The trade picture brightens

The trade picture brightens

The chart above shows that, adjusting for changing prices, U.S. merchandise exports have grown faster (26 percent) than imports (20 percent) since the end of 2002. This has been true for capital goods, autos and consumer goods. Looking at 2006, the National Association of Manufacturers (www.nam.org) expects the correction in the dollar value to continue, for exports to outpace imports, and for the trade deficit to begin to moderate in both dollar valuation and as a share of Gross Domestic Product.

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