The overall net balance for export activity in the three-month period was 0%, significantly worse than the 9% of the previous quarter and the 10% balance recorded in June-August last year.
The overall net balance for projected export activity in the next three months was -3%, in contrast to 5% in the previous quarter and a huge drop from the 21% balance recorded in the same quarter last year.
Of course, five months ago very few people made the claim that export numbers were going to be so strong or that the balance-of-payments would be expanding.
We met with the NSC people the other day, and we are going to reevaluate this whole export control issue and work our way toward some kind of a policy that has a balance between the economic and the national security elements of it.
On the other hand, failure to keep up with the export credit activities of key competitors could have decidedly negative consequences for the U.S. trade balance and the economy.