U.S. Exports Soar (and It’s Not All Soybeans)

By FLOYD NORRIS
NYT

American exports of goods rose 21 percent in 2010 to $1.28 trillion, as the world trading system shook off the effects of the financial crisis, according to figures released on Friday.

It was the sharpest rise in American exports since 1988, and it enabled the United States to pass Germany and again become the world’s second-largest exporter, behind China. The margin between the United States and Germany was only $16 million, a difference of just 1.2 percent, and could vanish in coming months as preliminary figures are revised.

But assuming the difference holds, it was the first time since 2002 that United States exports exceeded those of Germany when both were measured in dollars. A major reason for that was the weakness of the euro during the year as Europe was forced to bail out first Greece and then Ireland. Germany’s exports rose 18 percent when measured in euros, but just 13 percent in dollars.

Both countries fell further behind China, whose export volume rose 31 percent ,to $1.58 trillion.

(More here.)