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

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the December 2015 U.S. International Trade in Goods and Services monthly and 2015 annual data. U.S. exports of goods and services totaled $2.23 trillion in 2015, a 4.8 percent decrease from 2014. Overall, the United States increased goods exports to 58 international markets, establishing records with 20 global partners, including the United Kingdom, Saudi Arabia, Ireland, and Vietnam. Increased exports to these partners were driven by higher value products such as civilian aircrafts and pharmaceuticals.

U.S. services exports tallied another record year in 2015, increasing by $5.9 billion from 2014. Many services sectors increased exports in 2015, including other business services; telecommunications, computer and information services; financial services; and travel. Each of these services sectors reached export increases of more than $1 billion.

“Today’s data show that total U.S. services exports set a record for a sixth consecutive year, and goods exports to several major trading partners also eclipsed record levels,” said Secretary Pritzker. “However, we recognize that U.S. exporters faced challenges from slowing global growth. Despite these headwinds, the volume of Made-in-America exports remained relatively unchanged, showing there is a continued demand for U.S. products.”

“The Commerce Department is committed to achieving President Obama’s goal to expand U.S. exports and grow our national and local economies while supporting good-paying jobs in communities throughout the United States. Implementing the newly-signed Trans-Pacific Partnership and finalizing negotiations on the Transatlantic Trade and Investment Partnership are critical to achieving this goal.”

The Trans-Pacific Partnership (TPP) is a transformational 21^st-century trade agreement with 11 other countries bordering the Pacific, home to some of the fastest-growing markets in the world. Combined, the current TPP members represent nearly 40 percent of the global GDP. TPP levels the playing field for American workers and American businesses, supporting more Made-in-America exports and higher paying American jobs.

The Transatlantic Trade and Investment Partnership (TTIP) will be an ambitious, comprehensive, and high-standard trade and investment agreement between the United States and the European Union (EU), that offers significant benefits for U.S. companies and workers through eliminating existing trade barriers and better enabling U.S. companies and workers to compete. TTIP will provide new opportunities for U.S. industry, as approximately one-fifth of all U.S. goods and services exports go to the EU.