Exports, a Saving Grace

By August 13, 2008Energy, Trade

From The Washington Times:

Exports increased at their fastest pace in more than four years in June, helping to sharply narrow the U.S. trade deficit despite a record rise in America’s payments for imported oil.

AP report tells the same story, based on the U.S. Commerce figures released yesterday, which show a 17.4 percent increase in exports over the previous year.  Secretary Gutierrez’s statement.

And the NAM’s Frank Vargo calls the increase “phenomenal.” From the NAM statement:

“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.”

Just think what expanded domestic oil production would mean for those trade figures.

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