- THE MAGAZINE
The United States exported a record $194.9 billion in goods and services in November 2013, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
“Once again, American entrepreneurs are proving why exports are so critical to our economic growth,” said Export-Import Bank Chairman and President Fred P. Hochberg. “These numbers showcase the importance of exports to the U.S. economy and how Ex-Im Bank plays a critical role in supporting American businesses overseas. We provide critical financing to increase sales and create jobs.”
November’s figure is considerably larger than the previous high recorded in October, which was revised upward this month to $193.1 billion.
Exports of goods and services over the last 12 months totaled $2.3 trillion, which is 43.7 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 9.7 percent when compared to 2009.
During the same time period 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 (27.3 percent), Russia (21.3 percent), Hong Kong (20.1 percent), United Arab Emirates (20.0 percent), Peru (19.9 percent), Chile (18.7 percent), Colombia (18.6 percent), Argentina (16.7 percent), Ecuador (16.6 percent), and Indonesia (15.4 percent).
Ex-Im Bank is an independent federal agency that provides private export financing at no cost to American taxpayers. 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.