The United States exported $174.9 billion in goods and services in May 2011, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
Exports of goods and services over the last twelve months totaled $1.958 trillion, putting U.S. exports 24.3% above the level of total exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 16.6% when compared to 2009, a pace greater than the 15% required to double exports by the end of 2014, which is the goal of President Obama’s National Export Initiative (NEI).
Over the last twelve months, among the major export markets (i.e., markets with at least $6 billion in annual imports of U.S. goods), the countries with the largest annualized increase in U.S. purchase of goods when compared to 2009, occurred in Turkey (53.6 percent), South Africa (37.8 percent), Panama (35.1 percent), Peru (34.9 percent), Argentina (33.5 percent), Brazil (32.3 percent), Taiwan (32.2 percent), Thailand (29.8 percent), Hong Kong (29.7), and Egypt (29.0 percent).
“Increasing U.S. exports is a critical part of our economic recovery,” said Ex-Im Chairman & President Fred P. Hochberg. “We are on track to double U.S. exports by the end of 2014. Ex-Im Bank will continue to provide American companies, both large and small, with the competitive edge they need to expand their foreign sales.”
Also contributing to U.S. export growth, the Export-Import Bank of the United States (Ex-Im Bank) completed $20.3 billion in total authorizations for the first eight months of fiscal year 2011 (Oct. 2010 through May 2011), supporting $26 billion in U.S. exports and more than 175,000 American jobs. This eight-month authorization figure is the highest in the Bank’s history. In fiscal year 2010, Ex-Im Bank approved $16.3 billion in this same time period, supporting $19.9 billion in U.S. export sales and supporting 137,000 American jobs.
For small businesses, the Bank’s transactions are up almost 7% from last year, and working capital guarantees to small businesses total $926.6 million, a 38.5% increase from last year. Other highlights from the first eight months include $1.3 billion in authorizations for Sub-Saharan Africa.
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. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years.
Tagged with: Barack Obama • Bureau of Economic Analysis • Business • Business Promotion • Business Services • Economic recovery • Economy • Employment • Export-Import Bank of the United States • Financial • Hong Kong • Industry • Jobs • Markets • Small business • Sub-Saharan Africa • U.S. exports • United States • United States Department of Commerce
Filed under: Business