American Economic - Masthead Fighting For American Companies - Fighting for American Jobs United States Business and Industry Council
Current Trade Deficit:    
Heard Off the Street: Recent events temper optimism on reshoring
Sunday, January 13, 2013
Alan Tonelson of the U.S. Business and Industry Council said the low lights of Friday's report included record monthly trade deficits for manufacturing and high-tech products. He said November's manufacturing trade deficit -- the difference between imports and exports -- topped $66 billion.

That marked the third time a new monthly record in the category has been achieved since August, according to Mr. Tonelson, who has consistently been skeptical of the manufacturing renaissance point of view.

The November trade deficit for high-tech products approached $11.8 billion, topping the old record of $10.9 billion set in November 2011.

"The manufacturing renaissance people seem to be relying very heavily on anecdotes," Mr. Tonelson said. "But when you look at the best data we have available, this manufacturing renaissance so far is nowhere to be seen. In fact, most of the data [show] more and more slippage against foreign rivals."

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