Original Press Release
Surge In Manufactured Goods Exports Improves U.S.Trade Balance
Press release date: May 9, 2008
"Blistering Pace of Exports is Strongest Part of U.S. Economy," Says Vargo
WASHINGTON, D.C. May 9, 2008 - The continuing surge in exports of manufactured goods contributed strongly to the improvement in the U.S. trade balance in March, according to the National Association of Manufacturers.
"Manufactured goods exports continued to rise at a blistering pace, up 11 percent so far this year compared to the same part of last year," said NAM Vice President for Interational Economic Affairs Frank Vargo. "In contrast, manufactured goods imports were up just 3 percent.
"As a result of the stellar performance of U.S manufactured goods exports and the slowdown in imports, the U.S. trade deficit in manufactured goods is 13 percent smaller than a year ago," Vargo said. "The U.S. manufactured goods trade deficit was $104 billion for the first three months of 2008, compared to $119 billion for the same part of 2007.
"Exports are the strongest part of the U.S. economy," said Vargo, "and over the last four quarters they accounted for close to half of all U.S. economic growth. That is why we have to do everything we can to keep those exports growing - including implementing the remaining trade agreements with Colombia, Korea, and Panama that will further open markets to American-made good and services.
"Fully 55 percent of the trade deficit in goods and services is now in petroleum," said Vargo. "This underscores the need to move quickly on a comprehensive domestic energy policy."
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 award-winning web site at www.nam.org for more information about manufacturing and the economy.
CONTACT: HANK COX (202) 637-3090