US Exports $170.9B in Goods, Services in June

The United States exported $170.9 billion in goods and services in June 2011, exceeding the pace the Obama Administration has set as a goal, according to data recently released by the Bureau of Economic Analysis, part of the Commerce Department.

 

The 12-month total of all goods and services exported was $1.978 trillion, 25.6 percent higher than in 2009.

Over the past year, exports have increased at an annualized rate of 16.4 percent when compared to 2009, setting a pace greater than the 15 percent needed to double exports by the end of 2014, a goal of President Barack Obama’s National Export Initiative.

 

Contributing to this growth, the Export-Import Bank of the United States (Ex-Im Bank) has approved more than $24.5 billion in total authorizations for Fiscal Year 2011 through Aug. 4, 2011, an all-time record for the bank.

 

“U.S. exports play a key role in boosting our economy and encouraging job creation and growth,” said Fred P. Hochberg, chairman and president of the Ex-Im Bank. “In these difficult economic times, it is critical that our small business owners take advantage of every opportunity to increase sales by competing in the global marketplace.

 

“I am pleased that our export numbers remain strong, and Ex-Im Bank is committed to helping President Obama reach his goal of doubling U.S. exports by the end of 2014,” he said.