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August 22, 2013 9:45 AM
The truth about claims of our 'shrinking' trade deficit
Posted by Laura
The Obama Administration announced today that our trade deficit in June had shrunk to $34.2 billion. Woo-hoo! Right? Well, not so fast. This mainly reflects a decline in petroleum imports. Through the first six months of 2012, our trade deficit in manufactured goods was $211.3 billion. Through the first six months of 2013, our trade deficit in manufactured goods was $204.7 billion. So that number has barely moved. (It's moved even less if you consider only China. In the first half of 2012, our trade deficit in manufactured goods with China was $157.4 billion. In the first half of 2013, it was $157.2 billion.)

Oh, and do you remember President Obama's goal of doubling U.S. exports from January 2010 to January 2015? (If you don't remember, don't worry – the Administration doesn't talk much about this goal anymore.) Anyway, they're not going to make it, according to most respected analysts.
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