U.S. Trade Deficit Improving
As this post from ShopFloor.org explains, the weakened U.S. dollar is making U.S. products more affordable for overseas buyers:
June was the 8th consecutive month in which our exports of manufactured goods grew faster than US imports of manufactured goods. This is very encouraging for US manufacturers. Our exports we up 13%, while imports were up only 9%.
According to the US Department of Commerce, US exports to China alone increased almost 20% from 2004 to 2005. Though May of 2006, they have increased 37%.
Unfortunately when most people talk about trade with China they focus only on the increased level of imports and trade deficit. Yet China is set to overtake Japan this year as America’s third largest export market, behind only Canada and Mexico. While the deficit is still a problem, U.S. exports to China have been booming – more than doubling over the past 5 years from $19.2 billion in 2001 to $41.8 billion in 2005. Imports are still rising faster than exports, but the growth in exports is a positive sign.
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March 2008 Trade Figures: U.S. deficit plunges » Third Party Logistics News - 3PLwire on Wed, 14th May 2008 5:24 pm
[...] market thanks to an 18.1% increase in export value (compared to 11.1% increase in import value). And as I mentioned almost 2 years ago, U.S. exports to China more than doubled over the five year period from [...]