The balance of trade between the U.S. imports of $2,294 billion and its exports of $1,593 billion is known as the trade deficit. The amount of the trade deficit is $701 billion.
Data and Calculations:
Total imports in 2013 = $2,294 billion
Total exports in 2013 = $1,593 billion
Trade deficit = $701 billion ($2,294 - $1,593)
Thus, the trade deficit arises when the U.S. imports goods of higher dollar value than its exports to other nations in 2013.
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