Mr. Hatch noted that exports to Russia account for only about half of 1 percent of all American exports.
But Mr. Paulson noted American exports had climbed sharply, thanks to strong global economic growth.
David Rosenberg, an economist at Merrill Lynch, noted that exports account for just 10percentt of American economic output but comprise 40percentt of revenue for the companies in the Standard & Poor's 500.
In its latest outlook for the economy, released on April 28th, the usually cautious Bank of Japan noted healthy exports and business investment, along with rising household income and consumption.
In fact, in the presidential debate on Monday evening, President Obama noted that exports to China had doubled during his term, even as both he and Mitt Romney again vowed to crack down on Chinese trade abuses.
The report on Monday predicts that business investment growth and job growth are both likely to remain "solid" in 2008, and it noted that exports have climbed sharply in part because the dollar has declined in value against many major currencies in the last several years.
He said that "cumulating job losses, weak consumer confidence, and a lack of credit availability" would depress consumer spending, traditionally the engine of American economic growth, and noted that exports were "not likely to be as great a source of strength for U.S. economic activity in coming quarters as they had been earlier this year".
The minutes also noted that exports were a big source of stimulus, but that could subside.
In a speech from 2009 Gov. Brewer noted: "Our exports to Mexico from Arizona reached nearly $6 billion in 2008, with total bilateral trade through our ports of entry in excess of $20 billion.
Jackie Forrest, the Calgary-based director of oil sands analysis for IHS CERA, a global energy market research firm, noted that exports of refined oil products -- chiefly diesel fuel -- have long been a part of the Gulf Coast's business, albeit a very small one.
