The trade numbers are out and the trade deficit dipped a bit in November. For the 13th consecutive month, the growth of exports outpaced the growth of imports — at almost double the rate, in fact. Remember that agriculture exports almost $12 billion annually while manufacturers export about that much monthly. Trade deficits with NAFTA countries and the EU declined while exports to China increased by a whopping 31%. We still have far to go (and a little currency matter to take care of) but it’s moving in the right direction.
Here’s a link to our press release from yesterday and here’s a link to a Department of Commerce fact sheet on the topic noting, among other facts, that 42% of exports were to countries with which we have free trade agreements (FTA’s). We keep reminding folks that FTA’s open markets to US-manufactured goods. We need more of them.
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