Question

Close your attention to our local economy or country of interest and choose a good or service that you perceive as being comparatively beneficial to America (or your country of choice). Discuss the factors you believe will bring such an advantage to America (or your country). What is even better for a country — exporting more or importing more? What are the impacts on GDP, jobs, and the exchange rate of the national currency of trade surpluses (exportation rather than importing) and trade deficits (importing more than exporting)?

Answer 1

Crude oil, fuel and other petroleum products are comparatively beneficial to America. Generated $109 billion. This is one of the fastest growing areas of US exports, up 37% in just the last year.

The Impacts of U.S. Crude Oil Exports on Domestic Crude Production, GDP, Employment, Trade and Consumer Costs, the state-by-state analysis conducted by ICF International and EnSys Energy, concludes that in addition to job growth, most states could see economic activity climb by hundreds of millions of dollars because of increasing energy production and downward pressure on gasoline prices.

“The United States is poised to become the world’s largest oil producer, and access to foreign customers will create economic opportunities across the country,” poses API Vice President for Regulatory and Economic Policy Kyle Isakower. “When it comes to crude oil, the rewards of free trade are not limited to energy-producing states. New jobs, higher investment, and greater energy security from exports could benefit workers and consumers from Illinois to New York, especially in areas where consumer spending and manufacturing drive growth.”

A country's importing and exporting activity can influence its GDP, its exchange rate, and its level of inflation and interest rates. ... A weaker domestic currency stimulates exports and makes imports more expensive; conversely, a strong domestic currency hampers exports and makes imports cheaper.

If you import quite you export, more cash is going away the country than is returning in through export sales. On the opposite hand, the a lot of a rustic exports, the a lot of domestic economic activity is happening. a lot of exports suggests that a lot of production, jobs and revenue.

An economy that imports a lot of merchandise and services than it exports in terms useful has a trade deficit while a rustic that exports a lot of merchandise and services than it imports has a trade surplus.