FOR IMMEDIATE RELEASE December 4, 2013
Lawton King (202-565-3200)
Washington, D.C. - The United States exported a record $192.7 billion in goods and services in October 2013, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
With exports rising and the trade deficit falling, it is clear that President Obama's National Export Initiative is getting results, said Export-Import Bank Chairman and President Fred P. Hochberg. Today's numbers are a welcome reminder of the importance of exports to the U.S. economy. Ex-Im plays a critical role in ensuring that financing will not stand in the way of American businesses closing a sale overseas and creating jobs. And as another record month for American exporters and American jobs shows—the 'Made in America' brand remains a top seller.
October's figure is slightly larger than the previous high recorded in June, which was revised upward this month to $190.9 billion.
Exports of goods and services over the last twelve months totaled $2.3 trillion, which is 43.1 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 9.8 percent when compared to 2009.
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, were Panama (27.6 percent), Russia (22.3 percent), United Arab Emirates (20.9 percent), Hong Kong (20.7 percent), Peru (20.2 percent), Chile (19.3 percent), Colombia (18.7 percent), Argentina (17.2 percent), Ecuador (16.9 percent), and Saudi Arabia (16.0 percent).
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 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 $35.8 billion in total authorizations in FY 2012 - an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales - also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.