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

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the May 2016 U.S. International Trade in Goods and Services monthly data. U.S. exports of goods and services decreased slightly to $182.4 billion in May from $182.7 billion in April. 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, the trade deficit has improved 3.5 percent or $7.2 billion. The goods trade deficit year-to-date has improved with China (7.3 percent) and the European Union (5.4 percent) during that period.

“Today’s data show that American businesses continue to seek opportunities to market their world-class products and services to the more than 95 percent of consumers that live outside U.S. borders,” said Secretary Pritzker. “Our companies are battling the same economic headwinds facing businesses around the globe. The Department of Commerce is committed to ensuring U.S. companies gain access to international markets and compete on a level playing field. Trade agreements like the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership are important tools to strengthen our economy by supporting the competitiveness of American workers and the ability of our businesses to trade on equal footing.”

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).

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.