Table 2 U.S. International Merchandise Trade and Gross Domestic Product: 1990-2001
U.S. International Merchandise Trade and Gross Domestic Product: 1990-2001
(Billions of chained 1996 dollars)
|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)|
|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.
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.