U.S. Becoming Third World Exporter

While American exports have produced a slight economic surge this year, the fleeting source of the miniboom is unsettling for America’s standing in the global arena. Foreigners are not seizing up distinguished manufactured goods like aircraft and machinery, rather they are interested in low-luster commodities.

The United States has increased its sale of corn exports, measured in tons, by nearly 20 percent this year while corn, wheat, ore and scrap metal are among the other unprocessed commodities that experienced a boost.

“The historical data tell us clearly: don’t get too used to commodity export booms; as any third world country will tell you, they tend to go away pretty quickly,” said L. Josh Bivens, a trade expert at the labor-oriented Economic Policy Institute.

Through the exportation of unprocessed commodities, America is not providing a distinctive service. Corn grown in the United States is virtually identical to corn produced in any third-world country.

Since the Bureau of Economic Analysis began compiling trade data in 1977, this is the first time that commodities have outpaced manufactured exports for two consecutive quarters. The U.S. needs to produce distinguishable goods that can compete in the world market, in order to remove ourselves from our current plane where third world economies serve as our competition.

Source New York Times:

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