Rising American exports reduce US trade imbalance

THE US Bureau of Economic Analysis has reported the country's exports of goods and services in November 2010 increased 0.8 per cent from October to US$159.6 billion, the highest level for monthly exports since August 2008, when it reached $162.9 billion.

US imports of goods and services increased 0.6 per cent over this period to $198 billion, decreasing the trade deficit 0.3 per cent since October to $38.3 billion in November.

The improvement in the trade balance was due to a record monthly surplus in trade in services of $12.9 billion.

"We have now seen a full year of private sector job growth, as well as GDP gains in each of the last five quarters," US Commerce Secretary Gary Locke said.

"In fact, the data shows that through November, US exports of goods and services in 2010 surged almost 17 per cent from their level in 2009, an increase of $239 billion," he said.

In the coming days, Mr Locke will meet China's President Hu Jintao during his state visit to Washington.

In February, he will lead a high-tech business development trade mission to India to advance President Barack Obama's trade agenda.

"In the years ahead, there are going to be hundreds of millions of people in India, in China and around the world moving into the middle class, and that represents an enormous opportunity for US businesses," Mr Locke said.
(Source:www.schednet.com)