1. Using the modified version of Table 1.1 U.S. International Transactions provided,
a) Calculate the value of the current account for each year. The current account is the difference between exports of goods and services (and income receipts) and imports of goods and services (and income payments) (these measure the trade balance, net factor income from abroad, and net unilateral transfers). Create a line graph of the current account values over time. How would you characterize the trend over time? In which years did the U.S. have a relatively large CA deficit, and in which a relatively small CA deficit?
b) Calculate the net exports of goods for each year, then calculate the net exports of services. Create a line graph of both of those values over time. How do the levels and trends of the two variables compare?
Table 1.1. U.S. International Transactions [Millions of dollars] Bureau of Economic Analysis Release Date: September 21, 2021 - Next Release Date: December 21, 2021 Line 3 4 6 8 9 10 11 12 13 16 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Exports of goods and services and income receipts (credits) 1486120 1368140 1345506 1437148 1661104 1893153 2204218 2547935 2754377 2331170 2687457 3036675 3151197 3250471 3379128 3238009 3237288 3548345 3793642 3812458 3258642 Exports of goods and services 1082963 1015366 986095 1028186 1168120 1291503 1463991 1660815 1849586 1592792 1872320 2143552 2247453 2313121 2392615 2280041 2238337 2390778 2538638 2528367 2134441 Goods 784940 731331 698036 730446 823584 913016 1040905 1165151 1308795 1070331 1290279 1498887 1562630 1593708 1635563 1511381 1457393 1557003 1676913 1652072 1428798 Services 298023 284035 288059 297740 344536 378487 423086 495664 540791 522461 582041 644665 684823 719413 757051 768660 780944 833775 861725 876295 705643 Primary income receipts 365612 311364 306391 346931 432839 536294 669919 816938 820244 653222 723223 791469 791679 811561 845926 825100 857819 997044 1106417 1124929 957857 Secondary income (current transfer) receipts/1/ 37545 41410 53019 62031 60145 65356 70308 70182 84547 85155 91915 101654 112065 125788 140588 132869 141132 160522 148587 159162 166344 Imports of goods and services and income payments (debits) 1888038 1762222 1801615 1959436 2296994 2642385 3020864 3284485 3450900 2710899 3119466 3491977 3569312 3589927 3749116 3646898 3634858 3910050 4231878 4284604 3874737 Imports of goods and services 1452650 1375739 1406762 1524429 1778958 2008045 2227523 2371811 2561936 1987563 2375407 2698074 2773359 2759982 2876566 2771462 2719812 2903517 3119588 3104708 2811125 Goods 1231722 1153701 1173281 1272089 1488349 1695820 1878194 1986347 2141287 1580025 1938950 2239886 2303749 2294247 2385480 2273249 2207195 2356345 2555662 2513587 2350825 Services 220927 222039 233480 252340 290609 312225 349329 385464 420650 407538 436456 458188 469610 465736 491086 498213 512617 547172 563926 591121 460301 Primary income payments 350980 288120 288886 317677 386256 492108 653945 752582 708225 537684 553311 589038 593754 616041 645623 639724 660798 737500 847286 893009 769397 Secondary income (current transfer) payments /1/ 84408 98364 105968 117330 131779142232 139396 160092 180739 185652 190749 204865 202198 213903 226927 235712 254248 269032 265004 286887 294215 Table 1.1. U.S. International Transactions [Millions of dollars] Bureau of Economic Analysis Release Date: September 21, 2021 - Next Release Date: December 21, 2021 Line 3 4 6 8 9 10 11 12 13 16 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Exports of goods and services and income receipts (credits) 1486120 1368140 1345506 1437148 1661104 1893153 2204218 2547935 2754377 2331170 2687457 3036675 3151197 3250471 3379128 3238009 3237288 3548345 3793642 3812458 3258642 Exports of goods and services 1082963 1015366 986095 1028186 1168120 1291503 1463991 1660815 1849586 1592792 1872320 2143552 2247453 2313121 2392615 2280041 2238337 2390778 2538638 2528367 2134441 Goods 784940 731331 698036 730446 823584 913016 1040905 1165151 1308795 1070331 1290279 1498887 1562630 1593708 1635563 1511381 1457393 1557003 1676913 1652072 1428798 Services 298023 284035 288059 297740 344536 378487 423086 495664 540791 522461 582041 644665 684823 719413 757051 768660 780944 833775 861725 876295 705643 Primary income receipts 365612 311364 306391 346931 432839 536294 669919 816938 820244 653222 723223 791469 791679 811561 845926 825100 857819 997044 1106417 1124929 957857 Secondary income (current transfer) receipts/1/ 37545 41410 53019 62031 60145 65356 70308 70182 84547 85155 91915 101654 112065 125788 140588 132869 141132 160522 148587 159162 166344 Imports of goods and services and income payments (debits) 1888038 1762222 1801615 1959436 2296994 2642385 3020864 3284485 3450900 2710899 3119466 3491977 3569312 3589927 3749116 3646898 3634858 3910050 4231878 4284604 3874737 Imports of goods and services 1452650 1375739 1406762 1524429 1778958 2008045 2227523 2371811 2561936 1987563 2375407 2698074 2773359 2759982 2876566 2771462 2719812 2903517 3119588 3104708 2811125 Goods 1231722 1153701 1173281 1272089 1488349 1695820 1878194 1986347 2141287 1580025 1938950 2239886 2303749 2294247 2385480 2273249 2207195 2356345 2555662 2513587 2350825 Services 220927 222039 233480 252340 290609 312225 349329 385464 420650 407538 436456 458188 469610 465736 491086 498213 512617 547172 563926 591121 460301 Primary income payments 350980 288120 288886 317677 386256 492108 653945 752582 708225 537684 553311 589038 593754 616041 645623 639724 660798 737500 847286 893009 769397 Secondary income (current transfer) payments /1/ 84408 98364 105968 117330 131779142232 139396 160092 180739 185652 190749 204865 202198 213903 226927 235712 254248 269032 265004 286887 294215
