http://www.bea.gov/newsreleases/international/trade/tradnewsrelease.htm
The Department of Commerce released the trade deficit report for the month of October. I was surprised that it took over a month to compile the report until I started reading. There were many other factors and statistics in the report that I didn't expect. The trade deficit in October was 43.4 billion dollars. That is two billion dollars down from September but an increase of 20.5 billion from that time last year. At first this number seemed huge but as I read on, I realized that the percentages make a difference. The exports increased 3% or 57.8 billion from last year which is good. This report ties directly to the Gross Domestic Product of the U.S. It is part of the formula and like most other countries; the imports are higher than the exports. I realized how the trade deficit affects GDP and why it is important to calculate. After reading the report, I was concerned that the U.S. is vulnerable to issues if something were to happen to the imports. We seem to be heavily reliant on imports which was a topic of concern. The report eased the concern and what we learned in class made me realize that all countries are reliant on imports more than exports.
I'm happy to see that the US's exports are increasing. Although the growth is slow, it is nice to see that this country is taking more initiative to give rather than get. Self-dependence is important and becoming more vital as the world progresses.
ReplyDeleteOur exports have been increasing, which is a good thing, but I'd like to see our imports start to decrease a little. We're always going to be reliant on other countries for imports, but I think we need to be a little less reliant. If that were to happen, it would raise our export numbers and I also believe that it would help out with our huge national debt. If we're exporting more to other countries, and importing less, we will definitely be making more money that could possibly help us pay off the debt a little.
ReplyDeleteI am glad to see US's exports going up no matter how slow the growth is. We should produce for exports to become less reliant on imports and improve the economy with more jobs in manufacturing.
ReplyDeleteGreat point about the self-dependence Connor. It is time for America to become economically strong and independent in a variety fields. We need to stop relying on other countries to stimulate our needs.
ReplyDeleteI'm glad to see that our exports are increasing, we have all the necessary tools and resources to be self-dependent it is just easier to rely on another country. Also like Tyler said it would be nice to see our imports to start to decrease a little
ReplyDeleteLike Kevin said, producing more here would be a great improvement to our economy and would help our unemployment situation as well in supplying more jobs.
ReplyDeleteWith US exports increasing it shows that we are making a comeback from the 2008 Recession.
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