Statement From U.S. Secretary Of Commerce Penny Pritzker on International Trade in Goods and Services in July 2016

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the July 2016 U.S. International Trade in Goods and Services monthly data. U.S. exports of goods and services increased to $186.3 billion in July from $182.9 billion in June – the largest monthly increase since February-March 2014, which contributed to a nearly 12 percent improvement in the monthly trade balance. Exports of Foods, Feeds, and Beverages reached a record-high of $14.7 billion, an increase of 34 percent from June. Monthly export records were also set in Travel services – $17.5 billion, and Telecommunications, Computer, and Information Services – $3.2 billion. In addition, year-to-date, the United States has improved its trade balance in goods with China, Canada, and the European Union.

“Today’s data show that U.S. firms continue to sell 'Made in America' goods to worldwide consumers despite challenges in the global economy. We continue to see record exports in several goods and services sectors while improving our goods trade balance with critical trading partners,” said Secretary Pritzker. “The Obama Administration is committed to a trade agenda that promotes high-standard trade agreements like the Trans Pacific Partnership, which will grow our exports, strengthen our 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 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).