|Rank||Commodity||Value in US$(‘000)||Date of
|1||Mineral fuels, oils, distillation products, etc.||$2,183,079,941||2012|
|2||Electrical, electronic equipment||$1,833,534,414||2012|
|3||Machinery, nuclear reactors, boilers, etc.||$1,763,371,813||2012|
|4||Vehicles other than railway||$1,076,830,856||2012|
|5||Plastics and articles thereof||$470,226,676||2012|
|6||Optical, photo, technical, medical, etc. apparatus||$465,101,524||2012|
|8||Iron and steel||$379,113,147||2012|
|10||Pearls, precious stones, metals, coins, etc.||$348,155,369||2012|
The US trade deficit narrowed to $40.8 billion in September, down 15% from a $48 billion deficit in August, the Commerce Department reported Wednesday. The U.S. deficit with China rose 3.8% to an all-time high of $36.3 billion in September as imports from China hit a record. The U S dream is being fulfilled by Chinese factories it would appear, eager to satisfy the demands of the largest consumer society in the world. The mutually beneficial trade relationship has been one of the greatest eliminators of poverty in the world, as Chinese GDP rose at an unprecedented pace lifting millions out of poverty.
The fate of global growth sits on the buoyant shoulders of the American middle class’s ability to consume, beyond its means. Currently there are no signs of any of the high consumption years, as the consumer continues to increase our savings as a result of the fall in energy prices. The state of the economy is steady, and Christmas, should bring cheer all around. We can rest assured that the American consumers will open their purses to the world. Enough revenue will be generated from Black Friday to the holiday’s end to generate jobs all around the world.
It is the exports growth that is the true story here as manufacturing and infrastructure starts to pick up in the US. Public and private spending is required and finally the States and Center are starting to expand employment and projects. While the politicians in DC come to a stalemate, the business of the people must go on. The Trans Pacific deal could help to increase these exports for America. With our cheap gas and scope for renewal energy, the new industrial age is about to unfold in the US. Hydro carbons will find new uses as we move to a greener environment and climate change forces our hand on cheap coal.
There can be a steeply rising export curve for the US in the production, refining, producing, shipping products for the world’s hydro carbon needs. If DC does not get behind the proposal, do they really expect the world to sit back and wait, on what may in the long term be a good deal for all the countries? World trade will go on and with greater expectations from the general public, as there are no limits on human aspirations. Great industries will flourish on all sides of the Pacific and human needs will be met with greater efficiency. To increase international trade of the world is essential, to meet our future goals for humanity. Innovation and entrepreneurship will bring new prosperity to nations, who trade to their competitive advantage and the US must continue to lead the world in free trade.