NAM Releases Statement on Tech Exports and Industry Trade Deficit

Vice President for International Economic Affairs for the National Association of Manufactures, Frank Vargo, commented that "our manufacturers goods trade deficit also rose to an all-time high of $44 billion, up 11% from $39.5 billion in January 2005" upon the release of the overall trade deficit numbers by the U.S. Commerce Department.

According to the report from the Commerce Department, the overall $68.5 U.S. trade deficit in January rose to an all-time high.

"Exports of manufactured goods were up 13% over January 2005," according to Vargo. "But since imports start from a much larger base, we need more sharply export growth rates to stabilize or reduce the deficit."

"Exports of all other manufactured good were up 10%," Vargo said. "But the 11% growth in corresponding imports drove the imbalance nearly $5 billion higher."