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Key Economic Events
- The U.S. merchandise trade deficit in machinery increased 1 percent in 2007. Sustained global economic expansion and depreciation of the U.S. dollar against major trading partner currencies contributed to a record level of U.S. exports of machinery.
- The rise in U.S. machinery exports was largely driven by the depreciation of the U.S. dollar, price increases on goods included in the product mix, strong demand for business machinery replacement, and continued expansion of economies of major trading partners.
- The increase in U.S. imports of machinery was driven by a 2 percent increase in U.S. GDP in 2007 and companies investing in new machinery and equipment to boost production.
Trade Shifts in 2007 from 2006
- U.S. trade deficit: Decreased by $12.6 billion (15 percent) to $73.9 billion
- U.S. exports:Increased by $17.3 billion (21 percent) to $100.3 billion
- U.S. imports:Increased by $4.7 billion (3 percent) to $174.2 billion