Trade & Investment: May International Trade in Goods and Services Data Released

(By Fernando Gracia, Office of the Western Hemisphere intern at the International Trade Administration) Four years ago, the United States Colombia free trade agreement went into effect, representing a commitment to trade and prosperity between our two countries.  Today, we look back at the four years since the United States-Colombia Trade Promotion Agreement (CTPA) entered into force and analyze what it has meant for trade between our two countries.

U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the May 2016 U.S. International Trade in Goods and Services monthly data. U.S. exports of goods and services decreased slightly to $182.4 billion in May from $182.7 billion in April. New monthly export records were established in Telecommunications, Computer, and Information services -- $3.1 billion – and in Insurance Services -- $1.5 billion. Year-to-date, the trade deficit has improved 3.5 percent or $7.2 billion. The goods trade deficit year-to-date has improved with China (7.3 percent) and the European Union (5.4 percent) during that period.

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, announced today that the goods and services deficit was $41.1 billion in May, up $3.8 billion from $37.4 billion in April, revised. May exports were $182.4 billion, $0.3 billion less than April exports. May imports were $223.5 billion, $3.4 billion more than April imports.

(By Leslie Wilson, Mexico Desk Officer at the International Trade Administration) The United States and Mexico share a deep, longstanding relationship that goes far beyond diplomatic relations to include extensive commercial, cultural, and educational ties, with over $1.6 billion in two-way trade of goods and services and roughly one million legal border crossings each day.  Mexico is our second largest export market and third largest source of imports, with annual two-way trade of $580 billion, reflecting the highly integrated nature of our bilateral value chains.

(By David Friedman, Acting Assistant Secretary for Energy Efficiency and Renewable Energy and Marcus Jadotte, Assistant Secretary of Commerce for Industry and Analysis) Now that the Paris Agreement has catalyzed new urgency to address climate change, the world’s demand for renewable energy and energy efficiency solutions is expected to increase exponentially. Manufacturers and service providers in the United States, which are well respected globally for innovative and reliable technologies, are gearing up for export opportunities. At the same time, U.S. agencies are shoring up their collaboration in order to help them meet the challenge.