The U.S. exported $185 billion in goods and services in June, according to data released by the Commerce Department, marking an all-time monthly high. The previous record, set just three months prior in March 2012, was $184.4 billion.
"This is the highest value ever recorded for the export of U.S. goods and services," said Export-Import (Ex-Im) Bank Chairman and President Fred Hochberg. "Exporting is paying off for American workers at home, and it is essential we continue to cultivate business overseas to support the U.S. economy."
Over the last 12 months, U.S. exports of goods and services have totaled $2.165 trillion, which is 37.1% above the 2009 total. Since then, U.S. exports have been growing at an annualized rate of 13.5%. Major export markets with the largest annualized increases in purchases of U.S. were Panama (38.1%), Turkey (29.5%), Argentina (29.1%), Hong Kong (28.3%), Chile (28.1%), Russia (26.4%), Honduras (26.1%), Peru (25.5%), Brazil (22.7%) and Ecuador (22.1%).
Despite the reliable positivity of exports over the last several quarters, NACM Economist Chris Kuehl, PhD noted that a number of rare factors helped boost June's figures, and that this type of growth might soon be coming to an end. "The one-off developments include a dramatic burst of activity in a couple of traditionally volatile areas—pharmaceuticals and gems. Together these sectors accounted for half the consumer goods gain," said Kuehl. "If one looks at these motivators for the good month, it is pretty obvious that this is not all that sustainable."
Placing U.S. export figures in greater risk is the fact that other major export countries have seen drastic declines. "If there are export declines in Germany, Japan, Korea, China and Brazil," asked Kuehl, "can the U.S. continue to be the outlier that is seeing expansion?"
- Jacob Barron, CICP, NACM staff writer
To learn more about how to use exports to grow your company, visit FCIB's website at www.fcibglobal.com. For more information on Ex-Im Bank's export support programs, be sure to tune into FCIB's upcoming webinar, "Financial Tools for Export Success," led by Sharyn Koenig, director of Ex-Im's southeast regional export finance center and minority and women-owned business outreach.