NAM Economist sees opportunity in improving trade data.
Press Release Summary:
Department of Commerce report shows U.S. trade deficit declined to $30.7 billion as exports rose to $128 billion in August. According to NAM Chief Economist, David Huether, export growth will be important for economic performance. OECD's Composite leading indicator improved in August for 6th consecutive month, signaling economic recoveries for most major trading partners. Huether stressed opportunities for U.S. exports and that Congress should approve FTAs with Panama, Colombia, and South Korea.
Original Press Release:
NAM Economist Sees Opportunity in Improving Trade Data
U.S. Must Become More Export Intensive
WASHINGTON, D.C., October 9, 2009 - The National Association of Manufacturers (NAM) Chief Economist David Huether issued the following statement in response to the Department of Commerce's report today that the U.S. trade deficit declined by more than $1 billion in August to $30.7 billion as exports edged up $0.2 billion to $128 billion and imports fell $0.9 billion to $159.8 billion:
As the U.S. domestic economy continues to struggle to recover from the deepest recession in the post-World War II era, we are seeing more signs of improvement. Today's report brings welcome news of a recovery in exports. U.S. manufacturers have become more globally engaged over the past several decades, and this positive trend continues. Clearly, export growth will be an increasingly important ingredient in our economic performance.
Also, today's news from the Organization for Economic Cooperation and Development (OECD) that its composite leading indicator improved again in August for the sixth consecutive month clearly signals that economic recoveries have begun for most of our major trading partners. That means more opportunities for U.S. exports.
The emerging export recovery should remind everyone in Washington how dependent we are on foreign trade. Reducing barriers to trade means more good paying jobs in and out of manufacturing. Congress should approve the free trade agreements (FTAs) with Panama, Colombia and South Korea. We have a trade surplus in manufactured goods with our FTA partners, and these agreements will mean more exports - and jobs - for our country.
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 10 additional offices across the country. Visit www.nam.org for more information about manufacturing and the economy.
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