Globalization
United state is an Arabic speaking state in Asia. The state is among the largest countries in the world being a union of American states. The nation comprising of a multicultural and ethnically diverse people is among the largest oil producers in the world. Oil is a substantial commodity fueling most of the states industries and a portion of its exports. The main import is agricultural products and food stuffs. Due to the nation’s inability to sustain its economy on oil alone, the trade in services and manufactured good to substitute the oil products produced and processed in the country.
The states main imports come from the European Union, china, and Japan in a decreasing order. It exports to Japan, china, and Korea respectively in a decreasing order. The country’s main trading partners are the European Union, china, and Japan. Imports from the European Union for the last five years starting with 2011 are 272,247.2, 319,194 for 2010, 281,800.8 for 2009, and 367,617.4 for 2008. 354409.3 For 2007. Trade with Japan reflects imports of 48,593.3 and exports of 92,288.9 in the year 2011. In the year 2010, the imports amounted to 60,485.6 while the exports were 120,545.3. In the year 2009, the imports amounted to 51,134.2 while the exports amounted to 95803.7. In the year 2008, the imports were 65141.8 while the exports were 139262.2. In the year 2007 the United States imported 61,159.6 from Japan and exported 145463.3.
China is a major trader with United States where by in the year 2011 the country exported 74,498.9 and imported 291878.5 from the United States. In the year 2010, the United States exported 364943.9 and imported 9188.6 from china. Imports in the year 2009 amounted to 69,496.7 while the exports amounted to 296,373.9. In the year 2008, imports amounted to 69,732.8 while exports amounted to 337772.6. In the year 2007, the imports amounted to 62,936.9 while the exports amounted to 321,442.9. Korea imported 32516.1 units from the United States in the year 2011, 38,845.7 for 2010, 23611.9 for the year 2009, 34,401.7 for 2008 and 32219.1 for 2007. All the data provided is in millions of U.S. dollars.
With regards to agriculture, agricultural products exported from the united state cover animal and plant produce. For the current year the imports amounted to 7.7 billion dollars while the exports amounted to 0.7 billion. Services include banking sector, health sector among others where it covers 79.9% of the economy in the country. The manufacturing sector covers 20.5 of the countries gross domestic product. Agriculture comprises of 28% of Americas gross domestic product. Sector distribution acts as a visual aid to understand the effect on the economy. The service industry is the major contributor to the United States economy.
Globalisation may affect trade performance in the United States due to increased competition from the external market. This may decrease export as technological flow will enable countries in the developing world to be competitive. Technological transfer will enable nations to produce their products rather than import them from other nation. Trade in agricultural products will be affected due to competition from other producer. Markets will be based on quality of products produced and the economic stability of the market. The instability in the economy may affect the countries international trade due to fluctuation in currencies. These fluctuations may cause products from thee United States cost more in some nations thus competition from other markets.
