The top imports and exports of a country

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An analysis of the top imports and exports of a country: you could use the MIT Trade Atlas to find the top 5 imports and exports for a country. Then, using the Heckscher-Ohlin trade theory, New Trade Theory, and the concepts of comparative advantage, you could discuss if the top imports and exports from the country are consistent with the idea of those theories.

 

 

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The United States is one of the leading exporters and importers of goods in the world. Here, we will analyze the top five imports and exports of the US to get an understanding of their trading patterns. According to data from MIT’s Trade Atlas, in 2020, the five most imported products by value were: Crude petroleum ($93 billion), vehicles ($77 billion), broadcasting equipment ($65 billion), electronic integrated circuits ($61 billion) and computers ($51 billion). On the other hand, the five most exported products by value were: Petroleum gas ($98 billion), refined petroleum oils($88 billion), aircraft parts ($58billion), cars (52$ Billion) and corn($44 Billion).

By analyzing these figures, it can be seen that energy related products are both major imports and exports for the US. This indicates that energy is a key industry for American businesses as well as a major source of revenue for them. The high volume of vehicles imported also suggests strong consumer demand from within America itself, while also reflecting how foreign automotive companies rely on US-sourced components or finished vehicles. Additionally, there seems to be a healthy trade flow with regards to electronics such as integrated circuits which implies strong international demand for this type of product.

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