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Another trade milestone
- By Vicki Bell
- October 2, 2007
Now that"s a stunning statistic. Not to sidestep this bit of data or downplay the importance of it, but it also is a stunning way to politicize the issue. Neither party, Democrat or Republican, can make any serious claim in holding the line in trade with regard to China:
But that"s just politics, and the political path usually leads to a ridiculous dead end. So let"s get back to the trade numbers.
It is true that since 2001 the dollar value of imports from China has totaled $1,281,171,338,732, and exports totaled $221,346,512,084, for a deficit of $1,059,824,826,648. On the surface, it might seem that because the trade deficit is so high, our imports from China must be growing and our exports to China must be shrinking, and the next logical thought is, We"ll never reverse these two trends; we"re fighting a losing battle; there is nothing we can do.
But let"s look a little closer. In 2001 our goods trade with China was $102,069,326,282 in imports and $17,959,041,258 in exports. In 2006 we imported $287,052,416,194 worth of goods and exported $51,624,064,793. Yes, the growth of imports is extreme (some would say it"s obscene), but look at the dollar value of our exports to China. It grew too. In fact, on a percentage basis, exports to China actually grew faster than our imports from China (181 percent growth in imports versus 187 percent growth in exports).
This is a completely different scenario. Granted, our export level lags our import level in a huge way, but the trend since 2001 actually has been in our favor. What can we, U.S. consumers, do to keep it going in our favor? For starters, look for Made in the USA on the label of products you buy. It seems like consumer products manufactured domestically are endangered species, but you know of plenty of them and so do I:
We won't get to trade parity with China any time soon, and we may never get there, but each of us can do our part by buying American. Just do some research ahead of time or look for the Made in the USA label when you are shopping.
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
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Vicki Bell
2135 Point Blvd
Elgin, IL 60123
815-227-8209
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