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Statement from USTR Schwab, regarding today’s announcement of the trade deficit numbers

December 12, 2007

"U.S. productivity,
generates income growth, and expands U.S. higher
paying jobs. Ninety-five percent of world consumers are outside our borders and
are increasingly buying our products and services.  Global, regional and
bilateral trade agreements, such as the U.S.-Peru Free Trade Agreement just
passed by Congress, help expand our trade, support our economic growth and
provide benefits to U.S. workers, consumers, companies,
farmers and ranchers."


The Commerce Department released foreign trade data today
showing continued strong growth of U.S. exports.  For the current
year through October, U.S. goods and services exports are
12% greater than in the corresponding period of 2006.  Export growth
contributed directly to a better than 8% decrease in the U.S. trade
deficit over the same period.  Export growth is also providing considerable
support to the U.S. economy right now.  Export
expansion accounted for over 40% of the growth in the economy over the last year
as well as in this year’s strong third quarter (GDP up at an annualized rate of