U.S. to Hit $2 Trillion in 2011 Exports, Set to Meet Obama's Goal
By MacKenzie C. Babb
Washington - A new trade report shows the United States on course to meet President Obama's National Export Initiative target, with American goods and services exports during the first 11 months of 2011 up 15 percent, or $251.5 billion, from the same period in 2010.
In a January 13 statement, Commerce Secretary John Bryson said this brought the total goods and services exports for that period to $1.93 trillion, preparing the United States to exceed a record $2 trillion in exports for 2011.
"The good news from today's report is that we remain on track to meet President Obama's goal of doubling exports by the end of 2014," Bryson said. The figures also are "an indication of the need to further intensify our efforts to reach the 95 percent of the world's consumers who live outside our borders."
Bryson highlighted November's exports of consumer goods which, at $15.7 billion, are the highest on record.
The report, released January 13 by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis, showed a rise in both goods exports and imports during the period from November 2010 to November 2011, with exports up $16.6 billion, or 10.3 percent, and imports up $25.5 billion, or 12.7 percent.
The increase in exports was largely due to a jump in industrial supplies and materials, capital goods, automotive vehicles, parts and engines, consumer goods and other goods. The boost in imports also reflected increases in those sectors, with the addition of foods, feeds and beverages.
The report showed a $3.8 billion increase in exports of services from November 2010 to November 2011, with the largest jumps in royalties and license fees, travel, and business, professional and technical services.
Services imports in November 2011 were also up from the previous year, increasing by $2.1 billion. The largest jumps came in royalties and license fees, other transportation, and business, professional and technical services.
The November figures show surpluses with Hong Kong, Australia, Singapore and Egypt. Deficits were recorded with China, the European Union, the Organization of the Petroleum-Exporting Countries (OPEC), Japan, Mexico, Germany, Canada, Ireland, Nigeria, Venezuela, Taiwan and South Korea.
A day before the report's release, Bryson spoke on U.S. retail sales for 2011. He said the data reflect strong growth, showing a 7.7 percent increase from 2010. The secretary called on the United States to build on the positive economic momentum in 2012 by extending the payroll tax cut and unemployment insurance to "create jobs, promote economic growth and sustain the recovery."
(This is a product of the Bureau of International Information Programs, U.S. Department of State.)