Aviation An Economic Bright Spot?
The United States trade deficit soared in January to its second-highest level ever, according to the International Herald Tribume. But after almost four years of massive layoffs, seas of red ink and numerous bankruptcies and consolidations, GA may now be considered a bright spot in the U.S. economy. In fact, it was one of comparatively few sectors to report an increase in exports in the past year with a healthy $600 million increase in foreign sales. GA's rebound helped the aerospace industry, as a whole, to post a $31 billion foreign trade surplus in 2004, up $4 billion over the previous year. "Aerospace has proven once again it is a huge boon to the U.S. economy," said John Douglass, CEO of the Aerospace Industries Association. Total foreign sales of aerospace products topped $57 billion in 2004, including a $1 billion jump in military exports and $3.3 billion in increased civil aerospace products. Helicopter sales were up 54 percent to $313 million and exports of spacecraft, satellites and related parts doubled to $575 million. However, commercial airliner exports were down by $900 million.