1. Applying the appropriate data in the document, and if the U.S. GDP was $2,550 billion in 2022, compute the U.S. Import Penetration Index (IPI) for the year 2022. (Must show all work).

2. Based on your answer in Question 1, determine whether or not the U.S. economy was Import-Trade dependent in 2022. (Must explain fully).

FOR RELEASE AT 8:30 AM EST, TUESDAY, FEBRUARY 7, 2023 U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES, DECEMBER AND ANNUAL 2022 Release Number: CB 23-17, BEA 23-05 FEBRUARY 7, 2023 - The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.4 billion in December, up $6.4 billion from $61.0 billion in November, revised. U.S. INTERNATIONAL TRADE IN GOODS AND SERVICES DEFICIT Billion $ Goods and Services Trade Deficit Seasonally adjusted 115 Monthly deficit 105 95 Deficit: $67.4 Billion +10.5% 85 Exports: $250.2 Billion -0.9% 75 Imports: $317.6 Billion +1.3% Three-month moving average 65 Next release: Wednesday, March 8, 2023 (*) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 7, 2023. December 2020 U.S. Bureau of Economic Analysis U.S. Census Bureau 55 0 December 2021 December 2022 U.S. International Trade in Goods and Services February 7, 2023 Exports, Imports, and Balance (Exhibit 1) December exports were $250.2 billion, $2.2 billion less than November exports. December imports were $317.6 billion, $4.2 billion more than November imports. The December increase in the goods and services deficit reflected an increase in the goods deficit of $7.4 billion to $90.6 billion and an increase in the services surplus of $1.0 billion to $23.2 billion. For 2022, the goods and services deficit increased $103.0 billion, or 12.2 percent, from 2021. Exports increased $453.1 billion or 17.7 percent. Imports increased $556.1 billion or 16.3 percent. Three-Month Moving Averages (Exhibit 2) The average goods and services deficit decreased $2.1 billion to $68.6 billion for the three months ending in December. Average exports decreased $2.6 billion to $253.0 billion in December. Average imports decreased $4.7 billion to $321.6 billion in December. Goods Data Inquiries U.S. Census Bureau Economic Indicators Division, International Trade 301-763-2311 eid.international.trade.data@census.gov Goods Media Inquiries U.S. Census Bureau Public Information Office 301-763-3030 pio@census.gov Services Data and Media Inquiries U.S. Bureau of Economic Analysis Balance of Payments Division Data: 301-278-9559 Media: 301-278-9003 InternationalAccounts@bea.gov United States Census Bureau U.S. Department of Commerce U.S. CENSUS BUREAU census.gov bea Bureau of Economic Analysis U.S. DEPARTMENT OF COMMERCE