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Our Nation's Surprising Technology Trade Deficit: A Wide Array of High-Tech Imports Overtake U.S. Exports
Publication Date: March 2008
Publisher(s): Center for American Progress
Author(s): Christian E. Weller; Holly Wheeler
Funder(s): Center for American Progress
Funder(s): Center for American Progress
Topic: Science and technology (Technology and technology policy)
Type: Report
Abstract:
Against the backdrop of slowing U.S. economic growth and rising economic uncertainty among most working Americans, we as a nation at least find comfort in the underlying resilience of an economy traditionally strong in creativity and innovation. After all, a skilled and innovative workforce has fueled American productivity and economic growth for decades, allowing the United States to remain at the forefront of global competition, especially since the mid-1990s.
Why should the first decade of the 21st century be any different?
Alas, it is. A snapshot of global trade statistics in advanced technology products since 2002 reveals that U.S. economic competitiveness in innovation may be slipping away. Surprisingly, the United States has recorded a deficit in high-technology products over the past five years. By the end of 2007, our nation’s high-tech deficit reached new record highs, measured either in absolute terms or as a share of the overall trade deficit.