National Association of Manufacturers 'Economic Report'
from National Association of Manufacturers
The U.S. trade deficit plummeted from $48.6 billion in November to $38.5 billion in December — the smallest deficit in three years. A better trade balance in petroleum helps to explain part of this gain, but in general, it is due to a significant increase in goods exports corresponding with a decrease in goods imports. For the year, manufactured goods exports rose 4.9 percent using data that were not seasonally adjusted. This indicates that firms increased sales overseas last year, which is quite an accomplishment given the slower growth experienced in many of our major trading partners. At the same time, the pace of export sales growth is below what would be required for the United States to double exports by 2015. Recent improvements in many of these markets will hopefully provide increased opportunities for exports in 2013.
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