Secretary Gutierrez Says Exports Important to U.S. Growth, Opening Markets Overseas is Goal

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today issued the following statement on the release of the November 2007 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 12.3 percent to $1.48 trillion year-to-date (through November) over 2006. Imports increased 5.6 percent to $2.13 trillion and the trade deficit narrowed 6.9 percent during the same time period.

“Exports are important to U.S. growth, and we should do all we can to promote exports. In the third quarter GDP, exports contributed to the growth in GDP and helped to offset the impact of the housing correction. The November trade deficit rise is primarily due to rising petroleum imports. However, in the first eleven months of 2007, U.S. export growth was twice the rate of import growth.

“Our agriculture exports are up 28 percent year-to-date. We should be doing everything we can to build on the growth momentum, to give our ranchers and farmers the tools they need to export. This farm export growth is good for American farmers.

“Opening markets here in our hemisphere is strategically important—both economically and politically. With the Colombia trade agreement, we are not only helping to lower barriers for American workers, farmers and manufacturers, but we’re also working to improve the prosperity and security of a our long time friend and ally.

“Colombia has made a remarkable turnaround and we should reward and encourage such dedication to democratic principles and economic freedom. With our help, Colombia can continue moving forward, embracing the principles of democracy, justice, rule of law and expanding prosperity. By working together with Colombia, the United States is opening doors to new markets and reducing tariffs for American agricultural and manufactured products.”