Our biggest export is manufacturing jobs and our biggest import is debt.
Following the action of the FED, Mr. Snow (Treasury Sec) needs to come out and give us an update on his plan for the "strong" dollar. I imagine he will be speaking soon and addressing why his plan is NOT WORKING and why the dollar is going into the toliet.
In 2006 U.S. exports grew by 12.7 percent over 2005 to $1.4 trillion. Exports comprised 11.1 percent of U.S. GDP in 2006, the highest ever in dollar terms. (That's a big impact on the economy). July (most recent month for which we have data) exports of goods and services ($137.7 billion) and July exports of goods ($98.4 billion) were records. That 98.4 billion one month record export of goods included: Foods, feeds, and beverages 6.870 billion Industrial supplies and materials 26.374 billion Capital goods, except automotive 38.561 billion Automotive vehicles, parts, and engines 11.343 billion Consumer goods 12.360 billion other 4.1 billion
The U.S. is the #2 exporter in the world, behind Germany by a little bit, but way ahead of China and Japan. Subtract Germany and the U.S. exports more than the rest of the E.U. put together.
In 2006, amid record imports of manufactured products: • Real U.S. manufacturing output reached an all-time high. • Real manufacturing revenues reached an all-time high. • Real manufacturing operating profits reached an all-time high. • After-tax profit rates for manufacturing corporations reached an all-time high. • Return on equity for manufacturing corporations reached an all-time high. • The value of U.S. manufacturing exports reached an all-time high. • U.S. factories remained the world’s most prolific, accounting for over a fifth of world manufacturing value added.
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