I can recall the economists, bureaucrats and investors rejoicing loudly and proudly when the Commerce Department announced that U.S. exports were rising overall, as much as $28.8 billion higher than the year before. But what the department made less noise about and even failed to mention in many instances, was the rising tide of imports, which were up as much or more, around $26.4 billion between the year 2007 and 2008.
I also read an article explaining that the nation’s seaports, airports, railways and highways were still faced with moving an additional $40 billion worth of stuff in and out across our borders, on top of the $330 billion worth of stuff that’s already going in and out each month. These figures omit the increases in the import cost that comes from rising oil prices, which is a huge factor.
But imports of consumer and industrial goods continue to dominate over exports in our trade balance. This is what is called a “trade deficit”. We make and export far less than we import and consume and this has had a huge impact on our economy and current inability to pull ourselves out of the recession. And the need for imports just keeps rising as our capacity to manufacture those items keeps disappearing. The hauling, sorting and delivering of all these foreign-made goods has evolved into a fast-growing, high-tech, high-profit industry. On that end, those that profit from this business are hard pressed to slow it down or correct the imbalance and this is also a huge part of our current picture.