“Opening markets and growing trade directly helps
America. Such trade expansion
raises U.S. productivity,
generates income growth, and increases the number of higher paying
U.S. jobs. Ninety-five percent of
world consumers are outside our borders. Global, regional and bilateral
trade agreements help assure that these consumers will increasingly buy products
and services made in America. Pacts such as
U.S.-Peru Free Trade Agreement recently passed by Congress and
U.S. free trade agreements
with Colombia,
Panama and
Korea awaiting Congressional
consideration are designed to 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 foreign sales of products running at an annual rate of $1.6 trillion in
the first 11 months of 2007. Also, through November of last year,
U.S. goods and services exports were
12% greater than in the corresponding period of 2006. Export growth
contributed directly to a 7% decrease in the U.S. trade
deficit over the same period, despite a rise in the deficit from October to
November of last year, largely due to higher petroleum import prices.
Strong export expansion is supporting to the U.S. economy in
a period of adjustment. Export expansion, in fact, has accounted for over
40% of the growth in the economy over the last year.
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