U.S. Has Trade Surplus in Manufactured Products with FTA Partners
Continued strong growth in U.S. exports has resulted in a trade surplus of $2.7 billion in manufactured goods with FTA partner countries for the first five months of 2008. The $2.7 billion surplus represents an improvement of $15 billion over the same period last year. The increase in the trade surplus with Canada, Singapore, Chile, Australia, and CAFTA was $12.6 billion.
The rate of growth of U.S. exports of manufactured products to FTA partner countries far exceeds that to non-FTA markets. While the rest of the U.S. economy struggles, rapidly rising U.S. exports are sustaining U.S. economic growth. Therefore, it is vitally important that Congress passes the three pending fair trade agreements with Colombia, South Korea, and Panama. The U.S. International Trade Commission has estimated that these three agreements would increase U.S. exports by at least $10.8 billion. These fair trade agreements are an economic stimulus for the U.S. manufacturing sector and American workers.
