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."
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%).