U.S. Exports Rise by 16.9 Percent
by Christina Lee on November 13th, 2008
U.S. exports have risen since January by 16.9 percent to $1.41 billion in September, to levels 8.8 percent higher than in 2007, according to the U.S. Department of Commerce.
“Although the last two months have been weaker than we like to see, today’s trade numbers highlight the strength of American exporters over the last year,” said U.S. Commerce Secretary Carlos Gutierrez in a statement.
Gutierrez and the Department of Commerce concluded that approval of pending trade agreements could result in nearly 100 million new consumers, who had a combined 2007 GDP of nearly $1.2 trillion. Such agreements could eliminate industrial and consumers goods tariffs that range up to 50 percent in Korea and 81 percent in Panama.
“Breaking down barriers to U.S. goods and services and improving global competitiveness are now more important than ever,” Gutierrez said, with Colombia also in mind.
Over the course of the year, the trade deficit still rose by 1.5 percent as imports increased by 12.3 percent, totaling $1.95 billion.