In fact, North America has had merchandise trade deficits for 350 of the last 400 years.
Indeed, apart from Africa and Western Europe, all regions experienced double-digit growth in merchandise trade last year.
Yet, the merchandise trade account has gone from a minor deficit to a massive 3% of GDP.
Since that report, however, measurement errors in merchandise trade have jumped and now match those in services (see right-hand chart).
The rapid growth in these exports has been supported by increased FDI from India to the United States and the growing merchandise trade relationship between the two countries.
WHITEHOUSE: Background on United States- India Economic Relationship
The forging of global supply chains in the past 20 years, the rise in merchandise trade and the emergence of China as the workshop of the world created growing demand.
Pressure to free merchandise trade is seen as benefiting Australia and New Zealand, which run big trade surpluses with the rest of the region, rather than the small island states that trade little with each other.
The result of these policies is that China has persistently run large merchandise-trade surpluses against the United States.
He found that a Canadian province in 1996 was 12 times more likely to trade merchandise and 40 times more likely to trade services with another Canadian province than with an American state of similar size and distance.
On the trade front, after the Asian crisis ASEAN redoubled efforts not just to create free trade in merchandise goods but, by 2015, an ASEAN Economic Community in which goods, skilled workers and capital are supposed to move freely about.
ECONOMIST: Regional economic integration has a long, long way to go
Even if we can say without a doubt Needle should apply to collegiate sports, the question here is whether granting a fewer number licenses to select manufacturers for a certain subset of merchandise amounts to an unreasonable restraint on trade.
FORBES: Does American Needle Case Apply To Collegiate Licensing?
Resale certificates also get you into trade shows, where you can scope out and buy new merchandise for your store.
Business executives say trade shows are a cheap and efficient way to spot trends, learn about merchandise and match buyers with sellers.
Brennan Appel of SouthSmoke.com, a hookah-merchandise supplier, reckons that there are now several thousand bars and lounges (nobody in the hookah trade is that great on specific numbers).
Trade publication The Licensing Letter today released its second annual list of the best-selling licensed entertainment character merchandise, based on 2011 retail sales in North America.
FORBES: Disney Princess Tops List Of The 20 Best-Selling Entertainment Products
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