Running head: EXPORTS 1
“In 2014, “the United States exported $2.34 trillion worth of goods and services—an all-time
record. Exports from the United States in 2014 equaled the entire gross domestic product of
Brazil and exceeded all commercial output in India, Italy, or Mexico. What is more, exports
are an increasingly important aspect of the U.S. economy.” (New top markets series provides
data, 2015)
1. Discuss economic theory related to the quote above. Be sure to include a definition
of exports and the way in which exports are counted in the measurement of Gross Domestic
Product (GDP) within your discussion.
Exports are the goods and services that are produced here and then sent to other countries
(Coppock & Mateer, 2014, pp. 189). According to Coppock and Mateer (2014), the GDP, or
gross domestic product, only counts exports because they were produced here in the U.S, while
imports, goods and services we buy from other countries and ship here, are not counted.
According to the prompt quote, in 2014 the U.S. was able to set a new record for the amount of
goods and services exported. Unfortunately, in 2016, while keeping exports in the 2 trillion, the
U.S. was still operating at a trade deficit with exports totaling $200 billion less than imports
(Amadeo, 2017).
2. Locate and incorporate outside research that gives evidence and explanation as to
the possible causes of this growth in exports. Provide an example of 1 particular industry or
country with which export quantity has increased.
Per the Department of Commerce website (2015), 2014 was the fifth consecutive year the
U.S. set a record for exporting. In fact, their report states that exports had risen by $760 billion
since the Great Recession (2007-2009). The export on goods was raised by 2.7%, with sectors
which include capital goods; consumer goods; petroleum products; foods, feeds, and beverages;
EXPORTS
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and automotive vehicles and parts, each hitting records of their own. Goods exports to Canada,
Mexico and China were the largest markets in 2014, with each country also reaching record
amounts.
3. Integrate biblical insights into your thread. In what way does Scripture influence
our attitudes and actions in international trade?
In 1 Kings, God tells Solomon to ask Him for anything. Solomon replies by asking for “a
discerning heart” (1 Kings 3:9, NIV). This was so pleasing to the Lord he replies by saying,
“Since you have asked for this and not long life or wealth for yourself, nor have you asked for
the death of your enemies but for discernment in administering justice, I will do what you have
asked. I will give you a wise and discerning heart, so that there will never have been anyone like
you, nor will there ever be” (1 Kings 3: 11-13, NIV). There are many, many way in which
Solomon used this wisdom for the betterment of the people and their future. One of these ways in
which Solomon did this was by investing in international trade. He built ships (1 Kings 9:26),
manned them with professional sailors (1 Kings 9:27), and started a successful import/export
business (1 Kings 10:22, 28-29) that gained a revenue of about 50,000 pounds of gold (2 Chron
9:13-14).
This illustrates that God gave Solomon the wisdom to use international trade to prosper
his people and bring them success. This knowledge should influence attitudes and actions
towards international trade in a positive manner.
References
Amadeo, K. (2017, Dec 07). U.S. Imports and Exports: Components and Statistics. Retrieved
from https://www.thebalance.com/u-s-imports-and-exports-components-and-statistics-
3306270
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Coppock, L. & Mateer, D. (2014). Principles of Macroeconomics. New York: W. W. Morton &
Company.
U.S. Dept. of Commerce. (2015) U.S. exports hit new annual record, reaching $2.35 trillion in
2104. Retrieved from https://www.commerce.gov/news/press-releases/2015/02/us-
exports-hit-new-annual-record-reaching-235-trillion-2014
