Exports Stay Healthy in August
The United States exported $189.2 billion worth of goods and services in August 2013, slightly lower than July's total of $189.3 billion and June's all-time record high of $190.5 billion, according to data released by the Commerce Department's Bureau of Economic Analysis this week.
Export-Import Bank Chairman and President Fred Hochberg singled out manufacturing as one particular slice of the economy that continues to grow through increases in international sales. "Our exporters continue to drive the U.S. economy and employ more American workers in high-paying, skilled export-related jobs, especially in the manufacturing sector," he said. "Every month brings us closer toward achieving President Obama's ambitious goal of doubling U.S. exports by 2015."
While that goal might still remain just out of reach, exports from the U.S. have continued to be a remarkably resilient economic figure despite continued global uncertainty and seemingly biennial fiscal crises here at home. Over the last 12 months, exports of goods and services have totaled $2.2 trillion, which is 42.2% above the levels of exports in 2009 and signifies growth at an annualized rate of 10.1% compared again to 2009.
Among major export markets, meaning countries with at least $6 billion worth of annual imports of U.S. goods, the list of countries registering the largest annualized increases in U.S. goods purchases when compared to 2009 is dominated by Latin American economies. Panama (28.8%), Peru (20.9%), Chile (20.3%), Colombia (19.3%), Argentina (17.8%) and Ecuador (17.6%) have all registered regular increases in goods purchases from U.S. sellers.
- Jacob Barron, CICP, NACM staff writer