According to the chart, with which countries did the US have a trade surplus in 2015? Check all that apply.
| US Trade Partner | Amount US Exported to Trade Partner | Amount US Imported from Trade Partner |
| :--------------- | :----------------------------------- | :----------------------------------- |
| Japan | $62.4 million | $131.1 million |
| Australia | $25.03 million | $10.8 million |
| Brazil | $31.6 million | $27.4 million |
| Germany | $49.9 million | $124.1 million |
| Russia | $7.08 million | $16.5 million |
Answer (2)
The US had a trade surplus when exports exceeded imports.
Compare exports and imports for each country.
Australia: Exports ($25.03 million) > Imports ($10.8 million) - Surplus.
Brazil: Exports ($31.6 million) > Imports ($27.4 million) - Surplus.
The US had a trade surplus with Australia and Brazil. A u s t r a l ia , B r a z i l
Explanation
Understanding the Problem We are given a table of US trade partners with the amount the US exported to and imported from each partner in 2015. We need to determine which countries the US had a trade surplus with, meaning the US exported more than it imported.
Comparing Exports and Imports For each country, we will compare the amount exported to the amount imported.
Japan: Exports: $62.4 million, Imports: $131.1 million. Since 62.4 < 131.1 , the US did not have a trade surplus with Japan.
Australia: Exports: $25.03 million, Imports: $10.8 million. Since 10.8"> 25.03 > 10.8 , the US had a trade surplus with Australia.
Brazil: Exports: $31.6 million, Imports: $27.4 million. Since 27.4"> 31.6 > 27.4 , the US had a trade surplus with Brazil.
Germany: Exports: $49.9 million, Imports: $124.1 million. Since 49.9 < 124.1 , the US did not have a trade surplus with Germany.
Russia: Exports: $7.08 million, Imports: $16.5 million. Since 7.08 < 16.5 , the US did not have a trade surplus with Russia.
Identifying Trade Surpluses Based on the comparisons, the US had a trade surplus with Australia and Brazil.
Final Answer Therefore, the US had a trade surplus with Australia and Brazil in 2015.
Examples
Understanding trade balances is crucial in international economics. For instance, if a country consistently exports more goods than it imports (trade surplus), it can accumulate foreign currency reserves, potentially strengthening its economy. Conversely, a trade deficit might lead to increased borrowing or a devaluation of its currency. By analyzing trade data, economists and policymakers can make informed decisions about trade policies, investments, and economic strategies to promote sustainable growth and stability.
In 2015, the US had a trade surplus with Australia and Brazil. This means that the US exported more to these countries than it imported from them. The surplus indicates a favorable balance of trade for the US with these partners.
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