U.S. Exports Soar (and It’s Not All Soybeans)

[Pirate Smile]

Source: The New York Times

American exports of goods rose 21 percent in 2010 to $1.28 trillion, as the world trading system shook off the effects of the financial crisis, according to figures released on Friday.

It was the sharpest rise in American exports since 1988, and it enabled the United States to pass Germany and again become the world’s second-largest exporter, behind China. The margin between the United States and Germany was only $16 million, a difference of just 1.2 percent, and could vanish in coming months as preliminary figures are revised.

But assuming the difference holds, it was the first time since 2002 that United States exports exceeded those of Germany when both were measured in dollars. A major reason for that was the weakness of the euro during the year as Europe was forced to bail out first Greece and then Ireland. Germany’s exports rose 18 percent when measured in euros, but just 13 percent in dollars.

-snip-
The increase in American exports came as manufacturing employment in the United States rose by 0.9 percent in 2010, the first annual increase since 1997. But the level of exports remained slightly below the amount recorded in 2008, before the financial crisis took hold.



Read more: http://www.nytimes.com/2011/02/12/business/economy/12charts.html?_r=1&partner=rss&emc=rss

[SkyDaddy7]

1. WOW! Obama's Communist Policies sure are killing America!!

:sarcasm:

[rgbecker]

2. But deficits are at record high.

From Portfolio.com

"Falling Into Trade Gap
The U.S. trade deficit widened in December to its highest level in four months, and for 2010, the gap between exports and imports grew nearly 33 percent as Chinese imports soared to record levels.

The monthly trade deficit for December rose nearly 6 percent to $40.6 billion, a little bit higher than Wall Street analysts had estimated, according to U.S. Commerce Department figures released Friday. In November, the U.S. had managed to narrow the trade deficit, with its best showing in nine months, but the final month of the year was not as strong.

On the bright side, the overall import of goods and services was the highest it has been since October 2008, a sign that consumers and businesses are opening their wallets as the U.S. economic outlook gets brighter.

Another positive: Exports of U.S. goods and services were also up to levels not seen since July 2008, the month that they hit their peak before the global financial crisis sent everything crashing down. The U.S. sent 10.1 billion in exports to China, where total annual exports hit a record $91.9 billion.

But many are watching the trade gap between the U.S. and China, the fast-rising economic powerhouse, and on that front, the numbers weren’t great. U.S. imports from China totaled $364.9 billion for 2010, which pushed the U.S. trade gap with that country to a record high of $273.1 billion."






That is to say....From China = 364.9 billion
To China = 91.9 Billion.



I hear the sucking sound now, Ross.

[pam4water]

10. Yeah it is not an improvement when exports rise if imports are rising faster :(

[silverweb]

3. Wonderful news.

We really have turned around and are picking up a little speed.

[MrTriumph]

4. More spin. The figure is actually pathetic. Here is why:

Any country (think China) can push exports by keeping their currency artificially low (oh, yeah, think QE2). But the result is high gas prices.

One other point: This weak dollar policy began by Pres. Bush and continued by Pres. Obama (no surprise there) is in its 3rd year. The rise in exports is very small given 3 years of the negative consequences of a weak dollar.

And please note the rise in exports that the White House will hype has had absolutely no impact on high unemployment.

[Populist_Prole]

6. I agree

The imports are still higher yet, so the overall deficit is still higher. We can't lose out on every deal and expect to make up for it in volume.

All the "exports are at an all time high" ballyhoo usually seem to be used to soften us up for more free trade agreements.

[ixion]

7. exactly...

and nor is it indicative of productivity, nor the end of the financial crisis.

[earcandle]

5. Yuk we are exporting poisons

 Exports of processed food, beverages and cigarettes, which
are included in the manufacturing industry, were up 17 percent
to $56.2 billion. 

[EV_Ares]

8. Now, with all this, will the corporations see anything in hiring or will they continue

to sit on their money & only buy back their stock instead of what needs to be done.

[stockholmer]

9. did the NYT reporter take even basic macro-economics in his life?

"But assuming the difference holds, it was the first time since 2002 that United States exports exceeded those of Germany when both were measured in dollars.

A major reason for that was the weakness of the euro during the year as Europe was forced to bail out first Greece and then Ireland. Germany’s exports rose 18 percent when measured in euros, but just 13 percent in dollars."


The last sentence is one of the worst I have ever read in the Times.

A weakened Euro aids exports, as other countries can afford to buy more goods, this the reason for the global "race-to-the-bottom" currencies wars.

[PSPS]

11. Pure propaganda. We're still having record trade deficits.

[conspirator]

12. Where are the FUCKING JOBS? nt