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

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the June 2016 U.S. International Trade in Goods and Services monthly data. U.S. exports of goods and services increased to $183.2 billion in June from $182.5 billion in May. New monthly export records were set in Telecommunications, Computer, and Information Services -- $3.1 billion; in Maintenance and Repairs Services -- $2.3 billion; and in Insurance Services -- $1.6 billion. Year-to-date, the goods and services trade deficit decreased $5.8 billion, or 2.3 percent, from the same period in 2015. In addition, year-to-date, the United States has goods trade surpluses with the United Kingdom, OPEC, and CAFTA-DR.

“Despite global economic headwinds, today's data show that U.S. goods and services are in high demand," said Secretary Pritzker. "Year-to-date, we have seen a decrease in the goods and services trade deficit, as well as goods trade surpluses with some of our key partners. To build on this success, our entire Administration is committed to a trade agenda that promotes high-standard, 21st century trade agreements like the Trans-Pacific Partnership, which will grow our exports, strengthen our nation's economy, and support job creation here at home."

The Trans-Pacific Partnership (TPP) is a transformational 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).