US Aerospace Trade Balance Flying High
The American Aerospace Industry Association (AIA), which recently made a strong pitch to improve American math and science education, collects statistics that include annual industry trade balances. While the USA as a whole is running a trade deficit of $708.5 bilion in 2007, the final 2007 trade balance tally for the aerospace industry stands at a record positive figure of $60.4 billion.
US Aerospace Exports were $96.9 billion, up 14% from $85 billion in 2006. Military-related exports were only $13 billion of this total, and civil aircraft dominated growth.
US Aerospace Imports were $36.5 billion, up 19.67% from 30.5 billion in 2006. One-third of that growth was reportedly related to commercial transport aircraft and increased imports of regional jets.
AIA President and CEO Marion Blakey said that “Airlines from around the world are stocking up on U.S. aircraft because of growing demand in both emerging and established markets… This is a very hot market despite economic uncertainty.” Blakey did not discuss what impact rising fuel prices might have on that growth’s rate, direction, and composition. AIA release.