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.