Exports Rise To $180.5 Billion In October
Written by Ken Gaebler
Recent Obama administration initiative is having a positive impact on the expanding U.S. export market.
Export levels are an indicator of economic vitality and a nation's ability to compete with other economies on the world stage. In figures recently released by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department, exports of U.S. goods and services totaled $180.5 billion in October -- a sign of continued recovery and expansion in the nation's export market.
Total exports of goods and services over the past twelve months totaled $2.183 trillion. This represents an impressive 38.3 percent increase over the level of exports reported in 2009. The annualized rate of growth in exporting over the past twelve months (compared to 2009) is 12.1 percent.
Many experts are crediting the Obama administration's National Export Initiative (NEI) for the rise in U.S. exports, which reached an all-time high at $187.3 billion during the month of September. Enacted in 2010, the NEI was designed to support 2 million U.S. jobs by doubling the nation's exports from 2010 to 2014.
"President Obama's National Export Initiative has helped create or sustain high-quality jobs and put Americans back to work," said Ex-Im Bank Chairman and President Fred P. Hochberg. "While today's numbers show that there is more work to be done, the Bank will continue to level the playing field by ensuring that U.S. companies can compete globally and that small and medium-sized business owners have access to export financing."
The rise in exporting is good news for American small business owners, especially for those who want to learn how to start exporting their products abroad. However, demand for U.S. products overseas doesn't necessarily translate to all market sectors and shouldn't cause entrepreneurs to jump into exporting hastily. As always, successful exporting requires planning, preparation and a long-range strategy.
The import nations that are driving increases in U.S. exporting are geographically and economically diverse. Currently, the nations with the largest annualized increases in purchases of U.S. goods include: Panama (32.9 percent), Chile (26.6 percent), Argentina (24.9 percent), Peru (24.7 percent), Russia (24.4 percent), Turkey (23.5 percent), Venezuela (22.4 percent), United Arab Emirates (22.0 percent), Hong Kong (20.9 percent), and South Africa (20.6 percent).
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