MANUFACTURED GOODS EXPORTS UP
September 22, 2008 Shipping Digest Online

U.S. exports of manufactured goods in July were up 22 percent over July 2007, bringing the total for the first seven months of the year to $669 billion, a 16 percent increase over the same period last year, according to Frank Vargo, vice president for international economic affairs at the National Association of Manufacturers.

Manufactured imports rose 8 percent in July and are up 7 percent for the year. The $933 billion import tab resulted in a $264 billion deficit, 15 percent lower than in the first seven months of 2007.

The surplus with U.S. partners in the North American Free Trade Agreement and other free-trade partners totaled $8.1 billion in the first seven months of the year, for an annual rate of $14 billion, Vargo said.

“Many people have been led to believe we have a terrible trade position with our FTA partners and are unaware that our manufactured goods trade with them is in surplus,” Vargo said. “And that’s a shame, because if they knew, they would join the NAM in asking Congress to pass the remaining FTAs so we could have our exports increase even more. The lesson is clear – free-trade agreements are the solution, not the problem.”