U.S. exports approaching a record pace
January 16, 2012
The United States exported $177.8 billion in goods and services in November, 2011, according to data released late last week by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
Exports of goods and services over the last twelve months totaled $2.089 trillion, which is 32.64 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 15.9 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.
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. goods purchases, when compared to 2009, occurred in Turkey (45.4 percent), Panama (40.6 percent), Honduras (37.0 percent), Argentina (33.4 percent), Hong Kong (32.9 percent), Peru (30.7 percent), Chile (29.2 percent), Brazil (29.1 percent), South Africa (28.7 percent), and Thailand (27.7 percent).
Furthering U.S. export growth, Export-Import Bank of the United States approved more than $4.26 billion in total authorizations in the first quarter of FY 2012. This total includes an estimated $789 million in small business financing and $16.6 million in authorizations to renewable-energy projects. Top industry sectors included aircraft, manufacturing, agriculture, services, and information and communications service providers.
We agree with Fred P. Hochberg, Ex-Im Bank chairman and president that “U.S. exports are an integral part to driving the economy towards recovery.”
“Ex-Im Bank is linking American companies to the global marketplace so they can expand sales to create or sustain jobs,” he recently declared. “We must continue to engage our partners in government and the private sector to find new and innovative ways to finance exporting of U.S. goods and services.”
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