Title: A Look at How America Benefits from International Trade | Norwich University Online
Headings: A Look at How America Benefits from International Trade
A Look at How America Benefits from International Trade
Trading Beyond Our Borders
The Benefits of Importing Goods and Services
Free Trade Agreements
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Content: U.S. technology companies expect the export of services to grow in upcoming years, due to the increasing demand for technological services by middle-class populations in developing nations. In addition, the entertainment industry represents another major exporter, with U.S. music and film increasing in popularity around the world. The U.S. Department of Agriculture reports that one of every three acres of American farms is dedicated to export markets, with the exportation of agricultural products increased to a record-breaking $152 billion in 2014. While the top destination for U.S. agricultural exports was once Canada, it has now been replaced by China. Other top destinations for U.S. agricultural exports include the European Union and Asia. The agricultural commodities traded have also shifted in recent years, due to the rise in populations and incomes around the world, as well as diets, becoming more diversified. The demand for high-value agricultural products, such as meats, dairy products, poultry, live animals, fruits, vegetables, vegetable oils and beverages has increased over historically traded bulk commodities of wheat, rice, grains, cotton, oilseeds and tobacco. The Benefits of Importing Goods and Services
While focusing on boosting U.S. exports is certainly important, imports also benefit the U.S. population. Imports bring lower prices and a greater diversity of choices to American consumers, including products that would otherwise be unavailable, such as fruits and agricultural items. In addition to the availability of all types of agricultural products, the U.S. relies on other countries for a continued supply of textiles and raw materials.