1954: Imports and Exports

The US was a net exporter in 1954.  While the first quarter printed a net inflow, the next three quarters showed a net exporting position.  This is due to two factors.

First, we see that exports jumped in the second quarter and maintained their pace for the last three quarters of the year.  In addition, 

While we see a big import position in the second quarter, that number dropped in the third and fourth quarters.

The above chart shows the importance of US military exports, which had a tremendous effect of trade overall.   

The above chart from the Economic Report to the President shows the breakdown of world trade.  Note the importance of Latin America, which accounted for about 30% of our trade in the year.

In general, the US saw a net outflow of cash during the year.  This is to be expected, as the US was the primary lender for Europe and eastern Asia during this time.  Consider this:

Note the tremendous outflow of private direct investments into a variety of areas in both 1953 and 1954.  Also note the pick-up in portfolio investments.

1953: Exports and Imports

This post is part of the Bonddad Economic History Project 
 

Net exports contributed to overall GDP growth for three out of four of the quarters in 1953.  Notice the pretty severe swings in imports; they added to growth in the first and fourth quarter, but subtracted substantially in the second.  In addition, exports really only added significantly to growth in the third quarter.

The above chart -- from the economic report to the president in 1954 -- shows total exports and imports for the US.  While the total absolute amount of exports was still higher than imports, note that when military grants were taken out of the equation, the US started to run a current account deficit in 1953.

The Economic Report to the President explained the above chart thusly:

1951, Exports and Imports

This post is part of the Bonddad Economy History Project

From the 1952 Economic Report to the President: