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Manufactured Goods Deficit Improved 16% in January YoY |
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Written by Chelsey Drysdale
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Tuesday, 11 March 2008 |
WASHINGTON – The manufactured goods trade deficit dropped by $7 billion year-over-year in January, the Commerce Department reported today.
The January manufactured goods deficit was $37 billion, up 15.9% year-over-year, with exports rising 11% and imports growing only 1%.
The report was hailed as validation that “export-led growth and free trade are continuing to hold the economy above water,” said Frank Vargo, National Association of Manufacturers’ vice president for international economic affairs.
“While the overall U.S. trade deficit in January was $4 billion larger than the same period last year, this was due to the continued growth in the petroleum trade deficit,” Vargo said.
“The export gain continues a trend that is due to – among other things – the competitive value of the dollar,” said Vargo. “The slow import growth can also be attributed to the value of the dollar, though the slowing U.S. economy has cooled demand for consumer and other goods."
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