Press Release

Secretary Gutierrez Praises 2008 Momentum in Export Success

January Exports Rose to $148 Billion

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today issued the following statement on the release of the January 2008 U.S. International Trade in Goods and Services report by the Department’s Census Bureau and the Bureau of Economic Analysis. Today’s report shows that U.S. exports increased by 13.1 percent to $1,649 billion in the 12 months ending January 2008 over the prior 12 month period. Imports also increased 6.8 percent to $2,359 billion and the trade deficit narrowed 5.5 percent during the same time period.

The trade deficit in January 2008 of $58.2 billion was slightly higher than the deficit in December as improvements in the non-petroleum goods deficit and increases in the services surplus were offset by an 11.9 percent increase in the petroleum deficit. The petroleum deficit accounted for 60.3 percent of the total trade deficit in January as compared to 54.2 percent of the December deficit.

“U.S. exports, a vital component to growing our economy, continued to rise in the beginning of 2008. Last year we exported $1.6 trillion in goods and services, making America the number one exporter in the world. The time is ripe for our businesses, ranchers and workers to expand markets to seize maximum exporting potential for our American goods.

“Our NAFTA partners, Canada and Mexico, are our largest goods export markets, accounting for 33 percent of total U.S. exports in 2007. Removing trade barriers for our trading neighbors has created opportunity for U.S. business and agriculture.

“Just last month, Congress showed overwhelming support to keep our market open duty free to Colombian products by passing the Andean Trade Preference Act – continuing a 16-year legacy of one-way free trade – yet U.S. products face duties to the Colombian market. The time has come to graduate our relationship to free and fair two-way trade so our American products have the same advantage as Colombian goods. This is the time for action on the U.S - Colombia Trade Promotion Agreement.”

Background
America is the world's number one exporter, with $1.6 trillion in exports of goods and services last year; 2007 was the fourth consecutive year of double-digit export growth. Trade, contributed 26 percent of the increase in real gross domestic product last year.

Thirty-eight states include a NAFTA partner as their number one destination for exports. The average U.S. unemployment rate was 5.1 percent during the post-NAFTA period of 1994-2007, compared to 7.1 percent from 1981 to 1993. For agriculture, Canada and Mexico alone account for 38 percent of the increase in U.S. agricultural exports to the world since 1993.