NAM calls surge in exports phenomenal.
Press Release Summary:
According to Commerce Department's trade numbers, U.S. exports of manufactured goods are accelerating their growth pace and are among strongest parts of trade picture. June manufactured goods exports were 17.4% higher than 1 year ago and are growing at more than twice as fast as imports of manufactured goods. June's manufactured goods trade deficit was 9% lower than it was 1 year ago.
Original Press Release:
NAM Calls Surge In Exports "Phenomenal"
"A Phenomenal 17.4 Percent Higher Than a Year Ago," Says Vargo
Washington, D.C., August 12, 2008 - The National Association of Manufacturers (NAM) said the Commerce Department's trade numbers released today show that U.S. exports of manufactured goods are accelerating their torrid growth pace and are among the strongest parts of the trade picture.
"June manufactured goods exports were a phenomenal 17.4 percent higher than a year ago," said NAM Vice President for International Economic Affairs Frank Vargo. "This is an acceleration from the already rapid 15 percent average growth pace of the earlier months of this year.
"Manufactured goods exports are growing more than twice as fast as imports of manufactured goods, and as a result the manufactured goods trade deficit is falling," Vargo said. "June's manufactured goods trade deficit in fact was 9 percent lower than it was a year ago.
"Chemicals, industrial machinery, and primary metal products are among the real export stand-outs so far this year," said Vargo. "The public isn't aware of how much we export because these aren't the types of goods they see in stores, but the fact is America is the world's largest producer of manufactured goods and one of the world's largest exporters of manufactured goods.
"The performance of manufactured goods trade is so strong that it is a major offset to the rising deficit in petroleum," said Vargo. "The U.S. appetite for imported petroleum remains huge and the deficit in petroleum now accounts for nearly two-thirds of the entire U.S. deficit in goods and services - underscoring the need for further development of domestic energy resources."
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.
