Press Release

Secretary Gutierrez Urges Congress to Approve Pending Free Trade Agreements

WASHINGTON—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. It is important to note that the non-petroleum trade deficit decreased by 32.9 percent. Even with high oil prices, U.S. businesses and farms remain increasingly competitive in the global marketplace, underscoring our need for access to more markets and fewer barriers. One of the best ways to expand our exports is through free trade agreements with our allies who are committed to openness and fair, two-way trade.

“Our trading partners are watching closely to see if America will retreat from the world economy or continue its drive toward competitiveness and commitment to open markets and free trade. We stand ready and waiting for Congress to approve the pending free trade agreements with Colombia, Panama and South Korea to allow businesses the fair, two-way trade they deserve.”