"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."
BACKGROUND:
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
4.9%).
