The Euro Crisis Through Export Numbers
The recent drama concerning Greece's elections and the health of Spain's banking industry have further plunged Europe into its sovereign debt crisis. This in turn, has resulted in the largest monthly decline in U.S. exports to Europe dating back to January 2005. In April, U.S. exports to Europe dropped $4B, with a $2.8B drop to the EU alone.
If the Eurozone crisis deepens, U.S. exports to Europe could face another precipitous drop in value. Although the main problem facing the domestic economy is, as Robert Reich has pointed out, a decline in consumer spending, a significant decline in our exports will certainly have further detrimental effects on our domestic economy.