India's trade deficit is because of excess of import over exports.
Europe is very critical to the United States in the sense not only do we have a fourth of our exports there, but more importantly, a significant proportion of the foreign affiliate profits in fact, half of U.S. corporations, are in Europe.
I believe we have the potential to quadruple Australia's food exports to Asia.
Australia is a resource-rich nation. We have been good at exploiting our minerals base and agricultural sector for exports.
Trade allegedly does not foster growth because when it begins, a flood of imports of factory origin destroys the handicraft manufacturing of the less developed country: the models for this are the effects of British exports of textiles and of iron in India and Chile in the first half of the nineteenth century.
We manufacture automotive components including critical engine and axle parts for passenger cars, diesel engines and medium & heavy commercial vehicles. Till 1997, our focus was almost entirely on the domestic market with a relatively insignificant portion of revenues from exports.
We have done a lot of work on cost reduction, getting ourselves lean, reducing our breakeven, reducing our fixed cost and increasing exports. All of these factors help because our export basket is not just automotive but also includes industrial products, railways and others.
The United States cannot achieve significant economic growth without expanding exports.
Having more customers means nothing if America's small businesses cannot obtain the required capital to support their exports in the competitive international markets.
If you step back and think about it, just a little over two years ago, in 2009, it was not surprising at all to see Chinese exports growing at a 30-plus percent clip.
