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Free Trade Fact of the Day

Posted By Conn Carroll On August 8, 2008 @ 10:44 am In International | Comments Disabled

Writing at The ChamberPost [1], 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.

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URL to article: http://blog.heritage.org/2008/08/08/free-trade-fact-of-the-day-106/

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[1] The ChamberPost: http://www.chamberpost.com/2008/08/trade-generatin.html

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