Good news! Signs of a recovering economy is here marked by an increase of both exports and imports. Exports increased by 0.2% from last month and imports climbing 1.7%.
Exports have increased due to demand from foreign countries for engines, semiconductors, and increased world energy market, fueling demand for drilling and chemical equipment.
Imports rise due to consumer desire for cheaper electronic goods such as TVs and computers and rising number of companies that need to replenish their office supplies. In addition, emerging country’s demands for locomotion and health care services has increased sales of jet engines and medical-imaging equipment as seen in Fairfield.
Although both have been enjoying recent growth, the trade deficit has widened from $40.9 billion to $42.5 billion within the last month, with imports in the lead. To help the U.S. increase exports, President Obama supports a plan to fund small businesses that focuses on exports, backed by the government, estimated around $6 billion per year.