Statement from U.S. Secretary of Commerce Penny Pritzker on International Trade in Goods and Services in April 2016

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the April 2016 U.S. International Trade in Goods and Services monthly data. U.S. exports of goods and services increased to $182.8 billion in April from $180.2 billion in March. New monthly export records were established in telecommunications, computer, and information services -- $3.1 billion – and in insurance services -- $1.5 billion. Year to date through April, the trade deficit has improved $8.1 billion or 4.8 percent from the same period in 2015.

“Today’s data demonstrates that while there is continued global demand for the world-class products and services offered by U.S. businesses of all sizes, U.S. exporters continue to battle economic headwinds that have impacted trade across the globe" said Secretary Pritzker. "The Department of Commerce offers a broad range of services designed to ensure U.S. companies can reach the 95 percent of consumers living outside our borders. Trade agreements like the Trans-Pacific Partnership are an effective tool to secure greater market access for U.S. exporters and support job creation in communities across our nation.”

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. A report by the Peterson Institute for International Economics shows that if TPP is delayed by just one year, the United States will see an estimated one-time national loss of $94 billion. That translates to a loss of $700 on average for every U.S. household.

The TPP will foster the type of economic integration that currently enhances trade with our free trade agreement (FTA) partners. Since 2009, U.S. goods exports to FTA partners have grown faster (52 percent) than our exports to the rest of the world (34 percent).