Ignored Economic News of the Week: YTD Surplus with Free-Trade Countries

On Wednesday, the Department of Commerce issued a press release, the kind of thing you would hope business journalists get in their e-mail boxes. But I found no coverage of this news in a Google News Search on [commerce "free trade'] (typed as indicated inside brackets).

Here is that news:

U.S. Manufacturing Exports Swing from Deficit to Surplus with Free Trade Agreement Countries

U.S. Secretary of Commerce Carlos M. Gutierrez announced new U.S. Commerce Department data showing that the United States is running a trade surplus in manufactured exports with our 14 free trade agreement (FTA) partners. In the first five months of 2008, the trade balance in manufactured goods rose to a $2.7 billion surplus with our FTA partners from a $12.3 billion deficit during the same period last year. The U.S. manufactured goods trade balance improved 122 percent with our FTA partners, but only six percent with non-FTA partners in the first five months of 2008. [snip]

Since 2002, FTAs have helped U.S. manufactured exports grow steadily and at a faster rate than imports — 63 percent compared to only 42 percent, respectively, year-to-date through May 2008

“Americans need more trade, not less,” Gutierrez said. “It’s clear FTAs make us more competitive and contribute to the health of the U.S. economy. Now it’s time for Congress to approve the pending FTAs with Colombia, Panama and South Korea. U.S. manufactured exports and local economies depend on free markets for jobs and prosperity.” [Secretary of Commerce Carlos M. Gutierrez]

READ MORE [DoC press release]

READ MORE [fact sheet]