NAM says rising exports underscore importance of FTAs.
Press Release Summary:
According to NAM VP for International Economic Affairs, Frank Vargo, manufactured goods exports were up 12% for first 5 months of this year as compared to 1 year ago. Coupled with slower 4% rise in imports, export performance has resulted in further reduction in manufactured goods trade deficit, which through May, is 11% smaller than last year. NAM is pressing to get barriers against U.S. exports eliminated in Colombia, Panama, and South Korea by Congressional passage of trade agreements.
Original Press Release:
NAM Says Rising Exports Underscore Importance Of Free Trade Agreements
Vargo Urges Approval of FTAs for Colombia, Panama and South Korea
WASHINGTON, D.C. July 11, 2008 - The National Association of Manufacturers (NAM) said the Commerce Department trade figures for May 2008 released today show the improvement in manufactured goods trade is continuing.
"Manufactured goods exports continued their sizzling pace," said NAM Vice President for International Economic Affairs Frank Vargo. "For the first five months of this year, they were up 12 percent over the comparable year-ago period.
"Coupled with a slower 4 percent rise in imports, the export performance has resulted in a further reduction in the manufactured goods trade deficit which, through May, is 11 percent smaller than last year," said Vargo. "There is no question that the value of the dollar, which has returned to roughly equilibrium rates, is playing an important role in this export growth as well."
"Exports are keeping U.S. manufacturing afloat this year as domestic demand is very soft," said Vargo. "We need to do everything possible to continue our export expansion, which is why the NAM is pressing so hard to get barriers against U.S. exports eliminated in Colombia, Panama, and South Korea by Congressional passage of trade agreements with those countries.
"By holding back on these agreements and forcing American manufacturers to pay higher import tariffs in these countries than would otherwise be the case, Congress is hurting the competitiveness of American manufacturers and their workers," Vargo said.
CONTACT: HANK COX (202) 637-3090
