Table 2 U.S. International Merchandise Trade and Gross Domestic Product: 1990-2001

Table 2
U.S. International Merchandise Trade and Gross Domestic Product: 1990-2001

(Billions of chained 1996 dollars)

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Year Real GDP1 Total merchandise trade Exports Imports Balance (exports-imports) Export share of total merchandise trade (percent) Import share of total merchandise trade (percent)
1990 6,708 891 393 498 -105 44.1 55.9
1991 6,676 919 421 498 -77 45.8 54.2
1992 6,880 994 450 544 -94 45.3 54.7
1993 7,063 1,062 463 598 -135 43.6 56.4
1994 7,348 1,186 508 678 -170 42.8 57.2
1995 7,544 1,308 569 739 -170 43.5 56.5
1996 7,813 1,427 618 808 -190 43.3 56.7
1997 8,160 1,631 708 923 -215 43.4 56.6
1998 8,509 1,754 723 1,031 -309 41.2 58.8
1999 8,857 1,911 751 1,159 -408 39.3 60.7
2000 9,224 2,152 836 1,316 -480 38.9 61.1
2001 9,334 2,068 789 1,279 -490 38.2 61.8
Percentage change, 1990-2001 39.1 132.0 100.6 156.8      
Annual growth rate (percent) 3.0 8.0 6.5 9.0      

1 To compare economic changes over time, current or nominal values of currencies must be deflated or adjusted for inflation. In the United States, the Bureau of Economic Analysis (BEA) establishes indices to calculate changes between years. These are used to calculate real chained dollars. Annual changes in the indices are chained (multiplied) together to form a time series. Chained dollars, instead of merely reflecting inflation, capture the effect of relative changes in prices and in the composition of output. They also better reflect cyclical fluctuations in the economy. Chained 1996 dollars are the most currently available indices from BEA for adjusting for inflation.

KEY: GDP = gross domestic product.

NOTE: Data reflect revisions through February 2002 and are based on the National Income and Products Accounts (NIPA) basis. The NIPA basis reflects adjustments for statistical differences and coverage to the Balance of Payments basis.

SOURCE: U.S. Department of Transportation, Bureau of Transportation Statistics; based on data from U.S. Department of Commerce, Bureau of Economic Analysis, National Income and Products Accounts, available at http://www.bea.doc.gov/bea/dn1.htm, as of Aug. 1, 2002.