April 6, 2016
Contact: Paola Masman, Media Director
202-688-5145 ext 2, [email protected]
Washington ~ The federal government announced that the US trade deficit worsened yet again in February 2016. Modern trade deals continue to cause failures in US trade performance and loss of dynamic, diverse manufacturing and agricultural supply chains. Here are the relevant points from the report, released today.
1. Trade deficit worsened: “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 $47.1 billion in February, up $1.1 billion from $45.9 billion in January, revised. ”
2. Exports down on a three month average: “Average exports of goods and services decreased $0.9 billion to $178.2 billion in February.”
3. Imports up on a three month average: “Average imports of goods and services increased $0.2 billion to $224.1 billion in February.”
“American trade performance continues to fail because of the focus upon dumb trade agreements end up facilitating more imports than exports,” said Michael Stumo, CEO of the Coalition for a Prosperous America. “The US needs to pivot to an overarching strategy to balance trade rather than pursue losing gambits like the Trans-Pacific Partnership.”
The Coalition for a Prosperous America is a nonprofit organization representing the interests of 2.7 million households through our agricultural, manufacturing and labor members.