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Examine Table 2-5 about the U.S. balance of payments. What facts stand out regarding the total balance, the balance on goods, and the balance on
Examine Table 2-5 about the U.S. balance of payments. What facts stand out regarding the total balance, the balance on goods, and the balance on services? What possible public policy implication for U.S. foreign trade can you suggest from this information?
Table 2-5 U.S. Balance of Payments, 2012-2016 (USs millions) \begin{tabular}{l|c|c|c|c|c} \hline & 2012 & 2013 & 2014 & 2015 & 2016 \\ \hline A. Current Account & 426,198 & 349,543 & 373,800 & 434,598 & 451,685 \\ \hline 1. Goods Exports & 1,561,540 & 1,592,784 & 1,632,639 & 1,510,757 & 1,455,704 \\ \hline 2. Goods Imports & 2,303,785 & 2,294,453 & 2,374,101 & 2,272,612 & 2,208,211 \\ \hline 3.BalanceonGoods & 742,095 & 701,669 & 741,462 & 761,855 & 752,507 \\ \hline 4.Services:Credit5.Services:Debit & 454,850 & 687,410 & 710,565 & 753,150 & 752,507 \\ \hline 6.BalanceonServices & 204,490 & 225,276 & 233,138 & 261,410 & 247,714 \\ \hline 7.BalanceonGoodsandServices & 537,605 & 476,392 & 508,324 & 500,445 & 504,793 \\ \hline B. Capital Account & 6,904 & 412 & 45 & 42 & 59 \\ \hline \end{tabular}
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