Press Release

Exports Remain Essential to U.S. Economy

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez issued the following statement on the release of the October 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 5.3 percent in October 2008 over the prior October to $152 billion. Imports also increased 4.2 percent to $209 billion and the trade deficit worsened by 1.5 percent during the same time period.

“Exporting will play a vital role in overcoming the challenges facing the U.S. economy. American workers are the best in the world and when given access to new consumers in new markets, they compete and win. Now more than ever, we must be a global player by removing barriers to free trade, enterprise and markets.

“Global economic engagement through free trade agreements (FTAs) has proven to be one of the best ways to revitalize U.S. businesses and farms. We must reaffirm our commitment to this strategy. The United States has a year-to-date manufactured goods trade surplus of $12.8 billion with the 14 countries with which it has an FTA.

“Congress must act to open three key markets to American exporters by approving FTAs with Colombia, Panama and South Korea. Passage of these FTAs would not only support American workers, but also send a clear signal to the world that the United States is committed to building prosperity through open markets and free trade.”