Original Press Release
NAM Sees Good News In Commerce Trade Report
Press release date: June 10, 2008
"Nearly 60 Percent of Total Deficit is Petroleum," Says Vargo
WASHINGTON, D.C., June 10, 2008 -- The National Association of Manufacturers said the trade data released today by the U.S. Department of Commerce confirm continued improvement in manufactured goods trade.
"For the first four months of this year, U.S. exports of manufactured goods continued double-digit growth, up over 12 percent from the year-ago period," said NAM Vice President for International Economic Affairs Frank Vargo. "Manufactured goods imports were up only 4 percent, a significant slowdown.
"As a result, the manufactured goods trade balance continued to improve, and is 11 percent smaller than it was in the first four months of 2007," Vargo stated. "U.S. exports of capital goods, America's strong export pillar, performed particularly well, up 15 percent from the comparable period of 2007.
"Oil imports continue to burden our trade picture," Vargo said. "Petroleum accounted for nearly 60 percent of the entire deficit in goods and services in April - the fifth consecutive month that the petroleum deficit was the majority of the overall trade deficit.
"The rising petroleum deficit underscores the need for more domestic production of oil and natural gas in the United States, and we urge Congress to examine the NAM's energy proposals closely," he concluded.
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.