![]() ![]() Those who perceive themselves to be affected adversely by foreign competition have long opposed international trade. Except in cases in which the costs of production do not include such social costs as pollution, the world is better off when countries import products that are produced more efficiently in other countries. Usually, however, the buyer gains more than the domestic seller loses. When a firm buys a foreign product because it is cheaper, it benefits-but the (more costly) domestic producer loses a sale. Still, even if societies as a whole gain when countries trade, not every individual or company is better off. In any case, the foreign producer also benefits by making more sales than it could selling solely in its own market and by earning foreign exchange (currency) that can be used by itself or others in the country to purchase foreign-made products. There are other reasons consumers and firms buy abroad that also make them better off-the product may better fit their needs than similar domestic offerings or it may not be available domestically. When a firm or an individual buys a good or a service produced more cheaply abroad, living standards in both countries increase. Yet international trade can be one of the most contentious of political issues, both domestically and between governments. ![]() If there is a point on which most economists agree, it is that trade among nations makes the world better off. Nations are almost always better off when they buy and sell from one another International Trade in Goods and Services, October 2021.5 min (1403 words) Read BACK TO BASICS COMPILATION For more detailed information on trade by type of good or service and with major trading partners, see U.S. The full economic effects of the pandemic cannot be quantified in the statistics because the impacts are generally embedded in source data and cannot be separately identified. The global COVID-19 pandemic and the economic recovery continued to impact international trade. ![]() The increase in imports of services reflected increases in transport ($0.4 billion) and in travel ($0.1 billion).Decreases in industrial supplies and materials ($0.5 billion) and in capital goods ($0.5 billion) partly offset the increases. The increase in imports of goods reflected increases in automotive vehicles, parts, and engines ($1.5 billion) and in consumer goods ($0.9 billion).Imports of goods increased $1.8 billion and imports of services increased $0.7 billion. Imports of goods and services increased $2.5 billion, or 0.9 percent, in October to $290.7 billion. The increase in exports of services reflected increases in travel ($0.4 billion), in other business services ($0.3 billion), and in charges for the use of intellectual property ($0.1 billion).The increase in exports of goods reflected increases in industrial supplies and materials ($6.4 billion), in capital goods ($3.1 billion), in foods, feeds, and beverages ($2.1 billion), in consumer goods ($1.6 billion), and in automotive vehicles, parts, and engines ($1.5 billion).Exports of goods increased $15.8 billion and exports of services increased $1.0 billion. Exports of goods and services increased $16.8 billion, or 8.1 percent, in October to $223.6 billion. ![]()
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