Commerce Department Statement on U.S. International Trade in Goods and Services in August 2011

Washington, DC–(ENEWSPF)–October 13, 2011.  Acting U.S. Commerce Secretary Rebecca Blank issued the following statement today on the release of the August 2011 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 August 2011 decreased 0.1 percent from July 2011 to $177.6 billion.  This month’s exports of petroleum products ($10.3 billion) were the highest on record.  This month’s exports of services ($50.9 billion) were also the highest on record leading the U.S. trade surplus in services to reach a record $15.8 billion in August.  U.S. imports of goods and services also decreased $111 million to reach $223.2 billion, causing the U.S. trade deficit to remain flat at $45.6 billion in August 2011.

U.S. goods and services exports in the first eight months of 2011 are up 15.8 percent to $1.4 trillion from the $1.2 trillion in exports in first eight months of 2010.

“Now more than ever, our top priority and focus is jobs, and exports are a key driver of job creation. The Commerce Department is connecting U.S. businesses every day to the world’s consumers so that they can sell more, produce more and hire more.” Acting U.S. Commerce Secretary Rebecca Blank said. “Last night, Congress passed the trade agreements with Korea, Panama and Colombia.  They will open more opportunities for U.S. businesses to sell their products and services abroad.  The August exports numbers show that we are making steady progress in increasing U.S. exports, and we are expanding services exports in particular.  This will keep us on track to meet the President’s goal of doubling exports by the end of 2014 in support of millions of American jobs.”

Fact sheet (PDF)