Press Release

Commerce Secretary Praises Record Exports and Lowest Trade Deficit since July 2005

LOS ANGELES—U.S. Commerce Secretary Carlos M. Gutierrez issued the following statement on the November U.S. International Trade in Goods and Services, which shows that the trade deficit of $58.2 billion was the lowest since July 2005. The deficit narrowed for the third-straight month and it is the first three-month decline since early 2003:

"Today's trade numbers indicate exports are stronger than ever before, reaching record levels totaling $124.8 billion in November. So far this year, total exports have increased 13.1 percent, including an expansion of goods exports of 32.9 percent to China, which is nearly double the rate of growth of Chinese imports. We are also seeing double-digit goods export growth to Korea, Malaysia, Singapore, Mexico, India, Brazil and the European Union.

"Today's numbers are further evidence of the nee to support President Bush's agenda to open markets for U.S. exports. When we open overseas markets, American companies, consumers and workers benefit. These numbers also show that the President's trade promotion authority is critical to our efforts to open new markets around the world. The Bush Administration looks forward to working with the new Congress to further strengthen the U.S. economy by pursuing a trade agenda that improves the lives of all Americans."