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Federal Reserve Board of Governors

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Data for exhibits presented with speech given by Chairman Bernanke on October 19, 2009.

Exhibit 1. Global Merchandise Exports

Billions of U.S. dollars
Period Nominal Exports* Real Exports
(in 2000 dollars)**
January 2000 459.89 448.16
February 2000 467.23 459.67
March 2000 468.56 462.56
April 2000 460.13 457.84
May 2000 473.09 476.37
June 2000 481.70 474.11
July 2000 479.19 475.22
August 2000 488.98 488.90
September 2000 479.89 487.13
October 2000 480.38 492.44
November 2000 479.64 493.70
December 2000 484.67 491.38
January 2001 490.11 489.56
February 2001 485.96 493.10
March 2001 473.39 487.25
April 2001 459.45 477.25
May 2001 463.23 482.76
June 2001 449.83 476.95
July 2001 441.59 469.59
August 2001 458.53 478.81
September 2001 442.10 462.83
October 2001 446.69 473.78
November 2001 438.68 470.15
December 2001 431.01 462.51
January 2002 441.40 476.58
February 2002 439.38 476.59
March 2002 443.74 477.78
April 2002 465.75 496.30
May 2002 470.77 494.36
June 2002 476.33 489.76
July 2002 498.96 508.52
August 2002 492.96 504.68
September 2002 495.77 506.48
October 2002 498.10 508.87
November 2002 504.20 509.80
December 2002 501.07 499.95
January 2003 530.90 520.12
February 2003 528.83 510.82
March 2003 526.31 511.24
April 2003 530.85 517.91
May 2003 543.23 514.79
June 2003 545.27 514.53
July 2003 552.77 528.01
August 2003 538.61 518.03
September 2003 565.85 537.41
October 2003 587.08 547.15
November 2003 579.51 536.89
December 2003 623.17 562.19
January 2004 618.15 549.06
February 2004 639.12 568.26
March 2004 643.82 574.01
April 2004 643.25 579.84
May 2004 644.75 577.84
June 2004 665.30 591.75
July 2004 670.23 593.21
August 2004 662.92 585.41
September 2004 677.44 595.34
October 2004 689.11 593.14
November 2004 719.09 603.09
December 2004 732.55 609.29
January 2005 718.94 597.13
February 2005 719.09 596.19
March 2005 737.25 605.90
April 2005 751.59 621.53
May 2005 742.54 622.55
June 2005 739.16 631.11
July 2005 733.38 626.79
August 2005 761.49 639.30
September 2005 768.16 645.01
October 2005 760.96 644.04
November 2005 769.26 657.87
December 2005 792.14 673.27
January 2006 807.03 670.39
February 2006 808.94 675.14
March 2006 831.72 692.29
April 2006 825.12 676.64
May 2006 869.44 695.26
June 2006 866.62 700.50
July 2006 853.25 685.24
August 2006 885.62 704.92
September 2006 883.22 708.91
October 2006 877.86 707.22
November 2006 912.27 725.44
December 2006 926.83 727.19
January 2007 926.79 726.80
February 2007 936.76 728.58
March 2007 933.31 720.13
April 2007 950.17 722.56
May 2007 970.25 735.30
June 2007 968.86 733.52
July 2007 989.44 738.26
August 2007 1,000.59 752.60
September 2007 997.82 735.36
October 2007 1,052.96 758.73
November 2007 1,089.13 767.11
December 2007 1,076.06 762.02
January 2008 1,141.28 785.60
February 2008 1,145.19 774.13
March 2008 1,131.64 747.21
April 2008 1,213.31 784.23
May 2008 1,187.10 768.90
June 2008 1,199.91 761.77
July 2008 1,246.90 784.27
August 2008 1,163.73 755.52
September 2008 1,142.76 761.13
October 2008 1,051.81 749.32
November 2008 920.01 689.40
December 2008 894.61 664.71
January 2009 817.73 615.77
February 2009 793.40 622.00
March 2009 802.54 627.78
April 2009 809.45 627.29
May 2009 810.91 616.60
June 2009 862.57 642.26
July 2009 892.63 667.27

* The nominal data are the sum of the total merchandise exports of 44 economies, including the United States, expressed in U.S. dollars. Return to table

** The real data are calculated by deflating dollar-value nominal exports by export price indexes constructed from local-currency deflators drawn from country sources and dollar exchange rates. Return to table

Source: CEIC, Haver, and staff estimates.


Exhibit 2. Trade Openness and GDP Growth (2008Q4-2009Q1)

Country Growth Relative to Trend* Trade Openness**
Asia
China -7.08 0.64
Hong Kong -17.03 3.44
Indonesia -3.18 0.44
Korea -13.72 0.69
Malaysia -18.92 1.73
Philippines -8.99 0.73
Singapore -20.15 3.36
Taiwan -17.60 1.18
Thailand -18.60 1.10
India -4.28 0.36
Japan -13.69 0.29
Australia -3.71 0.33
New Zealand -3.73 0.44
Non-Asia
Argentina -8.95 0.38
Brazil -13.06 0.21
Chile -10.00 0.68
Colombia -8.28 0.30
Mexico -18.11 0.54
Euro Area -10.21 0.33
France -7.01 0.45
Germany -13.39 0.72
U.K. -9.94 0.38
U.S. -7.55 0.22

* Growth relative to trend is the percentage point difference between the realized rate of growth during 2008Q4 and 2009Q1, measured at an annual rate, and trend growth. Trend growth is the average annualized growth rate during 2006 and 2007 of smoothed gross domestic product (GDP) using the Hodrick-Prescott filter. Return to table

** (Exports+Imports) / GDP in 2007. Return to table

Source: CEIC, Haver, and staff estimates.


Exhibit 3. Financial Openness and GDP Growth (2008Q4-2009Q1)

Country Growth Relative to Trend* Financial Openness**
Asia
China -7.08 1.06
Hong Kong -17.03 23.90
Indonesia -3.18 0.87
Korea -13.72 1.36
Malaysia -18.92 2.35
Philippines -8.99 1.12
Singapore -20.15 9.70
Taiwan -17.60 3.26
Thailand -18.60 1.33
India -4.28 0.81
Japan -13.69 1.96
Australia -3.71 2.64
New Zealand -3.73 2.32
Non-Asia
Argentina -8.95 1.50
Brazil -13.06 0.98
Chile -10.00 1.99
Colombia -8.28 0.77
Mexico -18.11 0.81
Euro Area -10.21 3.42
France -7.01 5.54
Germany -13.39 4.13
U.K. -9.94 9.28
U.S. -7.55 2.75

* Growth relative to trend is the percentage point difference between the realized rate of growth during 2008Q4 and 2009Q1, measured at an annual rate, and trend growth. Trend growth is the average annualized growth rate during 2006 and 2007 of smoothed gross domestic product (GDP) using the Hodrick-Prescott filter. Return to table

** (International Assets+Liabilities) / GDP in 2007. Return to table

Source: CEIC, Haver, and staff estimates. International investment position data are from Haver and the U.S. Bureau of Economic Analysis.


Exhibit 4. Asian Industrial Production and Exports Relative to Pre-Crisis Peak

Ratio
Country Industrial Production Exports*
China 1.07 0.73
India 1.04 0.70
Indonesia 1.00 0.74
Australia 0.96 0.68
Korea 0.94 0.76
Thailand 0.89 0.73
Singapore 0.88 0.69
New Zealand 0.88 0.90
Malaysia 0.87 0.67
Hong Kong 0.85 0.88
Philippines 0.82 0.71
Taiwan 0.81 0.77
Japan 0.71 0.64

* Exports are measured in U.S. dollars. Industrial production and export data are through the second quarter. Return to table

Source: CEIC, Haver, and staff estimates.


Last update: August 2, 2013