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E-shots Web-exclusive: U.S. exports continue rising

The “Outlook 2008” article in IMM's December 2007 issue showed that total U.S. exports at the end of August 2007 were running 11.5% ahead of the year earlier, with the manufactured goods portion of that up 10.9%. Since the dollar amount of imports remains much larger than exports, the U.S. trade deficit was a daunting $520 billion as of Oct. 31.

IMM reported that growing exports were a positive sign likely to continue through 2008. And the trend continued through the end of October, say the statistics from the U.S. Dept. of Commerce and the U.S. Census Bureau. Total exports at that point were $958.3 billion, 11.9% ahead of 2006. Manufactured goods exports were up to $721.4 billion, 11.1% ahead of a year earlier.

Total imports as of Oct. 31 were $1.62 trillion, 4.5% ahead of 2006, with imports of manufactured goods up 4.9% to $1.23 billion. The resulting trade deficit at October's end stood at $662 billion. Though it is still reason for concern to many economists and others, the deficit would be far larger were exports not on the rise.

Regionally, exports to Europe for the first 10 months of 2007 grew 17.6% over the same period in 2006, surely aided by the continued weakness of the U.S. dollar against the euro. The NAFTA region remains the largest buyer of U.S. exports with $321 billion through the end of October, though the growth rate there is only 5.2%. Exports to Pacific Rim countries rose by 9.5% in the same period.

TAGS: Business
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