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Growth In Emerging Markets Will Boost US Exports

2011/2/12 9:25:00 57

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The US Department of Commerce (Commerce Department) announced the US in December 2010.

Trade

The deficit reached a new high in 4 months, and the trade deficit for the whole year increased by nearly 33% over the same period last year.

Economics

Scientists believe that in the short term, the United States is hard to rely on.

Exit

Business will boost gross national product (GDP), while continued growth in emerging markets will help the us pull exports.

After the publication of the trade deficit report, economists at the Roubini Global Economics said that the consumption capacity of the United States has been greatly weakened because of the need for family debt reduction to further restrict the American consumers. Ruby,

In the short term, the United States can not use exports to promote GDP growth, but in the medium term, with the growth of revenue and consumption in emerging markets, US companies may increase their exports to these markets, which will stimulate the declining consumption level in the United States in the coming years.

The deterioration of the US trade deficit can be traced back to the end of the 1990s. Because the United States changed its strategy to import manufactured goods instead of domestic goods, the trade deficit of the United States increased rapidly.

2010 the total trade deficit reached 497 billion 800 million US dollars, an increase of 32.8% over the 374 billion 900 million US dollar in 2009.

Joseph Carson, an economist at AllianceBernstein, said that relying on imported manufactured goods weakened the competitiveness of the United States, which led to the closure of some production businesses, and that the scale of production would not be large enough to reduce trade profits and expand export scale.

He believes that the advantages of rebuilding labor-intensive industries are not feasible. The United States must concentrate its efforts on promoting high value-added and capital intensive industries to boost exports.

According to the US Department of Commerce report, the total volume of goods exported to China in December 2010 reached a record $10 billion 100 million, and the total export volume to China for the whole year was US $91 billion 900 million, a record.

However, at the same time, the US import volume in China reached a record $364 billion 900 million in 2010, which led to the US trade deficit with China reaching US $273 billion 100 million, and the latter set a record.