Press Release

Secretary Gutierrez Lauds Record Exports, Calling on Congress to Approve Trade Agreements for America

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez today issued the following statement on the release of the May 2008 U.S. International Trade in Goods and Services report by the Department’s Census Bureau and Bureau of Economic Analysis. Today’s report shows that U.S. exports increased 18.2 percent to $768 billion year-to-date (through May) over the same period in 2007. Imports also increased 12.0 percent to $1,063 billion and the trade deficit narrowed 1.3 percent during the same time period.

“Today’s trade data highlights the strength of American exporters in the global marketplace, as exports rose 17.8 percent in May compared to last year. Growth in America’s exports to world markets continues to contribute to U.S. economic growth. Free trade agreements, not only help expand that growth by removing barriers for U.S. businesses and farms, they also benefit close allies who are pursuing policies to increase their own openness to trade. Now is not the time for America to give into calls for increasing economic isolationism.

“Colombia, the largest market for U.S. farm exports in South America, has made remarkable strides to strengthen democracy while fighting terrorists within its borders. Last week, the Colombian Military rescued 15 hostages – including three Americans – from terrorists that are combating Colombia’s democratic government.

“This weekend, however, we will mark 600 days since the U.S.-Colombia Free Trade Agreement was signed, and Congress still has yet to hold a hearing or schedule a vote on the Agreement. Since the signing, U.S. exports to Colombia have faced over $1.1 billion in taxes just to enter that market, while the majority of Colombian goods continue to enter the U.S. market duty-free.

“More than one year ago, the U.S.-Korea Free Trade Agreement was signed. This is our most significant bilateral trade deal in 15 years and could add more than $10 billion to the American economy. Korea’s elected government has, at considerable political cost to its representatives, opened its market to American beef despite domestic pressures.

“Our trading partners are pursuing open economic policies in challenging times. It is time for Congress to work with us and pass the pending FTAs with Colombia, Korea and Panama, so we can have fair, two-way trade with our allies and friends.”