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

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the September 2016 U.S. International Trade in Goods and Services monthly data. U.S. exports of goods and services increased to $189.2 billion in September from $188.2 billion in August. This was the highest monthly total goods and services exports since July 2015. In addition, total services exports reached an all-time high of $63.1 billion, highlighted by monthly export records in several sectors, including Travel – $18.2 billion, Telecommunications, Computer, and Information Services – $3.2 billion, and Maintenance and Repairs – $2.4 billion. Year-to-date, the overall trade deficit has improved $9.2 billion or 2.5 percent.

“Today’s data show continued improvement in the overall trade balance this year despite challenges facing U.S. exporters,” said Secretary Pritzker. “Total exports of goods and services increased for a fourth consecutive month in September and remain a critical source of economic growth and job creation across our nation. The Obama administration’s trade agenda, including high-standard agreements like the Trans Pacific Partnership, will continue to open global markets to ‘Made in America’ goods and services to the benefit of our businesses and our workers.”

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. From 2009-2015, U.S. goods exports to FTA partners have grown faster (52 percent) than our exports to the rest of the world (34 percent).