U.S. Exports At Record High, Show Strong Growth
Submitted by CARPE DIEM
WSJ/WASHINGTON — The U.S. trade deficit widened in January as the price for oil set a new record, but the shortfall was smaller than expected, with exports making their largest climb in six months. U.S. exports in January climbed 1.6% to $148.23 billion from $145.86 billion, spurred by a weak dollar and solid growth of major trading partners. Imports also increased, despite the U.S. economy’s sharp slowdown. Purchases of foreign goods and services rose by 1.3% to $206.43 billion from $203.72 billion.
The graph above (click to enlarge) shows monthly U.S. exports of goods, on a year-to-year percentage change basis, from 1993-2008. The 16% growth in U.S. exports of goods from January 2007-Janauary 2008 was the highest increase in 15 months (since October 2006), and followed a general trend over the last year of increasing exports.
Notice also the significant decline in the exports during the 2001 recession - much different than today’s robust and healthy export sector.
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