Cheer up, Donald Trump fans! It turns out there is an American manufacturing industry that is not only booming, but it's running a massive trade surplus of more than $100 billion per year. And it's chock full of factories and jobs that can never be moved overseas.
I'm hoping that most of you know I'm talking about aviation and defense... or the aerospace and defense industry as it's officially called. A new report from Deloitte says the sector's gross exports grew a healthy 3.6 percent to a whopping $143.3 billion in 2015. And the export part of the business has grown an incredible 59 percent just since 2010. Again, that's just exports, not the revenues received from contracts exclusive to the U.S. government.
It gets better because remember that unlike much of the tech and all of the financial services sectors, the weapons and aerospace business is very manufacturing intensive and national security rules keep those factories on U.S. soil. And here's the icing on the cake: Our No.1 foreign customer pushing up its massive trade deficit with the U.S. in this industry with virtually every purchase is none other than China.