Trade data from July 2008 released on Monday by the US Department of Commerce highlighted the vitality of US exports in the global economy, according to US Trade Representative Susan Schwab.
Goods and services exports during the first seven months of this year were 18.3% higher than in the same period in 2007, the Department of Commerce trade data shows.
“The United States remains a global leader in manufacturing, services, and agriculture,” Schwab explained, going on to add:
“In fact, our products and services are extremely competitive in the global marketplace. Some claim that we don't make anything anymore and that we have lost our competitive edge. However, the data released today proves the exact opposite. Month after month, the trade data has confirmed that our exports are thriving in markets around the world.
Schwab went on to urge Congress to ratify three key trade deals, including with Colombia, Panama and most importantly, South Korea - the most commercially significant FTA the United States has concluded in 15 years.
"To achieve continued growth of our exports and the contribution of US exports to our economic growth, I urge the Congress to use this September session to level the trade playing field for American farmers, workers, and entrepreneurs in three key markets – Colombia, Panama, and South Korea," she stated.
“When these three agreements are approved and implemented, nearly all tariffs and other trade barriers on American goods and services exports will be eliminated in these markets. The increased trade created from the approval of these agreements will help grow our economy, help to create higher paying jobs and expand choices for consumers," Schwab concluded.
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