This week has marked a major milestone in the international trade world as the White House has sent three long-awaited trade agreements to Congress. The agreements with South Korea, Panama, and Colombia are an important step in advancing U.S. exports and increasing jobs across the country. More specifically, an article in
states that, “...the agreements would support tens of thousands of jobs and boost U.S. exports by $13 billion annually.” The news comes with a positive ring as many in the trade community have longed for such an announcement.
Our U.S. Census Database, TradeView™
, shows that the U.S. has increased the value of exports to the three countries by nearly 15% from last year. Panama shows the most growth with 28% followed by Colombia with 18% and South Korea at 11%. The following graph illustrates the increases for each country, increases that will likely continue after the developments of this week.