In a book that I’m reading it says:
“The Commerce Department’s Bureau of Economic Analysis (BEA) is the government agency responsible for measuring the balance of trade. According to the BEA, in 2008 the trade deficit measured approximately $696 billion. This total trade deficit was composed of an $840 billion trade in goods deficit combined with a $144 billion trade in services surplus.”
I heard somewhere else that the $696 figure comes from approximately 1.8 trillion in exports minus about 2.5 trillion in imports.
So then, which is it?