[20190821]IN11157_全球贸易失衡：概述和问题.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Global Trade Imbalances: Overview and Issues James K. Jackson Specialist in International Trade and Finance August 21, 2019 On July 17, 2019, the International Monetary Fund (IMF) published its annual report on global trade that identifies countries with “excessive” current account balancesboth surpluses and deficitsand exchange rates that are “misaligned.” The current account is a broad measure of a countrys global economic engagement and is comprised of trade in goods, services, and official flows. By definition, surpluses or deficits in one country are offset by deficits or surpluses in other countries such that the global current account balance nets to zero (including statistical discrepancy), as indicated in Figure 1. The IMF report indicates that 35% to 45% of countries had balances that were “excessive,” and that balances of about 3.0% of world gross domestic product (GDP)both surpluses and deficitsremained relatively constant in 2018. Advanced economies, particularly the United States and the United Kingdom, account for the largest share of negative balances, or deficits, while Chinas positive cu