal; Hand Held Tool Holders
741 Heating And Cooling Equipment And Parts Thereof, N.e.s.
742 Pumps For Liquids, Whether Or Not Fitted With A Measuring Device; Liquid Elevators; Parts For Such Pumps And Liquid Elevators
774 Electro-diagnostic Apparatus For Medical, Surgical, Dental Or Veterinary Sciences And Radiological Apparatus
776 Thermionic, Cold Cathode Or Photocathode Valves And Tubes; Diodes, Transistors And Similar Semiconductor Devices; Integrated Circuits, Etc.; Parts
786 Trailers And Semi-trailers; Other Vehicles, Not Mechanically Propelled; Specially Designed And Equipped Transport Containers
791 Railway Vehicles (including Hovertrains) And Associated Equipment
792 Aircraft And Associated Equipment; Spacecraft (including Satellites) And Spacecraft Launch Vehicles; And Parts Thereof
871 Optical Instruments And Apparatus, N.e.s.
872 Instruments And Appliances, N.e.s., For Medical, Surgical, Dental Or Veterinary Purposes
874 Measuring, Checking, Analysing And Controlling Instruments And Apparatus, N.e.s.
882 Photographic And Cinematographic Supplies
891 Arms And Ammunition
892 Printed Matter

Here are all the SITC codes.
__________

The private good producing industries in the US accounted for 21.6% of the GDP in 2001.
Agriculture = 1.4%
Mining = 1.4%
Construction = 4.8%
Manufacturing = 14.1%

The private service producing industries in the US accounted for 66.8% of the GDP in 2001.
Transportation & Utilities = 8.1%
Wholesale Trade = 6.8%
Retail Trade = 9.2%
Finance, Insurance & Real Estate = 20.6%
Services = 22.1%

The Governments in the US accounted for 12.7% of the GDP in 2001.
Federal = 3.9%
State & Local = 8.8%

In 2001, 58.3% of GDP was directed at employee compensation. For agriculture compensation amounted to 40.9% and for mining 28.5%.

Construction compensation was at 65.2%, while manufacturing compensation accounted for 66%.

Transportation & utilities amounted to 46.6%, with wholesale trade compensation accounting for 55.8%, retail trade at 57%, Finance, Insurance & Real Estate at 25.6% and services compensation at 73.9%. Government compensation comes in at 82.9%

Source.
__________

Here is the GDP by Industry, as measured in dollars.
_______

Data on world trade in services

Posted by TangoMan at 03:11 PM