Manufacturing Benefits As U.S. Trade Deficit Declines

ByJohn S. McClenahen U.S. imports of goods and services totaling $143.091 billion in May exceeded exports of $97.138 billion by $45.954 billion, the U.S. Commerce Department reported July 13. However, May's deficit was $2.143 billion below April's revised deficit of $48.097 billion. Between April and May, U.S. exports advanced $2.705 billion while imports edged up only $561 million. Commerce's report "is music to the ears of manufacturers," says Jerry J. Jasinowski, president of the Washington, D.C.-based National Association of Manufacturers. "It clearly shows that the export recovery is gaining significant momentum. With services exports showing no change for the month, the entire May increase in exports was mostly in manufactured products -- two-thirds in capital goods and the remaining third in industrial supplies and materials."