The ratio (in physical units) at which two countries trade goods is known as the terms of trade.
All items that increase or decrease a country's stock of material resources by entering its economic territory (imports) or leaving it (exports) are considered to be part of the trade in goods (exports). This metric is expressed in million USD.
The three most traded goods worldwide are automobiles, refined oil, and integrated circuits. Of the top 18 traded items, the US is the largest importer of 12 of them and the largest exporter of two.
Trade is essential to the prosperity of the United States because it boosts economic expansion, promotes domestic employment, raises living standards, and enables citizens to sustain their families with reasonably priced goods and services.
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