March US exports up 1.5 percent
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Manufacturing News, Source : TheManufacturer.com
Published : 11 May 2005 17:16
Reversing a disturbing trend, US exports rose 1.5 percent, or $102.2 billion, in March bringing the trade deficit to its lowest level in six months.
According to a report by the US Commerce Department, the trade gap closed by 9.2 percent in March to $54.99 billion, down from the more uncomfortable $60.57 billion recorded in February. This increase in US exports is attributed to increased foreign demand for products such as commercial aircraft, telecomm equipment, and farm products, among others.
However, the news is still not all that good as the deficit for the first three months of the year is running at and annual rate of $696 billion, 12.8 percent higher than the $617 billion record-setting figure posted for all of 2004. Though, imports in March dropped by 2.5 percent to $157.19 billion after hitting a record high in February. Of note fewer foreign car imports and textile goods from China, which declined by 21.2 percent, have been attributed to this decline. The US/China trade deficit, the largest the US has with any other nation, declined 7 percent, or $7.83 billion in March.
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