Press Release

Trade Deficit Narrows in February

WASHINGTON—Commerce Secretary Carlos M. Gutierrez released the following statement on the February U.S. International Trade in Goods and Services report issued today, which shows that U.S. exports increased 10.1 percent to $250.8 billion during January and February 2007, compared to the same period in 2006. Imports increased by 3.0 percent to $368.1 billion and the trade deficit narrowed by 9.3 percent during the same period.

"While the numbers shift month to month, our exports continue to be up 10 percent over the last year. U.S. exports boost jobs, wages and contribute significantly to our growing economy, and we need to keep moving forward with President Bush’s agenda of opening up foreign markets.

"Free Trade Agreements are the engine for U.S. export growth, creating additional opportunities for American workers, businesses, farmers and consumers. U.S. exports to countries with FTAs implemented under the Bush Administration have grown faster than our exports to the rest of the world.

"Pending FTAs with Colombia, Korea, Panama and Peru will increase our exports and improve market access for American exporters. We look forward to working with Congress to pass these free trade agreements and extend trade promotion authority, so that we can continue our record-setting pace for exports."

Fact Sheet (PDF)