Economic News

Secretary Gutierrez Urges Congress to Approve Pending Free Trade Agreements

Washington (Sept. 11)—U. S. Commerce Secretary Carlos M. Gutierrez today issued the following statement on the release of the July 2008 U.S. International Trade in Goods and Services report by the Department’s U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Today’s report shows that U.S. exports increased by 18.3 percent to $1.1 trillion year-to-date (through July) over 2007. Imports also increased 12.9 percent to $1.5 trillion and the trade deficit increased one percent during the same time period. “Record exports continue to drive America’s economic growth,” Gutierrez said. “The trade deficit is higher because petroleum imports continue to be a drag on the economy.” (More) (Fact Sheet)