Trade Decline Acceleration signals need for economic action.
Press Release Summary:
National Association of Manufacturers (NAM) said that the accelerating decline of trade in manufactured goods, reflected in January 2009 trade data released by the US Department of Commerce, underscores the need for coordinated economic stimulation among trading partners. According to Frank Vargo, NAM Vice President for International Economic Affairs, manufactured goods export and import rates fell 20% from January 2008.
Original Press Release:
Manufactured Goods Trade Decline Accelerates
Figures Underscore Urgency Of Coordinated Economic Action, Says Vargo
WASHINGTON, March 13, 2009 - The National Association of Manufacturers (NAM) said that the accelerating decline of trade in manufactured goods reflected in the January 2009 trade data released today by the U.S. Department of Commerce underscores the need for "coordinated economic stimulation" among trading partners.
"Both exports and imports of manufactured goods fell a stunning 20 percent from January 2008," said NAM Vice President for International Economic Affairs Frank Vargo. "The rate of decline was double the 10 percent fall in December 2008.
"Because imports are larger than exports, the overall 20 percent decline in both led to a reduction of the U.S. trade deficit," he noted. "The January 2009 manufactured goods deficit of $30 billion was $7 billion smaller than a year ago.
"The rapidity of the decline in manufactured goods trade is unprecedented," Vargo said. "This report adds urgency to the need for countries to take coordinated economic stimulation action, to provide more trade financing, and to act decisively against trade protectionist measures."
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's web site at www.nam.org for more information about manufacturing and the economy.
