Statement from U.S. Commerce Secretary Penny Pritzker on International Trade in Goods and Services in July 2015

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the July 2015 U.S. International Trade in Goods and Services data. U.S. exports of goods and services increased to $188.5 billion in July from $187.7 billion in June. The total trade deficit improved by 7.4 percent in July to $41.9 billion. Exports of financial services; other business services; telecommunications, computers, and information services; as well as insurance services all reached records highs in July.

“Today’s data shows that exports in nearly every major goods subsector have increased, and the demand for U.S. made goods remains strong,” said Secretary Pritzker. “Exports are critical to our nation's economic growth and job creation, and U.S. companies continue to build and expand their businesses by exporting their world-class products and services to the 95 percent of potential consumers who live outside our borders. The Commerce Department and the Administration remain committed to completing and enacting 21^st century trade agreements, like the Trans-Pacific Partnership, to level the playing field for our workers and businesses and significantly expand the export of Made in America goods and services.”

The Trans-Pacific Partnership (TPP) is an ambitious 21st century trade agreement currently being negotiated with 11 other Asia-Pacific countries, home to some of the fastest-growing markets in the world. Combined, the current TPP members represent nearly 40 percent of the global GDP.