Balance of trade

FIGURE 1.1 While the overall U.S. trade balance has plummeted to a deficit of more than 150 billion, the U.S. chemical industry has maintained a positive balance of trade. Courtesy, Department of Commerce. 

Every product has a basic energy cost and the rising consumption of fossil fuels makes it difficult to predict energy costs in the future. Shifting to hydrogen will reduce future cost and supply uncertainties and significantly improve the U.S. balance of trade. 

Polymeric materials, along with several other chemical industrial products, contribute positively to the balance of trade (Table 1.12). In fact, plastics and resins show the greatest value increase of exports minus imports with over 12 billion net favoring exports. The polymer-intense materials numbers are higher than noted in Table 1.12 since fiber and rubber materials are absent as a separate entry. Even so, the figures demonstrate the positive role polymers play in our balance of trade situation. 

Historically, technological innovation has been a prime force in economic development. New processes and products have been credited with such diverse benefits as increased employment, increased labor productivity, new opportunities for preventing and curing disease, greater consumer comfort, and improvements in the balance of trade. 

In addition, it is in the interests of Azerbaijan s balance of trade and fiscal budget for the additional 1.0 bcm of optional natural gas (together with its associated liquids) to be produced and put into storage in summer - and used in winter instead of imported gas or exportable oil products. 

Under, these circumstances, the payments which the U.S. must make for imported oil first become burdensome and then intolerable. In the case of 12 million barrels per day of imports by 1980 and a price of 20 per barrel, the payments for imported oil will increase to nearly 90 billion per year by 1980. By comparison, the value of oil imports into the USA in 1972 was 4.5 billion. In the opinion of many persons, we will not be able to afford to import oil which costs us 90 billion per year. Our balance of trade deficit would be so high that devaluation of the dollar would have to be done on a weekly basis. 

While no hard estimates are possible, the cash flow in the Far East related to this first phase of opium production alone could not be less than 1 billion. That by itself is 15 percent of the estimated assets of foreign banks in Hong Kong, or 10 percent of estimated bank assets of foreign banks in Singapore, or precisely Thailand s 1977 balance of trade deficit ... 

In foreign trade, the chemical industry of the United States has consistently performed in an outstanding manner. While the overall balance of trade has been negative, the chemical industry has been one of the truly strong sectors in the economy of the United States, Table 2.4. Year after year, the trade balance of chemicals has been positive and thus has had... 

Generally, renewable fuels are produced to reduce greenhouse gas emissions, improve combustion of fuels, and to extend supplies of fossil fuels, although their production may also be used to subsidize the production of agricultural commodities and improve the balance of trade for countries that produce little fossil fuel. 

In addition to fulfilling market demand, governments (1, 51) have also enabled the development of new markets by mandating specific levels of biodiesel in fuels. Primarily, these mandated fuel markets develop demand for domestic agriculture, reduce reliance on foreign fuel sources, and improve the balance of trade. An unexpected improvement in overall fuel economy can be realized with the addition of low levels of biodiesel to certain fuels. 

Figure 3.3. U.S. balance of trade in chemicals (1989-2004). (Source Kevin Swift, American Chemistry Council, presentation to CDMA meeting 28 April 2003.)...

The U.S. Balance of Trade in manufactured goods is in a serious decline. The projected deficit in such goods in 1978 is anticipated to be some 18 billion as part... 

With respect to imports, Germany imports a greater dollar volume than the United States. The dollar value of the U.S. chemical trade with specific countries is presented in Table 9.6. In 1995 the chemical balance of trade with Australia, Latin America, Africa, and Asia (with the exception of Japan and China) was greater than 4 1. With the more highly industrialized nations, like Canada, the... 

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