Rising exports are lifting the U.S. economy, and the feeling should be familiar. Texas has been riding an export wave for a decade.
January, the Commerce Department reported that U.S. exports hit a record high in November, cutting the trade deficit to its lowest level since 2009. The strong gains prompted economists to predict higher growth for the nation and more momentum for expansion.
No surprise that the oil and gas boom was a key contributor.
America exported $13.3 billion worth of petroleum products in November. That’s 23 percent more than a year earlier and almost three times as much as in 2009.
At the same time, we’re importing less oil, in part because cars are more efficient. Petroleum imports in November declined 15 percent, following a double-digit drop the year before.
In 2005, the U.S. was a big net importer of petroleum products. By 2013, the U.S. had flipped the trend and was an even bigger net exporter, according to a presentation by Valero Energy Corp. in San Antonio.
Read more: http://www.dallasnews.com/business/columnists/mitchell-schnurman/20140120-texas-export-boom-spreads-to-u.s..ece