Examine the summary of the balance of payments of the United States for 2021. Compute and discuss the balance on the current account and its subaccounts.

A Summary of the U.S. Balance of Payments for 2021 (in $ billion)

	Credits	Debits
Current Account
[1] Exports	$2,651.0
[1.1] Goods	1,708.0
[1.2] Services	943.0
[2] Imports		$3,599.7
[2.1] Goods		2,788.6
[2.2] Services		811.1
[3] Primary income	1,289.9	1,003.0
[4] Secondary income	269.2	451.9
Balance on current account [[1]+[2]+[3]+[4]]		844.5
Capital Account	2.3	23.0
Balance on capital account		20.7
Financial Account (excluding official reserves)
[5] Direct investment	467.2	232.2
[6] Portfolio investment	383.9	13.5
[6.1] Equity securities	354.1	273.4
[6.2] Debt securities	531.3	259.9
[6.3] Derivatives, net	206.7
[7] Other investment	606.4	313.6
Balance on financial account [[5]+[6]+[7]]	925.2
[8] Statistical discrepancies		4.0
Overall balance	56.0
Official Reserve Account		56.0

Source: The U.S. Bureau of Economic Analysis

Required:

a-1. Compute the balance on the U.S. goods trade.

a-2. What does the balance on the U.S. goods trade you computed above represent?

a-3. Compute the balance on the U.S. services trade.

a-4. What does the balance on the U.S. services trade you computed above represent?

a-5. Compute the balance on the U.S. trade in goods and services.

a-6. What does the balance on the U.S. trade in goods and services you computed above represent?

b-1. Compute the balance on the U.S. primary income.

b-2. What does the balance on the U.S. primary income you computed above mean?

c-1. Compute the balance on the U.S. secondary income.

c-2. What does the balance on the U.S. secondary income you computed above mean?

d-1. Compute the balance on the U.S. current account.

d-2. What does the balance on the U.S. current account you computed above mean?