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``Consumers have cut back significantly in just about every area but necessities, and we're seeing clear evidence of this'' in imports, said Russell Price, senior economist at H&R Block Financial Advisors in Detroit. ``Weakness in our economy also seems to be affecting growth in other areas of the globe, thus slowing demand for our exports as well.''
"Total exports fell 1.7 percent to $148.5 billion, driven by a decline in sales of commercial aircraft, autos and petroleum products. Even with the drop, the first since February 2007, exports were still the second-highest on record."
I'm unsure of the long term growth of exports. It's seems to me that export will eventually fall off even if the dollar stays low. But I must admit that I'm not expert on this subject.
Yeah, this is the big question - whether other economies are going to slow significantly or not. If they don't then I think then we may come out alright, if they do, well we may be in for a really bad recession.
Regardless, its interesting to see the the imbalances in the US economy start to correct themselves via open markets.
The growth is occurring in the export of raw materials (fertilizer, corn, coal, petroleum products, scrap metal, lumber) and heavy machinery for construction and farming. It's probably good for middle America but it should keep costs rising here.
It's exporting of "finished" goods that will help us more but that doesn't seem to be happening.
This isn't true. Finished goos are being exported, in fact most of the exports are of this nature. Also, agriculture nowadays is a very high tech industry and I would consider this "finished goods". Some food prices will go up for awhile when exports start to increase, but the prices will stabilize once supply starts to catch up with demand. This country has tons of land for agricultural use so there really isn't a supply problem, rather it just takes a bit for people to get back out there and start farming.
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unsure
