A New (Unfortunate) Record: Advanced Technology Trade Deficit

The advanced technology trade deficit hit an all-time record of $8.3 billion in November, handily beating the previous record of $7.7 billion, set in October 2007, at the peak of the boom. That’s the gap between exports and imports for high-tech goods such as aerospace, advanced materials, information technology, and biotech.

On one level, that’s not a surprise. The U.S. has run a trade deficit in advanced technology products in every month since June 2002. On another level, it’s intensely disturbing that the financial crisis seems to have done nothing to break the longterm trend.

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About Michael Mandel 126 Articles

Michael Mandel was BusinessWeek's chief economist from 1989-2009, where he helped direct the magazine's coverage of the domestic and global economies.

Since joining BusinessWeek in 1989, he has received multiple awards for his work, including being honored as one of the 100 top U.S. business journalists of the 20th century for his coverage of the New Economy. In 2006 Mandel was named "Best Economic Journalist" by the World Leadership Forum.

Mandel is the author of several books, including Rational Exuberance, The Coming Internet Depression, and The High Risk Society.

Mandel holds a Ph.D. in economics from Harvard University.

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