U.S. Exports Hit More Than $180 Billion in January
WASHINGTON, D.C. - The United States exported $180.8 billion in goods and services in January 2012, an increase of more than $1 billion over December 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 $2.118 trillion, which is more than 34 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 15.3 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.
The Brookings Institute yesterday released the report, “Export Nation 2012,” and it confirmed that exports are leading the way toward economic recovery,” said Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank).
The Brookings report also found sales grew by more than 11 percent in 2010, the fastest growth since 1997. In terms of job creation, the number of U.S. total export-supported jobs increased by almost 6 percent in 2010, even as the overall economy was still losing jobs. Further, large metropolitan areas powered the nation's export growth - the largest metro areas produced almost 65 percent of the U.S. export sales in 2010.
Over the last twelve months, the major export markets with the largest annualized increase in U.S. goods purchases were Turkey (40.7 percent), Panama (37.9 percent), Argentina (34.0 percent), Honduras (32.9 percent), Chile (30.2 percent), Hong Kong (30.2 percent), Peru (29.0 percent), South Africa (27.6 percent), Brazil (26.7 percent), and Guatemala (25.6 percent).
In the first quarter of fiscal year 2012, Ex-Im Bank approved $4.26 billion in authorizations, supporting approximately 37,000 American jobs. Over $789 million in export financing was authorized for small businesses, and the number of small business customers increased by 10% over the same quarter in 2011.
ABOUT EX-IM BANK
Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years, Ex-Im Bank has earned for U.S. taxpayers $1.9 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011 — an all-time Ex-Im record. This total includes more than $6 billion directly supporting small-business export sales — also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs in communities across the country. Persons interested in applying for positions in Ex-Im Bank regional offices can go the careers section at Exim.gov. For more information, visit www.exim.gov.