FOR IMMEDIATE RELEASE May 10, 2011
Jamie Radice (202-565-3200)
WASHINGTON, D.C. - March's exports of U.S. goods and services - $172.7 billion- was the largest monthly total ever recorded. This number surpassed the previous record of $167.5 billion, which occurred in January 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 $1.9 trillion, putting U.S. exports 20.9 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 16.4 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) completed $13.4 billion in total authorizations for the first six months of fiscal year 2011 (Oct. 2010 through March 2011), supporting $15.9 billion in U.S. exports and more than 115,000 American jobs. The six month authorization figure is the highest in the Bank's history.
These numbers demonstrate that Ex-Im Bank is on a solid path toward a third consecutive record-breaking year, said Ex-Im Chairman & President Fred P. Hochberg. Increasing exports is critical to our economic recovery, and I am confident that we will meet the President's goal of doubling U.S. exports by 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 (57.3 percent), South Africa (37.9 percent), Panama (36.1 percent), Taiwan (34.6 percent), Peru (34.2 percent), Brazil (33.3 percent), Argentina (33.1 percent), Malaysia (31.7 percent), Thailand (31.2 percent), and China (30.3 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. By charging fees and interest on all loan related transactions, Ex-Im Bank is able to cover all operation costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past 5 years
For more information on Ex-Im Bank, visit www.exim.gov. Small business exporters interested in learning how they can benefit from the Bank's export financing products may contact the nearest Ex-Im Bank Regional Export Finance Center by calling toll-free 1-800-565-EXIM .