Statement by U.S. Trade Representative, Susan C. Schwab on monthly trade deficit numbers
“Opening markets and growing trade directly helps America. Such trade expansion raises U.S. productivity, generates income growth, and increases the number of higher paying U.S. jobs. Ninety-five percent of world consumers are outside our borders. Global, regional and bilateral trade agreements help assure that these consumers will increasingly buy products and services made in America. Pacts such as U.S.-Peru Free Trade Agreement recently passed by Congress and U.S. free trade agreements with Colombia, Panama and Korea awaiting Congressional consideration are designed to help expand our trade, support our economic growth and provide benefits to U.S. workers, consumers, companies, farmers and ranchers.”
The Commerce Department released foreign trade data today showing foreign sales of products running at an annual rate of $1.6 trillion in the first 11 months of 2007. Also, through November of last year, U.S. goods and services exports were 12% greater than in the corresponding period of 2006. Export growth contributed directly to a 7% decrease in the U.S. trade deficit over the same period, despite a rise in the deficit from October to November of last year, largely due to higher petroleum import prices. Strong export expansion is supporting to the U.S. economy in a period of adjustment. Export expansion, in fact, has accounted for over 40% of the growth in the economy over the last year.
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