Re: Bernanke
On Sep 15, 2007, at 2:24 PM, Robert Wrubel wrote:
What are “nontraded goods and services”? Everything except manufacturing?
Not quite - some services are tradable. Here’s a selection from the
balance of payments accounts:
Travel Passenger fares Other transportation Freight Port services Royalties and license fees Other private services Education Financial services Insurance services Telecommunications Business, professional, and technical services Other unaffiliated services
Travel and transportation are about 40% of the total; finance, about
12%.
Goods exports for the U.S. are about 2.5 times service exports. The
U.S. has a substantial surplus on services exports, but it’s small
beer next to the goods deficit (goods def is about 6.6% of GDP, vs.
+0.5% surplus on svc).
Doug