In 2002, imports into the United States from developing countries totaled a whopping $317 billion. (The United States is the largest market for goods from developing countries.) Exports from the United States to these countries amount to $130 billion. Both imports and exports are important, but look at the difference, the resulting trade deficit for the United States: $187 billion. That's 44% of the entire trade deficit the United States experienced with all nations last year. In other words, with developing countries, the United States buys much more than it sells. Let's consider some examples. Last year, the Philippines sold $11 billion worth of exports to the United States and bought $7 billion worth of American imports, for a deficit (to the United States) of $4 billion. Malaysia's exports to the United States exceeded American imports by $14 billion. For Korea, the surplus compared to the United States is $13 billion; for Brazil, 3 billion dollars. It may come as a surprise, but high technology is the largest export sector for developing countries today. Information and communications technology accounts for $450 billion worth of exports by developing countries, compared to $235 billion for resource-based goods and $405 billion for low-cost goods. technology. The United States not only purchases hundreds of billions of dollars worth of manufactured goods. from developing countries, invests heavily in those countries too. About three in eight dollars invested in foreign direct investment in Africa comes from the United States – more than from any other country (France is second with 18% – less than half). Between 1996 and 2000 (latest data), the United States invested $9.2 billion in Africa, compared to $4.4 billion invested by France and...... half the paper.... ..www.house.gov/jec/imf /trade.pdfThe benefits of international trade and investment are more widely accepted around the world today than at any time in recent history. At the government level, belief in these benefits has encouraged many countries to adopt international economic policies that promote greater trade and investment. A key feature of these international economic policies is the commitment to reducing global barriers to trade and investment. For countries that have adopted international economic policies that promote greater trade and investment, such as WTO accession or unilateral reduction of trade barriers, evidence suggests that this has generally stimulated economic growth and income. For example, from 1994 to 2000, increases in exports accounted for about one-fifth of U.S. economic growth, according to the Office of the U.S. Trade Representative.,