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Key Economic Events
- The U.S. merchandise trade deficit in electronic products continued to rise for the sixth consecutive year in 2007. This was due in part to continued foreign outsourcing of electronics production by U.S. companies.
- U.S. exports of electronic products grew marginally in 2007, as electronics production continued to move abroad. Chinese and Indian investment in communications infrastructure and a rapid rise in Chinese demand for medical goods accounted for most of this growth.
- U.S. imports of electronic products grew significantly in 2007 due to unabated U.S. consumer demand for the latest advances in cellular phones and increased demand for digital television sets with the digital transition from analog broadcasting.
Trade Shifts in 2007 from 2006
- U.S. trade deficit: Increased by $17.4 billion (11 percent) to $180.5 billion
- U.S. exports: Increased by $3.1 billion (2 percent) to $172.5 billion
- U.S. imports: Increased by $20.5 billion (6 percent) to $353.0 billion