Press Release

Secretary Gutierrez Statement on August 2008 Trade Data

SÃO PAULO, BRAZIL—U.S. Commerce Secretary Carlos M. Gutierrez today issued the following statement on the release of the August 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 in August were $164.7 billion, an increase of 15.9 percent over August 2007. Imports in August were $223.9 billion, an increase of 13.4 percent over August 2007.

In August the trade deficit narrowed to $59.1 billion, a 3.5 percent decrease from July.

“Today’s report demonstrates the importance of exports to our nation’s economy. Consumers around the world continue to purchase American goods because our products are the best in the world.However, in the midst of financial uncertainty, it is more important than ever that we expand trade and increase global access to American goods.

“Under the President’s leadership, the Administration is taking bold action to stabilize our markets, including the implementation of the Emergency Economic Stabilization Act.We are confident that we will overcome the current economic challenges because we have a resilient economy and the best workers. Importantly, we must remain open and not retreat into economic protectionism.

“Eliminating foreign tariffs through Free Trade Agreements (FTAs) is one of the best ways to sharpen the competitiveness of American products in the global marketplace. The Administration continues to urge Congress to take action on the Colombia, Panama and South Korea FTAs.”