Record Deficit Suggests Things Could Get Worse for U.S. Manufacturing in 2016
Washington, D.C. – The Commerce Department released the latest monthly U.S. trade figures Wednesday, showing we're on track to surpass record deficits with China in manufactured goods in 2015.
Trade volume overall was down in November compared to October, including both imports and exports. The 2015 deficit through November with China is $337.8 billion, compared to $315 billion through November 2014. The overall trade deficit in goods through November 2015 is $696.2 billion, compared to $676.7 billion through November 2014.
Said Alliance for American Manufacturing President Scott Paul:
"The trade figures for November should give us pause for a couple of reasons.
"First, overall trade was down month over month, indicating some serious global weakness. Second, we continue to rack up a record bilateral trade deficit in goods with China. China's factories continue to overproduce and show monstrous industrial overcapacity. With the yuan headed back down, things may only get worse in 2016. Third, the U.S. is on track for a record deficit in the international trade of goods in 2015.
"If economists or policymakers are looking for a reason why manufacturing jobs are suffering in the U.S., this is it.”