query: when was the last time the us had a trade surplus

pos: United States Balance of trade became a more excessive long-run trade deficit, mostly with Asia. By 2012, the U.S. trade deficit, fiscal budget deficit, and federal debt increased to record or near record levels following accompanying decades of the implementation of broad unconditional or unilateral U.S. free trade policies and formal trade agreements. The US last had a trade surplus in 1975. However, recessions may cause short-run anomalies to rising trade deficits. United States Balance of trade The 1920s marked a decade of economic growth in the United States following a classical supply side policy. U.S. President Warren Harding signed the Emergency Tariff of 1921

pos: Foreign trade of the United States had a trade surplus in 1975. However, recessions may cause short-run anomalies to rising trade deficits. The balance of trade in the United States has been a concern among economists and business people. Warren Buffett, founder of Berkshire Hathaway, was quoted in the Associated Press (January 20, 2006) as saying "The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to political turmoil... Right now, the rest of the world owns $3 trillion more of us than we own of them." In both a 1987 guest

neg: Foreign trade of Argentina were approximately half the historical percentages. The U.S. has largely maintained a moderate trade surplus with Argentina, however. The record for this figure was logged in 1998, when the U.S. reaped a nearly US$3.7 billion surplus; these later declined significantly, to then recover to US$3.5 billion by 2011. Petrochemicals are the leading Argentine export to the U.S with large parts including bamboo., and wine the leading Argentine consumer good in the U.S. market. Imports are mainly industrial. Fresh Argentine beef was exported to the U.S. market in 1997 for the first time in over 60 years, and in 1999 its

neg: Trade policy of Japan 1973 plunged the balance of trade into deficit, and in 1974 the deficit reached US$6.6 billion. With strong export growth, however, this was reversed to a surplus of US$2.4 billion in 1976. The surplus reached a record US$18.2 billion in 1978, promoting considerable tension between the United States and Japan. In 1979 petroleum prices jumped again, and Japan's trade balance again turned to deficit, reaching US$10.7 billion in 1980. Once again, rapid export growth and stagnant imports returned Japan quickly to surplus by 1981. For the next five years, Japan's trade surplus grew explosively, to a peak of US$82.7 billion

neg: Trade policy of Japan chronic trade deficit ended in 1965, and by 1969, with a positive balance of almost US$1 billion, Japan was widely regarded as a surplus trading nation. In 1971 the surplus reached US$4.3 billion, and its rapid increase was a main factor behind the United States decision to devalue the dollar and pressure Japan to revalue the yen—events that led quickly to the end of the Bretton Woods System of fixed exchange rates. By 1972 Japan's surplus had climbed to US$5.1 billion, despite the reevaluation of the yen in 1971. The jump in prices of petroleum and other raw materials during

neg: Economy of Vietnam trade account deficits have been raised domestically, especially after joining the WTO in 2007. Throughout the next five years after 2007, Vietnam ran a trade deficit with the rest of the world in the tens of billions of dollars, with the record trade deficit in 2008 of US$18 billion. The account deficit has since decreased. In 2012, Vietnam recorded a trade surplus of US$780 million, the first trade surplus since 1993. Total trade reached US$228.13 billion, an increase of 12.1% from 2011. In 2013, Vietnam recorded the second year of trade surplus of US$863 million. In 2014, Vietnam recorded the

neg: Trade policy of Japan in 1986. This unprecedented trade surplus resulted from the moderate annual rise in exports and the drop in imports noted earlier. Underlying these trade developments was the weakness of the yen against other currencies, which enhanced export price competitiveness and dampened import demand. After 1986 the dollar value of Japan's trade surplus declined, to US$77.6 billion in 1988. This decline came as the yen finally appreciated strongly against the dollar (beginning in 1985) and as a rapid rise in manufactured imports began to offset the large drop in the value of raw material imports. By 1990 the trade surplus had

neg: North American Free Trade Agreement 2011, while the AFL–CIO blames the agreement for sending 700,000 American manufacturing jobs to Mexico over that time. University of California, San Diego economics professor Gordon Hanson has said that NAFTA helped the US compete against China and therefore saved US jobs. While some jobs were lost to Mexico as a result of NAFTA, considerably more would have been lost to China if not for NAFTA. The US had a trade surplus with NAFTA countries of $28.3 billion for services in 2009 and a trade deficit of $94.6 billion (36.4% annual increase) for goods in 2010. This trade deficit accounted

neg: Indonesia in banking sector and domestic consumption, growth has accelerated to between 4% and 6% annually. This helped Indonesia weather the 2008–2009 Great Recession, during which the economy performed strongly. In 2011, the country regained the investment grade rating it had lost in 1997. , 10.12% of the population lived below the poverty line and the official open unemployment rate was 4.3%. Indonesia ran a trade surplus in 2016, with total exports and imports of US$140 billion and US$132 billion, respectively. During the last five years, exports and imports have decreased at an annual rate of 3 to 4.8%, from US$224

neg: European debt crisis $42.96bn, $75.31bn and $35.97bn, and $25.6bn respectively, while Germany's trade surplus was $188.6bn. A similar imbalance exists in the US, which runs a large trade deficit (net import position) and therefore is a net borrower of capital from abroad. Ben Bernanke warned of the risks of such imbalances in 2005, arguing that a "savings glut" in one country with a trade surplus can drive capital into other countries with trade deficits, artificially lowering interest rates and creating asset bubbles. A country with a large trade surplus would generally see the value of its currency appreciate relative to other currencies, which

neg: Bangka Belitung Islands for imports were valued at 5,284,414 million or 29.53 percent of total GDP. The balance of trade which include exports and imports of Bangka Belitung province in 2007 increased the value of the surplus from the previous year. The value of exports in 2007 reached 1254.43 million US dollars, up 17.38 percent over the previous year. While the value of imports declined from 25.09 million US dollars in 2006 to 21.58 million in 2007 or a decrease of 16.27 percent. The amount of trade surplus in 2007 amounted to 1232.85 million US dollars. Thus the surplus value in 2007 increased

neg: Electronics industry in China former and 21.9% for the latter. The ratio of total exports and total imports in China was 35.2% for exports and 33.4% for imports. Additionally, China's trade surplus was recorded as US$47.6 billion, with roughly half of the US$100 billion of China's total trade surplus going toward savings. There has been no change in the essence of China's export-oriented industries. 2006 targets for sales and added value in the electronic information industry are 4.6 trillion yuan (approximately US$576 billion, with a growth rate of 21%) and 1.1 trillion yuan (approximately US$138 billion, with a growth rate of 22%), respectively. As

neg: Currency War of 2009–11 dollar. Export and tourism earnings are closely linked to the US or Europe, thus there is a strong dependency on the said regions unlike Latin America which has diversified its markets in the previous decade. Early figures for February 2012 suggested that China had experienced a monthly trade deficit of $31.5bn, her largest for almost 15 years. By March this had prompted several Chinese officials to suggest the time was approaching for them to halt the appreciation of the Renimbi, with several independent analysts agreeing this would be reasonable. However China still has a substantial bi-lateral trade surplus with the

neg: Forestry in Argentina US$500 million to US$1 billion from 1992 to 2002. With the sharp devaluation of the peso in 2002, exports of Argentine forest product were given a shot in the arm. Argentine goods became more attractive and exports began to increase, especially for high-value-added products. Between 2002 and 2004, exports increased from US$300 million to about US$700 million. During 2005, the success of the forestry industry in Argentina continued. Compared to the years 2000 and 2001, the trade surplus for wood and furniture products increased dramatically. The year 2005 was the fourth consecutive year that this sector experienced a trade surplus.

neg: Economy of South Korea significant surplus in its balance of payments in 1986 and recorded a US$7.7 billion and a US$11.4 billion surplus in 1987 and 1988 respectively. This development permitted South Korea to begin reducing its level of foreign debt. The trade surplus for 1989, however, was only US$4.6 billion, and a small negative balance was projected for 1990. For the first half of the 1990s, the South Korean economy continued a stable and strong growth in both private consumption and GDP. Things changed quickly in 1997 with the Asian Financial crisis. After several other Asian currencies were attacked by speculators, the Korean

neg: Indonesia–Spain relations the defense cooperation, which include education, planning, innovation, logistical support and acquisition of defense products. Total value of trade between two nations reached US$1.92 billion in 2008, US$2.08 billion in 2009, and US$2.18 billion in 2010. The balance of trade mostly in favour to Indonesia, with surpluses from the period 2005-2010, in 2009 Indonesia recorded US$1.58 billion surplus and US$1.62 billion surplus in 2010. Spain ranked the 14th place of Indonesia's export partners that buys coal, copper, palm oil, natural rubber, and electronics. On the other hand, Spain sells airplanes, aluminum, cigarette paper and pharmaceuticals to Indonesia. Spain's investment in

neg: Economy of Yemen billion in 2000. Rising oil prices resulted in a surplus of US$817 million in 2004 and a surplus of US$1.7 billion in 2005. In recent years, Yemen has reported increasing non-merchandise deficits. These deficits have, however, been offset by record export earnings, which have resulted in large enough trade surpluses to keep the current account in surplus—US$175.7 million in 2003, US$524.6 million in 2004, and US$633.1 million (about 4 percent of gross domestic product) in 2005. In 1990 the newly unified Republic of Yemen inherited an unsustainable debt burden amounting to roughly 106 percent of gross domestic product. Debt rescheduling

neg: Cattle feeding as Japan, which is not a grain surplus country, tastes and preferences have encouraged feeding grain to cattle, but at a high cost since the grain must be imported. Until 2015, the US had mandatory Country of Origin Labeling (COOL) rules requiring that foreign beef be labelled as such under a complicated set of rules, but in May 2015 the World Trade Organization ruled that the US law was a violation of international trade law, so the US government repealed the law. The Alberta Beef label found on some beef might be considered an indication of origin, but although it

neg: Foreign trade of Argentina over half and Argentina's trade surplus soared to over US$16 billion, providing for the first current account surplus since 1990. As recovery ensued and the exchange rate stabilized around 3 pesos/dollar, exports (mainly soy, cereals and other agricultural products, as well as machinery and fuels) grew steadily. Imports began recovering sharply in 2003, as both the purchasing power of the peso and domestic demand increased, and, despite this, from 2003 to 2011 the nation's merchandise trade balance recorded a cumulative US$115 billion in surpluses. These surpluses were bolstered as much by growing exports as by a marked recovery in terms

neg: Foreign relations of Nepal of DM 250 million for Middle Marsyangdi Hydroelectric Project. Trade: Germany is Nepal's third largest trading partner after India and the US, and the biggest export market for Nepali products in Europe. Germany is an important market for Nepal, particularly for carpets and textile products. Nepal's main imports from Germany are machinery and industrial products. In recent years, the bilateral balance of trade has regularly shown a surplus in Nepal's favour. The annual volume of bilateral trade has remained fairly constant over the last few years, at around EUR 50 million. Besides carpet, export to Germany from Nepal include handicraft,

neg: Monetary hegemony surplus. This would obviate government spending, stimulate the domestic economy, substitute for domestic investment, and avert reorganization for certain industries in the economy that were overbuilt during the war effort. For these reasons the “idea of an export surplus took on a special importance” (Block, 1977, p.35) for the US. The production of an export surplus was therefore intimately connected with establishing a world economy that was free of imperial systems, as well as bilateral payments and trading systems. The US would therefore aim to open its predecessor’s empire to American trade and to garner British compliance to create its

neg: Economy of Vietnam third year of trade surplus of US$2.14 billion, the largest trade surplus ever in history. Three years later, in 2017, it surpassed itself with a record of $2.92 billion. In 2004, Vietnam’s exports of merchandise were valued at US$26.5 billion, and, were growing rapidly along with imports. Vietnam’s principal exports were crude oil (22.1%), textiles and garments (17.1%), footwear (10.5%), fisheries products (9.4%) and electronics (4.1%). The main destinations of Vietnam's exports were the United States (18.8%), Japan (13.2%), China (10.3%), Australia (6.9%), Singapore (5.2%), Germany (4.0%), and the United Kingdom (3.8%). In 2012, export rose 18.2%, valued at US$114.57

neg: Trade policy of South Korea important transformation occurred in Korea's trade policy in the sixth five-year plan, which witnessed the change in trend from heavy industry toward export – oriented consumer products, including electronics and high tech. Foreign investment policies were relaxed in response to a decrease in domestic investment, cross-border capital movement increased significantly. Restrictions on imports were removed, but a variety of non-tariff barriers complicated trade structure. In 1986, Korea for the first time achieved a favorable trade balance, a trade surplus of US$4.2 billion. However the transformations in the trade policy eventually lead to challenges in the 1990s. In 1990's domestic consumption

neg: Argentina foreign trade relations with the European Union in the previous month. Imports dropped 5.7% annually in June (June 2013: +5.5% yoy), which followed the 17.1% contraction observed in May. As a result, the trade surplus reached USD 1.4 billion, which was slightly up from the USD 1.2 million recorded in June 2013 and represented the largest surplus since May 2013. Moreover, this was higher than the USD 1.3 million surplus recorded in May of this year and exceeded the USD 1.2 billion surplus that market analysts had expected. In the 12 months up to June, the trade balance posted an accumulated USD 6.5 billion surplus (May: USD

neg: Indonesia–Kazakhstan relations 2, 2013. According to Indonesian Ministry of Trade, the bilateral trade between Indonesia and Kazakhstan in 2012 reached US$63,156 million, a 90,5% increase compared to 2011 figure of US$33,153 million. The trade balance in 2012 was in favour to Kazakhstan that recorded US$46 million surplus over Indonesia. The two countries will boost investment and trade, specifically in the wheat, cotton and rubber industries, as well as in the production and exploration of oil. One of which, a joint venture to produce tires in Kazakhstan with a value of investment of US$100 million. There is also plan to build Indonesian instant

neg: Hugh Gaitskell argues that Gaitskell did not realise that other countries had their own domestic problems. In September 1950, with Britain's balance of payments now in surplus, Gaitskell negotiated British membership of a European Payments Union, meaning that instead of bilateral clearing, European currencies were to be convertible against one another even if not against the US dollar. Previously dollars had been needed for trade within Europe. Until then Gaitskell had shared concerns that some countries might stay in permanent deficit and thus effectively use their neighbours for free borrowing, or conversely that Belgium's surplus would enable her to suck gold and

neg: Economy of Djibouti is due to the country's enormous need for imports and narrow base of exports. Although Djibouti runs a substantial surplus in its services balance, the surplus has been smaller than the deficit in the merchandise trade balance. As a result, Djibouti's current account balance has been in deficit. There is very limited information for Djibouti’s current account; the country’s merchandise trade deficit was estimated at US$737 million in 2004. Positioned on a primary shipping lane between the Gulf of Aden and the Red Sea, Djibouti holds considerable strategic value in the international trade and shipping industries. The facilities of the

neg: Indonesia–Oman relations established in 1978, however it was not until 2011 that Indonesia and Oman established their embassies in each counterparts. On June 17–18, 2000 Indonesian President Abdurrahman Wahid paid a state visit to Oman. Indonesia sees Oman as a new potential market, while Oman sees Indonesia's central position in ASEAN. Numbers of Oman businessmen visited Indonesia in August 2013, to explore trade opportunities. According to Indonesian Ministry of Trade, the bilateral trade volume in 2008 reached US$166.45 million, and rose to US$ 464.03 million in 2012, which was a 279,5.% increase. The bilateral trade balance in 2012 recorded US$11.66 million surplus

neg: Economic history of Brazil The balance of trade moved from an average deficit of US$3.4 billion in the 1974–76 period to an average surplus of US$10.7 billion in the 1983–85 period. In 1985 the share of manufactures (processed and semi-processed) of total exports reached 66 percent, and between 1971–75 and 1978–83 the share of basic input imports in total imports declined from 32.3% to 19.2%. The recession and stagnation of the early 1980s had a role in reducing imports. However, import substitution was also important, as demonstrated by the few years of the 1980s that experienced a significant growth in GDP while the trade

neg: Cuba–Indonesia relations developing new vaccines for dengue fever and malaria. Bilateral trade between Indonesia and Cuba reached US$12.79 million in 2008, and reach its peak in 2011 with US$15.68 million trade value. Bilateral trade until October 2012 has reached US$12.40 million, with Indonesian export US$11.15 million and import US$1.24 million made the trade heavily in favour to Indonesia with US$9.91 million surplus. Indonesia mainly sells textiles, shoes and footwear, ceramics, furniture and electronics to Cuba, while buys Cuban cigars and pharmaceuticals, especially vaccines. Cuba–Indonesia relations Cuba–Indonesia relations refers to the bilateral relations of Cuba and the Republic of Indonesia. During the administration

neg: Chaebol lines were critical. In the 1950s and early 1960s, chaebol concentrated on wigs and textiles; by the mid-1970s and 1980s, heavy, defense, and chemical industries had become predominant. While these activities were important in the early 1990s, real growth was occurring in the electronics and high-technology industries. The chaebol also were responsible for turning the trade deficit in 1985 to a trade surplus in 1986. The current account balance, however, fell from more than US$14 billion in 1988 to US$5 billion in 1989. The chaebol continued their explosive growth in export markets in the 1980s. By the late 1980s, the

neg: Economy of France by much higher wages for the different job groups than in their own country and the lack of skilled labour in the booming Luxembourgish economy. France is the second-largest trading nation in Europe (after Germany). Its foreign trade balance for goods had been in surplus from 1992 until 2001, reaching $25.4 billion (25.4 G$) in 1998; however, the French balance of trade was hit by the economic downturn, and went into the red in 2000, reaching a US$15bn deficit in 2003. Total trade for 1998 amounted to $730 billion, or 50% of GDP—imports plus exports of goods and services. Trade

neg: External debt of the Philippines yearly published BOP contains all transactions between the residents and non-residents, including the trade of goods and services, income, investment, debt services and financial instruments. Having recorded the monetary credit and debit, the total asset and liabilities should zero out. But, in practice, the BOP shows the deficit or surplus and where it is coming from. Since 1999, the Philippines fluctuates between deficit and surplus. What is most ideal is a high surplus since this indicates more money coming into the country. In 2008, despite the global financial crisis, the country still received a surplus of US$89 million. This was

neg: CARE (relief agency) individuals: the US people paid $10 to send a CARE Package of food to a loved one in Europe, often a family member. President Truman bought the first CARE package. CARE guaranteed delivery within four months to anyone in Europe, even if they had left their last known address, and returned a signed delivery receipt to the sender. Because European postal services were unreliable at the time these signed receipts were sometimes the first confirmation that the recipient had survived the war. The first CARE Packages were in fact surplus “Ten-in-One” US army rations packs (designed to contain a day's

neg: Economic history of Ecuador payments, and, for the period 1985-89, the external debt service ratio was reduced from 60 percent of export earnings to a manageable 30 percent. From 1985 until the beginning of 1987, Ecuador paid only the interest on its external debt. The Ecuadorian economy recovered during 1984, partly as a result of temporary stability in the international price of crude oil and partly because of a rebound in the agricultural sector. By late 1984, the balance-of-payments current account, which had reflected a US$58 million deficit in 1983, had a US$19 million credit, and the trade surplus reached US$1 billion. The real

neg: China States Congress approved "permanent normal trade relations" (PNTR) with China, allowing Chinese exports in at the same low tariffs as goods from most other countries. China has a significant trade surplus with the United States, its most important export market. In the early 2010s, US politicians argued that the Chinese yuan was significantly undervalued, giving China an unfair trade advantage. In recent decades, China has followed a policy of engaging with African nations for trade and bilateral co-operation; in 2012, Sino-African trade totalled over US$160 billion. China has furthermore strengthened its ties with major South American economies, becoming the largest

neg: Vincent Siew Trade (BOFT) under the MOFA in 1972 which he rose from an inspector, department director until deputy director-general. He used to travel frequently between Taiwan and the United States (US) for bilateral trade agreement negotiation until the US switched diplomatic relations from ROC to PRC on 1 January 1979. In January 1982, he became the director-general of BOFT. During his office term, he worked towards simplifying laws and regulations, and also strengthening personnel management at the BOFT. To reduce the trade surplus between Taiwan and the US, he led trade missions to cover almost all US states as part of

neg: Foreign trade of Argentina growth from what they see as disloyal competition from their larger partner to the north. Exports to Brazil helped lessen the impact of the crisis on the industrial sector somewhat, though Argentina's intra-Mercosur trade yielded it a cumulative US$15 billion deficit from 2004 to 2008. A renewed devaluation of the peso contributed to a US$700 million surplus with Mercosur in 2009, though deficits of US$1.8 billion were recorded in 2010 and 2011. Trade with China was negligible until 1992; it later grew rapidly and by 2009, China became Argentina's second largest trading partner. Argentine exports to the Asian giant are

neg: Croatia–Indonesia relations well as Central European Union market, especially since Croatia has joined the EU in July 2013. The bilateral trade volume in 2011 reached US$67.1 million, and decreased in 2012 to US$30.17 million figures. On bilateral trade balance, Indonesia recorded a US$8.4 million surplus in 2012. Other than trade, the cooperation also expanded to other sectors, include economics and technical, defence through military industry cooperation, and education through Indonesia-Croatia university cooperation. Croatia–Indonesia relations Croatia–Indonesia relations was officially established on September 2, 1992. Croatia sees Indonesia as one of the largest and the most influential nation in ASEAN, and recognized its potential

neg: Egypt–Kenya relations states. COMESA is also part of the Tripartite Free Trade Area. In 2007, trade between both countries stood at $320 million. The volume of Egyptian exports to Kenya increased by 48.9% to reach $176 million. For the first time in 20 years, the balance of trade was in favour of Egypt with a surplus of $34.4 million. In 2008, trade was valued at $378.3 million. Trade data indicated that Egyptian exports to Kenya amounted to $156.2 million, while imports from Kenya amounted to $222.1 million with $65.9 million of surplus in favour of Kenya. This unprecedented increase in the value

neg: Economy of Bulgaria state expenditures, including capital expenditures, were US$10.9 billion, yielding a surplus of US$300 million. In 2004 revenues totaled US$10.1 billion and expenditures US$9.7 billion, for a surplus of US$400 million. After the political changes, in 1991, Bulgaria had a US$11.25 billion state debt, which represented 180% of the GDP. The state debt peaked in 1994, when it reached US$14.4 billion. During 1998-2008 Bulgaria maintained policy of budget surpluses, which reduced the state debt to 5.07 billion euro. Combined with the economic growth in that period, the state debt dropped to a record low of 13.7% of GDP, one of the

neg: History of trade of the People's Republic of China large foreign reserve surplus, and the decentralized management of foreign trade, imports surged. Huge, uncontrolled purchases of consumer goods led to trade deficits in 1984 and 1985, resulting in the introduction of an import and export licensing system, stricter controls on foreign exchange expenditures, and the devaluation of the yuan in order to reduce the trade deficit and ensure that machinery, equipment, and semi-finished goods, rather than consumer goods, were imported. In 1985 China had foreign exchange reserves of US$11.9 billion. China joined a number of international economic organizations, becoming a member of the World Bank, the International Monetary Fund,

neg: Ecuador to maintaining a positive trade balance. Since the late 1960s, the exploitation of oil increased production, and proven reserves are estimated at 6.51 billion barrels . The overall trade balance for August 2012 was a surplus of almost $390 million for the first six months of 2012, a huge figure compared with that of 2007, which reached only $5.7 million; the surplus had risen by about $425 million compared to 2006. The oil trade balance positive had revenues of $3.295 million in 2008, while non-oil was negative, amounting to $2.842 million. The trade balance with the United States, Chile, the

neg: Oxnard Field then as a storage and dismantling facility for war-weary and surplus aircraft as the war ended. Over 2,000 such planes were stripped and melted down, reclaiming some 10 million pounds of aluminum. The field was used for the last time between 1945 and 1948, when it served as the final destination for hundreds of surplus warplanes which were assembled there for scrapping. Following the end of this operation, the airport was closed permanently. The airport initially had two dirt runways, east-west (4300 ft) and northeast-southwest (2500 ft). The only facilities consisted of gravity-fed fuel tanks. Oxnard added the administration building,

neg: Balance of payments accounts of Japan (1960–90) a large value for a current account surplus. The appreciation of the yen against the United States dollar and other currencies, beginning in 1985, was slow to have any impact on the dollar value of the current account surplus, although it did decline by US$8 billion in 1988. Balance of payments accounts of Japan (1960–90) In its balance of payments accounts, Japan has traditionally run a deficit in services. Trade in services includes transportation (freight and passenger fares), insurance, travel expenditures, royalties, licensing fees, and income from investments. The deficit in services rose steadily from US$99 million in 1960, to

neg: Indonesia–Switzerland relations US$260 million. In 2011, trade balance between Indonesia and Swirzerland was in favour to Switzerland, that recorded 277.1 million Swiss francs (US$299.077 million) trade surplus. Indonesia's export to Switzerland stood at 162.6 million Swiss francs (US$175.48 million), mostly consists of textiles, garments, and footwear, while Swiss' export to Indonesia are mostly industrial machinery, valued 439.7 million Swiss francs (US$474.568 million). In 2010, Swiss direct investment in Indonesia reached 7 billion Swiss francs (US$7.55 billion), most of them invested by Swiss corporates operating in Indonesia. Currently there are around 70 Swiss companies operate in Indonesia, employing around 45,000 workers. Swiss corporates

neg: BRIC rating, the lowest investment-grade rating. A week before Fitch released the rating, S&P said India could become the first of the BRIC countries to lose investment-grade status. For the year 2013, China for the first time surpassed $4 trillion of world trade and become as world's largest trading country, consist of: export $2.21 trillion and import $1.95 trillion. While the United States for 11 months of 2013 world trade figure totaling $3.5 trillion and seems cannot beat China. China world trade balance in 2013 surplus by almost $260 billion a 12.8 percent increased from last year. Goldman Sachs has quietly

neg: Surplus value two different things, although this point is largely ignored in the economics literature. But it becomes highly important when the real growth of production stagnates, and a growing portion of capital shifts out of the sphere of production in search of surplus-value from other deals. Nowadays the volume of world trade grows significantly faster than GDP, suggesting to Marxian economists such as Samir Amin that surplus-value realised from commercial trade (representing to a large extent a transfer of value by intermediaries between producers and consumers) grows faster than surplus-value realised directly from production. Thus, if we took the final price

neg: Louvre Accord was agreed upon at the G7 Minister of Finance meeting held in New York in 1985. The United States had a trade deficit. Japan and a few European countries were experiencing a trade surplus along with negative GDP growth. After the Plaza Accord, the dollar depreciated, reaching an exchange rate of ¥150 per US$1 in 1987. The ministers of the G7 nations gathered at the Louvre in Paris to minimize this decline. The Louvre Accord may have helped prevent a recession because it stopped the value of the U.S. Dollar from decreasing any further in relation to other currencies. France

neg: Colonial molasses trade In the last decades of the eighteenth century, imports of French rum were at an all-time low. To combat this problem, many English planters on the islands developed their own local distilleries in order to deal with the large surplus of molasses. There were no specific restrictions on the English islands, so they were able to profit from the disposal. By the 1650s, many plantations on the islands had their own distilleries and were exporting rum to the mainland colonies. By the beginning of the eighteenth century, rum production was rising rapidly. At the beginning of the eighteenth century, Dutch

neg: Great Depression in the United States the continuing budget surplus. By 1930, the surplus turned into a fast-growing deficit of economic contraction. In 1931, the US federal fiscal revenue and expenditure changed from the financial surplus to deficit for the first time (the deficit was less than 2.8% of GDP). By the end of 1931, Hoover had decided to recommend a large increase in taxes to balance the budget; in addition, Congress approved the tax increase in 1932, a substantial reduction in personal immunity to increase the number of taxpayers, and the interest rates had risen sharply, the lowest marginal rate rose from 25% on taxable

neg: XTC was seen as "something of a disappointment at the time of release ... [It was] devoid of silly songs like 'Sgt. Rock' that had heretofore been the band's stock-in-trade and didn't rock out until the last song, 'Funk Pop a Roll.' ... "Mummer" signaled a strange rebirth for XTC." Moulding thought that "when we came back from America after our aborted tour of 1982 ... people like Spandau Ballet had moved onto the scene; new groups were coming up and there was no place for us." "Mojo" journalist Chris Ingham summed up the period: "In 18 months, XTC had gone

neg: Economy of Bolivia economic balance sheet. Bolivia reached a peak trade deficit of US$888 million in 1998 before increased hydrocarbon exports radically altered the situation. Bolivia had a large negative balance of payments for 2002⎯US$317 million. However, this situation has been remedied by the vast increase in export revenue. Estimates for the balance of payments for 2004 show a record surplus of US$126 million. Bolivia's external debt totaled an estimated US$5.7 billion in 2004. The International Monetary Fund has assisted Bolivia in paying down this debt. In 1995 the United States, among other countries, reduced Bolivia's debt by two-thirds. Foreign investment in Bolivia

neg: Japan–United States relations Automobiles were by far the largest single category, amounting to US$21.5 billion in 1990, or 24% of total Japanese exports to the United States. Automotive parts accounted for another US$10.7 billion. Other major items were office machinery (including computers), which totaled US$8.6 billion in 1990, telecommunications equipment (US$4.1 billion) and power-generating machinery (US$451 million). From the mid-1960s, the trade balance has been in Japan's favor. According to Japanese data, its surplus with the United States grew from US$380 million in 1970 to nearly US$48 billion in 1988, declining to approximately US$38 billion in 1990. United States data on the trade

neg: Balanced trade goods from trade surplus countries that have had a sizable trade surplus with the United States over the most recent four economic quarters. The tariff rate would be designed to take in a portion (e.g. 50%) of the bilateral trade deficit (goods plus services) as revenue." Another advocate of balanced trade is Kenneth Davis Jr, former Assistant Secretary of Commerce and former Vice President and Chief Financial Officer for IBM Inc. In 2014 Davis and Will Wilkin formed Balanced Trade Associates to advocate for a balanced trade policy in the United States. They drafted model legislation, the Balanced Trade Restoration

neg: Financial history of the Dutch Republic after the reform of the currency of 1622, that allowed the minting of coins with a lower-than-face-value metal content, had the character of fiat money. This development recognized the reality that most money in circulation had a fiduciary character. Toward the end of the 17th century the Republic became (thanks to its general balance-of-trade surplus, and the policy of the "Wisselbank") a reservoir of coin and bullion, which was regularly (re-)minted as trade coin, thereby "upgrading" inferior circulating money. Unlike the later Bank of England, the Bank of Amsterdam did not act as a lender of last resort. That function

neg: Indonesia–South Africa relations past few years and has the potential to grow. Bilateral trade between the two countries reached US$2.14 billion in 2011. Indonesia's exports were valued at USD1.44 billion in 2011 while imports were around US$705.78 million, resulting in a US$730.81 million trade surplus in favour of Indonesia. The South African market is one of Indonesia's key non-traditional markets, which is expected to drive future exports. Indonesia–South Africa relations Indonesia–South Africa relations are foreign bilateral relations between Indonesia and South Africa. Indonesian–South African relations were formalized through the establishment of diplomatic relations in August 1994. The South African Embassy in Jakarta was

neg: Triffin dilemma the country and caused the US Dollar to become more overvalued, leading to a self-propagating cycle. Furthermore, the US had to run a balance of payments current account surplus to maintain confidence in the U.S. dollar. As a result, the United States was faced with a dilemma because it is not possible to run a balance of payments current account deficit and surplus at the same time. In August 1971, President Richard Nixon acknowledged the demise of the Bretton Woods system. He announced that the dollar could no longer be exchanged for gold, which soon became known as the Nixon

neg: Vietnamese cash in Vĩnh Lạc Thông Bảo (), and Khoan Vĩnh Thông Bảo () coins. This was because the Japanese had restricted trade forcing the Southern Vietnamese traders to purchase its copper coins from the Dutch Republic rather than from Japanese merchants as had happened earlier. This trade lead to a surplus of copper in the territory of the Nguyễn lords allowing them to use the metal (which at the time was scarce in the north) for more practical applications such as nails and door hinges. After this Nagasaki trade coins which were specifically minted for the Vietnamese market, also started being

neg: Vijay Mahajan poor feeding and veterinary care. · Adverse terms of trade: If after the high risk and low productivity, if the poor households still had any marketable surplus, when they took it to the traders, they got offered lower prices as the traders knew they were desperate to sell for cash. When they had to buy any inputs, they got charged higher prices as they bought in small lots and at the time of peak demand. In view of the above analysis, BASIX decided to change its strategy and extend insurance services to cover various kinds of risks in the lives

neg: Current account to the rest of the world, while a negative current account balance indicates that it is a net borrower from the rest of the world. A current account surplus increases a nation's net foreign assets by the amount of the surplus, and a current account deficit decreases it by that amount. A country's balance of trade is the net or difference between the country's exports of goods and services and its imports of goods and services, excluding all financial transfers, investments and other components, over a given period of time. A country is said to have a trade surplus if

neg: Canada income disparity. The country's average household disposable income per capita is over US$23,900, higher than the OECD average. Furthermore, the Toronto Stock Exchange is the seventh-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a combined market capitalization of over US$2 trillion . In 2014, Canada's exports totalled over C$528 billion, while its imported goods were worth over $524 billion, of which approximately $351 billion originated from the United States, $49 billion from the European Union, and $35 billion from China. The country's 2014 trade surplus totalled C$5.1 billion, compared with a C$46.9 billion surplus

neg: Economy of Algeria 2012 (as against 1.3% in 2011) due to the continuation of the expansionary fiscal policy initiated in 2011 to meet strong social demands in terms of purchasing power, jobs and housing. The oil and gas sector is the country's main source of revenues, generated about 70% of total budget receipts. The economy is projected to grow by 3.2% in 2013 and by 4.0% in 2014. The country's external position remained comfortable in 2012, with a trade surplus of about US$27.18 billion. The current-account surplus is estimated at 8.2% of GDP and official foreign-exchange reserves have been estimated at US$190.7 billion

neg: Gold standard that they did before. In financing the war and abandoning gold, many of the belligerents suffered drastic inflations. Price levels doubled in the US and Britain, tripled in France and quadrupled in Italy. Exchange rates changed less, even though European inflations were more severe than America’s. This meant that the costs of American goods decreased relative to those in Europe. Between August 1914 and spring of 1915, the dollar value of US exports tripled and its trade surplus exceeded $1 billion for the first time. Ultimately, the system could not deal quickly enough with the large balance of payments deficits

neg: Economic relations of Japan a share that had risen slowly from 16 percent in 1970. As a whole, Japan had run a surplus with noncommunist Asia, and this surplus rose quickly in the 1980s. From a minor deficit in 1980 of US$841 million (mostly caused by a peak in the value of oil imports from Indonesia), Japan showed a surplus of nearly US$3 billion with these countries in 1985 and of over US$228 billion in 1990. The shift was caused by the fall in the prices of oil and other raw materials that Japan imported from the region and by the rapid growth in

neg: Interwar Britain labour and management principles coming from the US, such as Fordism, consumer credit, eliminating surplus capacity, designing a more structured management, and using greater economies of scale. For over a century the shipping industry had dominated world trade, but it remained in the doldrums despite various stimulus efforts by the government. With the very sharp decline in world trade after 1929, its condition became critical. Chancellor of the Exchequer Winston Churchill put Britain back on the gold standard in 1925, which many economists blame for the mediocre performance of the economy. Others point to a variety of factors, including the

neg: Century International Arms rifle than he had for typewriters. He then sought sources of surplus rifles that he could sell for a profit. With his brother-in-law, Manny Weigensberg, Sucher made contacts in foreign countries for the importation of military surplus rifles and handguns and by the 1970s, Century became the single largest importer of firearms in the United States and Canada. When sources of importable surplus firearms have become scarce, Century has manufactured their own firearms. The company has manufactured versions of the G3, L1A1, AK-47 and sporterized Mausers among others. In addition to importing bulk surplus ammunition, Century is the US importer

neg: Foreign relations of South Korea and Japan. June 22, 1965, The president in South Korea Park Chung-hee concluded the Treaty on Basic Relations between Japan and the Republic of Korea As a result, Japan considered South Korea to be the legitimate successor of the Korean peninsula. The Republic of Korea's trade with the State of Japan was US$892.1 million in 2008, with a surplus of nearly US$327.1 million on the Japanese side. Japanese and South Koreans firms often had interdependent relations, which gave Japan advantages in South Korea's growing market. In 1996 FIFA announced that the South Korea-Japan would jointly host the 2002 FIFA World

neg: Berlin Blockade a ticker tape parade in New York City, was invited to address the US Congress, and was honoured with a medal from President Truman. Nevertheless, supply flights to Berlin continued for some time to build up a comfortable surplus, though night flying and then weekend flights could be eliminated once the surplus was large enough. By 24 July 1949, three months' worth of supplies had been amassed, ensuring that there was ample time to restart the Airlift if needed. On 18 August 1949, Flt Lt Roy Mather DFC AFC and his crew of Flt Lt Roy Lewis Stewart Hathaway AFC,

neg: Currency war suggested a new currency war may be beneficial for countries suffering from trade deficits, noting that in the 1930s it was the big surplus countries that were severely impacted once competitive devaluation began. He also suggested that overly confrontational tactics may backfire on the US as they may damage the status of the dollar as a global reserve currency. Ben Bernanke, chairman of the US Federal Reserve, also drew a comparison with competitive devaluation in the inter-war period, referring to the sterilisation of gold inflows by France and America which helped them sustain large trade surpluses, but which also caused

neg: CARE (relief agency) the last European deliveries of 1956, millions of CARE Packages were distributed throughout Europe, over 50% of them to Germany including many delivered as part of the Berlin airlift in response to the 1948 Soviet blockade of Berlin. The US Agricultural Act of 1949 made surplus US agricultural products available to be shipped abroad as aid either directly by the US government or by NGOs including CARE. In 1954 Public Law 480, also known as the Food for Peace Act, further expanded the availability of surplus US food as aid. This act allowed CARE to expand its feeding programs and

neg: Sectoral balances exports. The conclusion drawn from this is that private net saving is only possible when running a trade deficit if the government runs budget deficits; alternately, the private sector is forced to dis-save when the government runs a budget surplus and the trade deficit exists. According to the sectoral balances framework, budget surpluses remove net savings; in a time of high effective demand, this may lead to a private sector reliance on credit to finance consumption patterns. Hence, continual budget deficits are necessary for a growing economy that wants to avoid deflation. Therefore, budget surpluses are required only when the

neg: V. Gordon Childe than earlier settlements, they contained full-time craft specialists, the surplus was collected together and given to a god or king, they witnessed monumental architecture, there was an unequal distribution of social surplus, writing was invented, the sciences developed, naturalistic art developed, trade with foreign areas increased, and the state organisation was based on residence rather than kinship. Childe believed that the Urban Revolution had a negative side, in that it led to increased social stratification into classes and oppression of the majority by a power elite. Not all archaeologists adopted Childe's framework of understanding human societal development as a series

neg: Economy of the United States international markets for commodities such as gold and petroleum. The North American Free Trade Agreement, or NAFTA, created one of the largest trade blocs in the world in 1994. Since 1976, the U.S. has sustained merchandise trade deficits with other nations, and since 1982, current account deficits. The nation's long-standing surplus in its trade in services was maintained, however, and reached a record US$231 billion in 2013. The U.S. trade deficit increased from $502 billion in 2016 to $552 billion in 2017, an increase of $50 billion or 10%. During 2017, total imports were $2.90 trillion, while exports were $2.35

neg: Look East policy (Bangladesh) Zia was elected. Khaleda Zia said ""The doors are open to us in the west, east, south and north but we are focussing on the east because it is good for us"". Bangladesh was motivated by lack of progress in trade deals within SAARC countries and perceived domination of India, which borders Bangladesh on all side and has a trade surplus with it. In 2016 China signed a Memorandum of Understanding to provided Bangladesh 24.45 billion dollar in bilateral assistance to 34 projects in Bangladesh. This is to date the largest assistance pledged to Bangladesh by any country. China is

neg: Canada–South Africa relations defence and economic development. As of 2014/15 Canadian government assistance to South Africa focuses on four issues: In 2014 South African exports to Canada totaled US$1,104,140,558 whilst Canadian exports to South Africa totaled US$439,256,338 resulting in a trade surplus in South Africa's favour of US$664,884,220. Trade between the two countries totalled $1.8 billion in 2008. Both countries are members of the Cairns Group. South Africa is a major access point for Canada to access the African market. Canada is an important investor in the South African economy with Canadian companies having investments in a range of South African industries including

neg: Economy of Fiji Chief Executive of the Fiji Visitors Bureau. Fiji runs a persistently large trade deficit. Imports in 1998 accounted for US$721 million, and exports for US$510 million, resulting in a US$116 million deficit. Tourism revenue yields services surplus, however, which keeps the current account of its balance of payments roughly in balance ($13 million in 1998). Australia accounts for between 35% and 45% of Fiji's trade, with New Zealand, the United States, the United Kingdom, and Japan varying year-by-year between 5% and 15% each. Foodstuffs, machinery, mineral fuels, beverages, tobacco, and manufactured goods are the principal imports. The two largest exports

neg: Bancor Woods Conference but it was not accepted. Rather than a supranational currency, the conference adopted a system of pegged exchange rates ultimately tied to physical gold in a system managed by the World Bank and IMF. In practice, the system implicitly established the United States dollar as a reserve currency convertible to gold at a fixed price on demand by other governments. The dollar was implicitly established as the reserve by the large trade surplus and gold reserves held by the US at the time of the conference. Since the outbreak of the financial crisis in 2008 Keynes's proposal has

neg: History of the United Kingdom new labour and management principles coming from the US, such as Fordism, consumer credit, eliminating surplus capacity, designing a more structured management, and using greater economies of scale. For over a century the shipping industry had dominated world trade, but it remained in the doldrums despite various stimulus efforts by the government. With the very sharp decline in world trade after 1929, its condition became critical. Chancellor of the Exchequer Winston Churchill put Britain back on the gold standard in 1925, which many economists blame for the mediocre performance of the economy. Others point to a variety of factors, including

neg: Spike Surplus Scheme a "shelter of last resort" serving the unemployed, homeless, and urban poor for over a century. At the time of its reoccupation, the building had been derelict for a decade and its exterior grounds used for fly-tipping. On arrival, the members of the scheme immediately cleared them using a JCB digger. In December 2008, Southwark council obtained a possession order for the property and the site was evicted in early 2009. Spike Surplus Scheme The Spike Surplus Scheme was a community-run "do it yourself" project in a squatted building in Peckham, an area of London, England, in the London Borough

neg: Different Class but when Pulp reformed in 2011 Rough Trade paid for the family members to see Pulp play live. O'Connor said, "Rough Trade very kindly sent us a signed copy of the photo that Jarvis had signed last year, just saying 'Thank you very much Dom and Sharon for letting us crash your wedding', which I thought was a really nice touch actually". "Different Class" received widespread acclaim from music critics in the UK. In the "NME" John Mulvey summarised the record as "funny, phenomenonally nasty, genuinely subversive, and, of course, hugely, flamingly POP!... "Different Class" is a deft, atmospheric, occasionally

neg: Robert Last (trade unionist) maintain a reputation for being more radical than the ASC&J, and established new lodges around the country. By 1876, when he stood down, membership of the union had reached a record of 11,841, although this fell away rapidly after his departure. In his spare time, Last was a keen butterfly collector. Robert Last (trade unionist) Robert Last (11 September 1829 – 1898) was a British trade unionist. Born in Norwich, Last left school at the age of fifteen and completed an apprenticeship as a builder. In 1856, he moved to Manchester, having heard that higher wages were available there. Once

neg: Economy of Israel industries such as software development, engineering services, and biomedical and scientific research and development. Therefore, overall external trade is positive, contributing to a significant current account surplus which as of 2017 stood at 4.7% of GDP. In 2016, Israeli goods exports totaled US $55.8 billion. It imported US $61.9 billion worth of goods in the same year. In 2017 total exports (goods and services) amounted to US $102.3 billion, while imports totaled $96.7 billion. The United States is Israel's largest trading partner, and Israel is the United States' 26th-largest trading partner; two-way trade totaled some $24.5 billion in 2010, up

neg: Economy of Bolivia products. Bolivian imports of goods and services were valued at about US$5.3 billion in 2010. Bolivia enjoyed an estimated $1.6 billion trade surplus in 2010. By sector, Bolivia imported mostly intermediate goods, followed by industrial, capital, and consumer goods. Leading sources of Bolivian imports include Brazil, Argentina, the United States, and Chile. Bolivian exports of goods and services in 2010 stood at around US$7 billion compared with US$1.9 billion in 2003. Increased production of hydrocarbons, especially natural gas, led Bolivia's trade upturn in 2010. A 20-year supply contract with Brazil for natural gas, ending in 2019, the necessary capital to

neg: Olympic Games the Olympic symbols. When Brundage retired the IOC had US$2 million in assets; eight years later the IOC coffers had swelled to US$45 million. This was primarily due to a shift in ideology toward expansion of the Games through corporate sponsorship and the sale of television rights. When Juan Antonio Samaranch was elected IOC president in 1980 his desire was to make the IOC financially independent. The 1984 Summer Olympics became a watershed moment in Olympic history. The Los Angeles-based organising committee, led by Peter Ueberroth, was able to generate a surplus of US$225 million, which was an unprecedented amount

neg: Surplus product growth (or enlarged economic reproduction) occurs. Only when the surplus is traded and/or reinvested does it become possible to increase the scale of production. For most of the history of urban civilisation, excess foodstuffs were the main basis of the surplus product, whether appropriated through trade, tribute, taxation, or some other method. In Marxism, the existence of a "surplus product" normally assumes the ability to perform surplus labour, i.e. extra labour beyond that which is necessary to maintain the direct producers and their family dependents at the existing standard of life. In "Capital", Vol. 1, chapter 9, section 4, Marx

neg: History of Bermuda 1946. In 1941, the United States signed a lend-lease agreement with the United Kingdom, giving the British surplus U.S. Navy destroyers in exchange for 99-year lease rights to establish naval and air bases in certain British territories. Although not included in this trade, Winston Churchill granted the US similar 99-year leases "freely and without consideration" in both Bermuda and Newfoundland. (The commonly held belief that the Bermudian bases were part of the trade is not correct.) The advantage for Britain of granting these base rights was that the neutral US effectively took responsibility for the security of these territories, freeing

neg: Indian commerce with early English colonists and the early United States communities with useful goods that they lacked, and served to reinforce social and territorial boundaries. Thus, goods processed as surplus in one community to another. An example of this is when the Huron's would trade surplus farm produce to the neighboring Algonkians. The earliest trade relations with incoming European trades consisted of the trade of furs and agricultural goods in return for metals and cloth goods focused in the North Eastern Woodlands and Great Lakes area. The development led to the increased specialization of each tribe as the trade in furs for goods became increasingly beneficial for tribes. Consequences of

neg: Indonesia–Thailand relations a trade surplus around US$62.7 million. Although both nations vow to increase trade volumes and open more trade opportunities between ASEAN members through ASEAN Free Trade Area, nevertheless each countries often applied trade regulations to protect each economic interest. For example, Indonesian glass products in the form of glass blocks exported to Thailand are subjected to 30% trading protection duty for three years starting in 2011, in order to protect similar glass product of Thailand. In December 2017, both countries along with Malaysia launched a framework to allow payments of trade between them in respective local currencies. Thailand is a

neg: Trade surplus of trade would accrue to a country following "reciprocal", rather than completely free, trade policies. This was followed within a few years by the infant industry scenario developed by Mill promoting the theory that government had the duty to protect young industries, although only for a time necessary for them to develop full capacity. This became the policy in many countries attempting to industrialise and out-compete English exporters. Milton Friedman later continued this vein of thought, showing that in a few circumstances tariffs might be beneficial to the host country; but never for the world at large. The Great

neg: Presidency of Raúl Alfonsín opposition in the Senate. Economic concerns continued to dominate the national discourse, and sharp fall in global commodity prices in 1986 stymied hopes for lasting financial stability. The nation's record US$4.5 billion trade surplus was cut in half and inflation had declined to 50% in the twelve months to June 1986 (compared to 1,130% to June 1985). Inflation, which had been targeted for 28% in the calendar year, soon began to rise, however, exceeding 80% in 1986. GDP, which had fallen by 5% in 1985, recovered by 7% in 1986, led by a rise in machinery purchases and consumer spending.

neg: Keen Johnson of $10 million by the end of his term. It was the first time the state had had a surplus since the administration of J. C. W. Beckham in 1903. Johnson achieved the surplus without enacting any tax increases. Not all in Johnson's party were happy with his approach to governing; one critic noted, "Old Keen frugaled here and frugaled there till he damn near frugaled us to death." "Louisville Courier-Journal" reporter Howard Henderson wrote several stories exposing corruption in Johnson's administration, including a significant one dealing with laundry contracts. Hubert Meredith, Johnson's politically ambitious attorney general, freely aired his

neg: Energy policy of the United States American entrepreneurship and innovation, congresses and presidents have repeatedly backed policies which promise solutions that are politically expedient, but whose prospects are doubtful, without adequate consideration of the dollar costs, environmental costs, or national security costs of their actions. By 2018, the US is on the verge of achieving energy security or self-sufficiency as the total export of coal, natural gas, crude oil and petroleum products are exceeding imports. The US had a trade surplus in the energy sector by 2018. State-specific energy efficiency incentive programs also play a significant role in the overall energy policy of the United States.

neg: Economy of Spain over a quarter of Spain's workforce unemployed by 2012. In aggregated terms, the Spanish GDP contracted by almost 9% during the 2009-2013 period. The economic situation started improving by 2013-2014. By then the country managed to reverse the record trade deficit which had built up during the boom years attaining a trade surplus in 2013 after three decades of running a trade deficit. The surplus kept strengthening during 2014 and 2015. In 2015 the Spanish GDP grew by 3.2%, a rate not seen since 2007, before the crisis struck; such growth rate was the highest among larger EU economies that

neg: Land reform in Zimbabwe Zimbabwe Democracy and Economic Recovery Act of 2001 (specifically Section 4C titled Multilateral Financing Restriction), which collapsed the trade surplus in 2002. Where there was a trade surplus of $322 million in 2001, in 2002 the credit freeze led to a trade deficit of $18 million, to grow rapidly in subsequent years. Land reform in Zimbabwe Land reform in Zimbabwe officially began in 1980 with the signing of the Lancaster House Agreement, as an effort to more equitably distribute land between black subsistence farmers and white Zimbabweans of European ancestry, who had traditionally enjoyed superior political and economic status. The

neg: Mineral industry of Peru $23.8 billion in 2006 compared with 56.3% ($9.8 billion) of total export revenues of about $17.4 billion in 2005. In 2006, Peru's total trade balance recorded a surplus of about $8.9 billion compared with $5.3 billion in 2005, which increased by almost 68% compared with 6.6% in 2005. Peru's minerals sector had a trade surplus of $16.2 billion compared with $11 billion in 2005. In 2006, mining was the main exporting sector of the country. Price increases for zinc (136.5%), copper (82.6%), and gold (36%) played an essential role in the Peruvian trade balance. Almost 82% of the total minerals

neg: Economy of Greece having exported shipping services worth 17,704.132 million $; only Denmark, Germany and South Korea ranked higher during that year. Similarly counting shipping services provided to Greece by other countries as quasi-imports and the difference between exports and imports as a trade balance, Greece in 2011 ranked in the latter second behind Germany, having imported shipping services worth 7,076.605 million US$ and having run a trade surplus of 10,712.342 million US$. Between 1949 and the 1980s, telephone communications in Greece were a state monopoly by the Hellenic Telecommunications Organization, better known by its acronym, OTE. Despite the liberalization of telephone communications

neg: Trump tariffs the Trump administration. Australian Prime Minister Malcolm Turnbull successfully lobbied President Trump to get an exemption at the 2017 G20 Hamburg summit, arguing that "[w]e do this steel that’s specialty steel. We’re the only one that produces it in the world. You’ve got to let us out. You’ve got a $40 billion trade surplus with us. We’re military allies with you. We’re in every battle with you.” The legal basis cited in Trump's tariff order is Section 232 of the Trade Expansion Act of 1962 which under certain circumstances allows the president to impose tariffs based on the recommendation from

neg: Japanese asset price bubble between the countries. At that time, Japan had a huge trade surplus, as the Japanese yen was weaker against U.S. dollar, while the United States suffered from a consistent trade deficit. The reason behind the accord was partially complaints by the States regarding the imbalance in the exchange rate between the yen and the dollar, since most Japanese products imported in the States had higher quality and cheaper prices than the domestic products due to the weaker yen against the dollar. After reaching a settlement in the Plaza Accord, central banks in participated countries started selling U.S. dollars. In Japan's

neg: 2008–2011 Icelandic financial crisis had to sell €124 million of currency reserves in November 2008 to make up the difference, compared with an estimated trade surplus of €13.9 million. The last currency auction was held on 3 December. The domestic interbank foreign exchange market reopened the following day with three market makers, all of them government-owned. On the first two days of domestic trading, the króna climbed to 153.3 to the euro, up 22% against the last currency auction rate. In January 2009, the exchange rate of Icelandic króna against Euro seemed to be more stabilized compared with the situation in October 2008, with