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U.S. Commerce Secretary Gary Locke Statement on October 2010 U.S. International Trade in Goods and Services Report

Friday, December 10, 2010

U.S. Commerce Secretary Gary Locke issued the following statement today on the release of the October 2010 U.S. International Trade in Goods and Services report by the Commerce Department’s U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Today’s report showed that U.S. exports of goods and services in October increased 3.2 percent from September to $158.7 billion, the highest level for monthly exports since August 2008 ($162.9 billion). Services exports reached a record high for the third consecutive month. U.S. imports of goods and services decreased 0.5 percent in October to $197.4 billion, allowing the U.S. trade deficit to decrease 13.2 percent since September to reach $38.7 billion in October. Goods exports were up by more than 4 percent in October (compared to September), with the highest goods exports on record to Mexico and China.

“Now more than ever, America’s ability to continue job growth at home depends on our success at selling more to the 95 percent of the world’s consumers who live outside our borders. Today’s trade numbers are another sign that we’re moving in the right direction. 

“The pending trade deal with Korea will build on the momentum we’re seeing. It levels the playing field for American companies doing business there and will create jobs and opportunity here at home. Through October 2010, U.S. merchandise exports to Korea grew by 39 percent (from the same period of 2009) making Korea our third-largest growth market for exports among our major trading partners. The new trade deal will only elevate that relationship. That’s good for Korean consumers, who will have better access to world-class, American-made products, and good for the U.S. workers and businesses that make them.”

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