January’s exports of U.S. goods and services — $167.7 billion — was the largest monthly total ever recorded, surpassing the previous record of $165.7 billion, which occurred in July 2008, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
BEA reported that for the 12-month period ending Jan. 31, 2011, exports of goods and services totaled $1.86 trillion, putting U.S. exports 18.2 percent above the level of exports in 2009. During the same period, exports have been growing at an annualized rate of 16.7 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.
Also contributing to U.S. export growth, the Export-Import Bank of the United States (Ex-Im Bank) authorized $8.25 billion for the first four months of fiscal year 2011 (Oct. 2010 through Jan. 2011), supporting $10.3 billion in U.S. exports and approximately 75,000 American jobs. The Bank’s support of U.S. small business exports also grew to $1.5 billion, compared with $1.4 billion for the same four-month period a year ago.
“The growth trend in U.S. exports remains strong and the United States is on track to meet President Obama’s goal of doubling exports and supporting two million American jobs by the end of 2014,” said Ex-Im Bank Chairman and President Fred P. Hochberg.
Among the major export markets (defined as markets averaging at least $6 billion per year in imports of U.S. goods), the largest percentage increases in U.S. goods purchases occurred in Turkey (50.6 percent), Panama (39.8 percent), Taiwan (38.6 percent), Peru (36.7 percent), Brazil (35.6 percent), Korea (34.2 percent), Malaysia (33.7 percent), Argentina (33.3 percent), Indonesia (32.8 percent), and Egypt (31.3 percent).
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness.
For more information on Ex-Im Bank, visit www.exim.gov.
Tagged with: Barack Obama • Bureau of Economic Analysis • Business • Companies • Export • Export-Import Bank of the United States • Fred Hochberg • Fred P. Hochberg • Industry • Markets • U.S. exports • United States
Filed under: Business
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