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

Friday, February 11, 2011

U.S. Commerce Secretary Gary Locke issued the following statement today on the release of the December 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 December increased 1.8 percent from November to $163 billion. U.S. imports of goods and services increased 2.6 percent to $203.5 billion, with the overall trade deficit growing by 5.9 percent in December to $40.6 billion. After dropping 14.6 percent in 2009, exports grew 16.6 percent in 2010, compared with an average annual rise of 11.2 percent during 2002-2008. Exports of goods and services in 2010 reached $1.83 trillion, the second highest annual total on record and the largest year-to-year percent change in over 20 years. In 2010, exports contributed to nearly half of the 2.9 percentage point growth in real GDP.

Locke is wrapping up a high-technology trade mission to India with 24 U.S. companies that are promoting their technologies and services in India’s fast-growing economy and building business relationships that will lead to future sales.

“U.S. exports showed strong growth in 2010, increasing 16.6 percent over 2009 levels, putting us on track to achieve President Obama’s National Export Initiative goal of doubling exports by the end of 2014. The U.S. is the largest exporter of services in the world, and services exports reached a record surplus last year. Exports are leading the U.S. economic recovery and helping to create high-quality jobs for the American people.

“Next week, I will kick off a multi-city, interagency outreach tour that will connect small- and medium-sized businesses with the export resources they need to reach the 95 percent of the world’s consumers who live outside our borders. Winning the future means helping more American businesses become competitive in markets abroad, and this administration is committed to doing just that.”

Report (PDF)