Press Release

Secretary Gutierrez Applauds U.S. Entering 17th Straight Quarter of Export Growth

Exports Have Grown Every Quarter Since 2003, Creating Jobs and Spurring Foreign Companies Investments in America

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today issued the following statement on the release of the March 2007 goods and services national trade statistics by the Department’s U.S. Census Bureau. This report shows the 17th consecutive quarter of growth for the U.S., with exports increasing by 9.8 percent in the first quarter of 2007 as compared to the first quarter of last year. Imports over this period grew at one-half this rate (4.2 percent), leading to a declining quarterly trade deficit of $11 billion over the first quarter 2006.

“Today’s trade report shows how the Bush Administration’s focus on addressing the trade deficit by growing our exports is helping American businesses to tap into new markets and create jobs at home. High oil prices contributed to a jump in our trade deficit, in March, but our booming exports continue to set a record pace, especially to China. Our pro-growth agenda is delivering results by opening markets and leveling the playing field through free trade agreements.

“The current export trend illustrates the positive benefits free trade agreements are having on our economic expansion. We hope Congress will act on pending FTAs with Columbia, Panama, Peru, and South Korea, and renew the President’s Trade Promotion Authority.

“As the President said today, ‘A free and open international investment regime is vital for a stable and growing economy, both here at home and throughout the world.’ Foreign direct investment in the United States promotes U.S. jobs and higher wages for American workers. Foreign investment flows into the United States were nearly $184 billion in 2006, more than any other country in the world and employed 5.1 million American workers. The Department of Commerce’s Invest in America Initiative is sending a loud and clear message that the United States welcomes foreign investment in American creativity and productivity.”

Background on the Invest in America Initiative

Foreign Direct Investment is an investment that gives the investor a controlling interest in a foreign company. The Invest in America Initiative is the primary U.S. Government mechanism for managing and enhancing the promotion of inward investment at the federal level. The Department of Commerce’s International Trade Administration promotes the United States as the best market for investment in the world, and promotes the desirability of investing in the U.S. by highlighting the advantages, and countering the misconceptions some investors may have. For more information about the Invest in America Initiative please visit, www.investamerica.gov