Over the last 20 years, the growing global economy has allowed manufacturers to enter new markets to serve an increasingly global customer base while also shortening supply chains and reducing cost structures.
U.S. exports of manufactures in July were $94 billion, down 4% from 2014, imports were $153 billion, up 1%, and the trade deficit soared to $59 billion, up by 11%, continuing the double-digit deficit growth during the first half of the year, as analyzed in the MAPI second quarter report on U.S.
The U.S. economy is certainly more stable but it has been a rough year for goods producers. My advice to members: Stay on top of the global picture. The markets are letting us know that events are moving quickly. And be prepared over the long haul for a more volatile business environment.