Writing at The ChamberPost, John Murphy notes:
Exports generated an impressive two-thirds of U.S. economic growth over the past year (67% in Q3 2007 – Q2 2008), according to data released by the U.S. Department of Commerce on July 31. … If it weren’t for the fact that the United States today imports two-thirds of its petroleum, the overall trade deficit would look quite different: Since 2002, rising imports of petroleum products have accounted for 93% of the increase in the U.S. trade deficit.For 2008, the United States is on track to retain its title as the world’s largest exporter, with exports of goods and services approaching $2 trillion:
- Exports of manufactured goods and other merchandise are expected to reach $1.4 trillion in 2008, an increase of 18% over the previous year.
- Services exports for 2008 are on track to surpass $550 billion, with the U.S. trade surplus in services reaching $125 billion.
- Agricultural exports are projected by the U.S. Department of Agriculture to break records and pass the $100 billion mark for the first time in 2008.
The only problem is that most of this growth creates few US based jobs. It is hard to get excited about growth that only benefits CEOs and the top 1%.
What in it for the rest of us? Cheaper underware from Walmart? Woohoo!