Question 1: Imports

1.1Use theU.S. import from Chinadata from the U.S. Census andtell usthevalue oftotalimports (in thousand) in2019 (the last column). Data link:

https://www.census.gov/foreign-trade/statistics/product/enduse/imports/c5700.html

1.2From the list of imported goods using the above link, choose important5 productsin 2019 (with high values in thousand). Tell us the imported values ofeach of these 5 goods.

Question 2: Exports

2.1 Use theU.S. export to Chinadata from the U.S. Census andtell usthe value oftotalexports (in thousand) in 2019 (the last column). Data link:

https://www.census.gov/foreign-trade/statistics/product/enduse/exports/c5700.html

2.2From the list of exported goods using the above link, choose important 5 productsin 2019 (high values in thousand). Tell us the exported values ofeach of these 5 goods.

Question 3: Trade Imbalance

3.1 What does your data (from question 1.1 and 2.1) confirm that the U.S. runs trade deficits? Show the calculations and explain.

3.2 Why do we buy all these products from China instead of producing them locally in the U.S.?(keep your answer short).

There are many articles discussing the U.S. trade deficits and trends. For example, the Fed published an article entitled "Behind U.S. Trade Deficits". It is available from the following link:

https://www.stlouisfed.org/on-the-economy/2019/january/behind-us-trade-deficit