U.S. aerospace exports rose $10.6 billion, or 18.7 percent, to a record $67.4 billion last year, according to the Aerospace Industries Association (AIA). That paved the way for an increase in the positive trade balance, jumping $8.8 billion to $39.8 billion, a 28-percent hike.
“Once again aerospace is flexing its muscle,” said AIA president and CEO John Douglass. “The figures bolster not only our industry, but the entire U.S. economy.”
While that positive trade balance in aerospace is not a record, AIA said it represents an important boost to overall U.S. foreign trade, a category that carries a $767 billion deficit. Even with aerospace imports totaling $27.6 billion last year, aerospace boasts the largest positive trade balance in the U.S. manufacturing sector.