Originally posted by gina2000
Phamton....we actually run a huge trade deficit with Japan and the rest of the world....over 41 billion at last look. We've been running it for years now. A weaker dollar hopes to strengthen our export position but it hasn't done anything in the last 15 years, so I doubt it will now....at least not to the degree necessary to help right the deficit.
Thanks Gina and Toby's friend. I was definitely mistaken but one good thing came out of my ignorance of the facts: you both inspired me to do some more research.
I learned that:
From the Bureau Of Economic Analysis on July 7, 2003 that:
United States: 1st Quarter 2003
Current Account Balance, 1st Quarter 2003:
-$136.12 billion
Goods imports increased more than goods exports. Petroleum and petroleum products accounted for three-fourths of the increase in goods imports.
And from:
http://www.census.gov/foreign-trade/balance/c5880.html#2003
That we do indeed have a deficit with Japan (meaning we spend more on Japanese imports than we make on exports to them)
Year: 2003
Exports to Japan: 38,686.7*
Imports from Japna: 86,787.7*
Deficit: -48,101.0*
(* All figures are in millions of U.S. dollars)
I am now dining on humble pie and, amazingly, it tastes a little like eating crow.
