U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the February 2015 U.S. International Trade in Goods and Services data. The goods and services trade deficit improved by 17 percent to $35.4 billion in February. This is the lowest monthly trade deficit since October 2009.
“Today's data show that high-value U.S. exports such as pharmaceuticals, civilian aircraft, and machinery have continued to grow this year despite global economic challenges,” said Secretary Pritzker. “Selling more American-made goods and services to the 95 percent of consumers who live outside the U.S. is critical to our nation's continued economic growth and job creation, and that is why President Obama and this Administration are committed to completing and enacting trade agreements that put American workers first by creating new market opportunities in the world's fastest-growing region.” U.S. exports of goods and services decreased to $186.2 billion in February from $189.2 billion in January. However, record monthly levels were reached in exports of consumer goods; other business services, such as research and development and legal services; and insurance services.
The Administration is working with Congress on trade promotion legislation that will help increase U.S. exports. For the last 40 years, Congress has enacted trade promotion authority (TPA) legislation to help guide both Democratic and Republican Presidents in pursuing trade agreements that support U.S. jobs, eliminate barriers to U.S. exports, and set rules to level the playing field for U.S. companies, farmers, ranchers and workers. TPA allows Congress to set high-standard objectives and priorities for U.S. trade negotiators and establish a process for consulting with Congress and the public.
U.S. goods and services exports have hit record highs five years in a row, reaching $2.34 trillion in 2014, and now support a record 11.7 million U.S. jobs.
Source: U.S. Department of Commerce
