ABSTRACT
IN 1986 U.S. exports reached $220 billion and imports were $365 billion, accounting for some 12 and 20 percent of the world's exports and imports, respectively. Yet trade constitutes a relatively small proportion of the U.S. GNP, between 7 to 10 percent, compared with much higher proportions for Western Europe and Japan. Manufactured goods account for the bulk of our trade, approximately 75 to 85 percent, while the balance consists of raw materials. U.S. main trading partners are Canada, a market for 20 and 25 percent of our exports and imports, followed by Japan, 12 and 22 percent, and Western Europe, 24 and 27 percent (see Table 7–1).
