ITA Trade Administration : Statement from U.S. Under Secretary of Commerce for International Trade Stefan M. Selig on international trade in goods and services in November 2015

For Immediate Release: January 6, 2016
Contact: Mary Trupo, [phone]

WASHINGTON - U.S. Under Secretary of Commerce for International Trade Stefan M. Selig issued the following statement today on the release of the November 2015 U.S. International Trade in Goods and Services data. The trade deficit improved by five percent to $42.4 billion in November, while overall U.S. exports of goods and services decreased to $182.2 billion from $183.8 billion in October. In addition, new services export records were achieved in three sectors -- other business services; telecommunication, computer and information services; and insurance.

'Today's trade data shows the trade deficit reached its lowest level since February of this year. However, global economic headwinds continue to impact U.S. companies competing in the global marketplace. This administration remains committed to ensuring our world-class products and services are available to the more than 95 percent of consumers living outside our borders,' said Under Secretary Selig. 'President Obama's drive to implement innovative trade agreements like the Trans-Pacific Partnership and the Transatlantic Trade and Investment Partnership is critical as we continue to try to grow our exports, strengthen our nation's economy and create good-paying jobs in local communities across our country.'

The Trans-Pacific Partnership (TPP) is a transformational 21st century trade agreement with 11 other Asia-Pacific countries, home to some of the fastest-growing markets in the world. Combined, the current TPP members represent nearly 40 percent of the global GDP. TPP levels the playing field for American workers and American businesses, supporting more Made-in-America exports and higher paying American jobs.

The Transatlantic Trade and Investment Partnership (TTIP) will be an ambitious, comprehensive, and high-standard trade and investment agreement between the United States and the European Union (EU) that offers significant benefits for U.S. companies and workers through eliminating existing trade barriers and better enabling U.S. companies and workers to compete. TTIP will provide significant new opportunities for U.S. industry, as approximately one-fifth of all U.S. goods and services exports go to the EU.

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International Trade Administration

The International Trade Administration (ITA) is the premier resource for American companies competing in the global marketplace. ITA has 2,200 employees assisting U.S. exporters in more than 100 U.S. cities and 75 markets worldwide. For more information on ITA visitwww.trade.gov.