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If you were shopping for a special imported Christmas present a few months ago, you were aware of the fact that the U.S. dollar is down and buys less in foreign goods. Those of you who are planning a foreign vacation are learning those same facts. Yet, as one side of the balance scale goes down, the other goes up.
A weak dollar causes great concern in some areas of our economy which depend on a strong dollar, but there is a part of our economy that does better with a weak dollar.
Agriculture is up. Grain exports are booming as foreign countries are buying more with their stronger currency. Our exported grains are becoming more attractive as a result.
Other agricultural businesses are also doing well in the area of selling farm equipment. We are finding new customers for this equipment now that it is more affordable to them. This is helping the agricultural community.
These up swings in sales also have a far-reaching effect on agriculture as a whole. As more grain is sold, it bolsters the market price. As more agricultural equipment is sold, it leads to improved manufacturing efficiency and thus better prices for our farmers as well. Plus the greater our nation’s exports, the better picture our nation’s economic trade deficit between import and export gets. This in turn is good for the whole nation.
Father Samuel Heitkamp is pastor of St. Joan of Arc Church in Kirby, and was the director of the former rural life organization in the archdiocese.
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