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Key Economic Events
- The U.S. trade deficit in miscellaneous manufactures grew by 9 percent in 2007 despite a faster growth rate in sector exports than imports. Video game consoles and related products accounted for a majority of the shift of trade in the sector.
- The rise in U.S. exports of miscellaneous manufactures is primarily due to touring exhibits of paintings and sculptures and sales of high value art. However, the rise in U.S. imports of such works was nearly twice as large in absolute terms.
- The increase in U.S. imports of and trade deficit in miscellaneous manufactures is largely attributable to increased purchases of video game consoles and related products with the introduction of the 7th generation of video game consoles in November 2006. Although consoles are sold by Japanese and U.S. companies, console production occurred primarily in China.
Trade Shifts in 2007 from 2006
- U.S. trade deficit: Increased by $6.3 billion (9 percent) to $78.0 billion
- U.S. exports: Increased by $3.5 billion (16 percent) to $26.0 billion
- U.S. imports: Increased by $9.8 billion (10 percent) to $103.9 billion