The United States has enjoyed a trade surplus during the last two decades

In 2019, United Kingdom GDP was an estimated $2.7 trillion (current market exchange rates); real GDP was up by an estimated 1.4%; and the population was 67 million. (Source: IMF)

U.S. goods and services trade with United Kingdom totaled an estimated $273.0 billion in 2019. Exports were $147.4 billion; imports were $125.6 billion. The U.S. goods and services trade surplus with United Kingdom was $21.8 billion in 2019.

United Kingdom is currently our 7th largest goods trading partner with $132.3 billion in total (two way) goods trade during 2019. Goods exports totaled $69.1 billion; goods imports totaled $63.2 billion. The U.S. goods trade surplus with United Kingdom was $5.9 billion in 2019.

Trade in services with United Kingdom (exports and imports) totaled an estimated $140.7 billion in 2019. Services exports were $78.3 billion; services imports were $62.3 billion. The U.S. services trade surplus with United Kingdom was $16.0 billion in 2019.

According to the Department of Commerce, U.S. exports of goods and services to United Kingdom supported an estimated 665 thousand jobs in 2015 (latest data available) (238 thousand supported by goods exports and 427 thousand supported by services exports).

Exports

• United Kingdom was the United States' 5th largest goods export market in 2019.
   
• U.S. goods exports to United Kingdom in 2019 were $69.1 billion, up 3.9% ($2.6 billion) from 2018 and up 51% from 2009. U.S. exports to United Kingdom account for 4% of overall U.S. exports in 2019.
   
• The top export categories in 2019 were: precious metal and stone (gold) ($14 billion), aircraft ($10 billion), mineral fuels ($7.4 billion), machinery ($6.2 billion), and electrical machinery ($4.6 billion).
   
• U.S. total exports of agricultural products to United Kingdom totaled $1.7 billion in 2019, our 16th largest agricultural export market. Leading domestic export categories include: wine & beer ($263 million), tree nuts ($211 million), prepared food ($151 million), soybeans ($100 million), and fresh vegetables ($77 million).
   
• U.S. exports of services to United Kingdom were an estimated $78.3 billion in 2019, 2.6% ($2.1 billion) less than 2018, and 50% greater than 2009 levels. Leading services exports from the U.S. to United Kingdom were in the financial services, travel, and intellectual property (audio visual and related products) sectors.
   

Imports

• United Kingdom was the United States' 8th largest supplier of goods imports in 2019.
   
• U.S. goods imports from United Kingdom totaled $63.2 billion in 2019, up 4.2% ($2.5 billion) from 2018, and up 33.1% from 2009. U.S. imports from United Kingdom account for 2.5% of overall U.S. imports in 2019.
   
• The top import categories (2-digit HS) in 2019 were: vehicles ($11 billion), machinery ($10 billion), special other (returns) ($6.7 billion), pharmaceuticals ($5.1 billion), and mineral fuels ($4 billion).
   
• U.S. total imports of agricultural products from United Kingdom totaled $806 million in 2019. Leading categories include: snack foods ($126 million), cheese ($60 million), wine & beer ($52 million), red meats, fresh, chilled, or frozen ($46 million), and live animals ($39 million).
   
• U.S. imports of services from United Kingdom were an estimated $62.3 billion in 2019, 0.3% ($160 million) more than 2018, and 61.9% greater than 2009 levels. Leading services imports from United Kingdom to the U.S. were in the travel, financial services, and professional and management services sectors.
   

Trade Balance

• The U.S. goods trade surplus with United Kingdom was $5.9 billion in 2019, a 1.8% increase ($101 million) over 2018.
   
• The United States has a services trade surplus of an estimated $16 billion with United Kingdom in 2019, down 12.3% from 2018.

Investment 

• U.S. foreign direct investment (FDI) in United Kingdom (stock) was $851.4 billion in 2019, a 6.9% increase from 2018. U.S. direct investment in United Kingdom is led by nonbank holding companies, finance and insurance, and manufacturing.
   
• United Kingdom's FDI in the United States (stock) was $505.1 billion in 2019, up 1.7% from 2018. United Kingdom's direct investment in the U.S. is led by manufacturing, wholesale trade, and finance and insurance.
   
• Sales of services in United Kingdom by majority U.S.-owned affiliates were $247.2 billion in 2017 (latest data available), while sales of services in the United States by majority United Kingdom-owned firms were $152.6 billion.

  Has the US enjoyed a trade surplus in the last two decades?

  The United States has enjoyed a trade surplus during the last two decades. Tariff is a tax levied on a particular foreign product entering a country. Quotas may be set on worldwide imports or on imports from a specific country.

  What is a favorable balance of trade quizlet?

  A favorable balance of trade; occurs when the value of a country's exports exceeds that of its imports. Trade deficit. An unfavorable balance of trade; occurs when the value of a country's imports exceeds that of its exports.

  What is a measure of the total flow of money into a country minus the flow of money out of the country over a specified period of time?

  In international economics, the balance of payments (also known as balance of international payments and abbreviated BOP or BoP) of a country is the difference between all money flowing into the country in a particular period of time (e.g., a quarter or a year) and the outflow of money to the rest of the world.

  Which of the following best defines balance of trade?

  The balance of trade is the value of a country's exports minus its imports.