How has the pattern of trade changed in the United States since 1960? What are the types of goods that are causing the shift in the balance of imports and exports in the United States?
What will be an ideal response?
Since 1960, the volume of United States trade has grown dramatically. Imports in 2010 were over 14 times greater than imports in 1960 . In 1980, imports were only 5.2% of overall United States production, whereas imports are currently more than 16% of overall United States production. Exports are now more than 12 times greater than the level of exports in 1960 . Yet, they lag the current level of imports, making the United States a net importer. Manufactured goods have played an important role in the shift in the balance of imports and exports for the United States. Although the United States has continued to increase the quantity of manufactured goods that it produces, it has failed to meet demand domestically and has been importing more and more from other countries.
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What will be an ideal response?