Statement from USTR Schwab, regarding today's announcement of the trade deficit numbers

"U.S. productivity, generates income growth, and expands U.S. higher paying jobs. Ninety-five percent of world consumers are outside our borders and are increasingly buying our products and services.  Global, regional and bilateral trade agreements, such as the U.S.-Peru Free Trade Agreement just passed by Congress, help expand our trade, support our economic growth and provide benefits to U.S. workers, consumers, companies, farmers and ranchers."

BACKGROUND:

The Commerce Department released foreign trade data today showing continued strong growth of U.S. exports.  For the current year through October, U.S. goods and services exports are 12% greater than in the corresponding period of 2006.  Export growth contributed directly to a better than 8% decrease in the U.S. trade deficit over the same period.  Export growth is also providing considerable support to the U.S. economy right now.  Export expansion accounted for over 40% of the growth in the economy over the last year as well as in this year’s strong third quarter (GDP up at an annualized rate of 4.9%).