New Data Shows Increase in Exports
According to the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department, U.S. exports grew 16.6 percent in calendar year 2010. U.S. exports totaled about $1.8 trillion for calendar year 2010, up from 2009 when they totaled about $1.57 trillion. Exports for December totaled $163 billion, a 1.8 percent gain from the previous month, and the highest monthly figure since July 2008.
Unfortunately, imports increased 2.6 percent in December from the previous month resulting in a 5.9 percent increase to the trade deficit. In 2010, the U.S. trade deficit rose to $497.8 billion, a 32.8 percent surge from 2009 when it had fallen to the lowest point in eight years. Although a growing trade deficit can have negative implications for growth in U.S. jobs, many project ongoing increases in exports will offset increase imports.
Of particular interest: in 2010, the trade deficit with China rose by 20.4 percent to hit an all–time high of $273.1 billion, the largest imbalance the U.S. has ever recorded with a single country. Many critics point to China’s manipulation of their currency and creating barriers to U.S. products as the reason behind the huge imbalance.
In addition to BEA’s data which showed growth in exports, the Export-Import Bank of the U.S. (Ex-Im Bank) is reporting a strong first quarter for 2011, with small-business authorization volume in dollars jumping 22.46 percent over the same quarter of 2010. In addition, Ex-Im Bank reported it authorized an estimated $8 billion in total authorizations for the first quarter of 2011, supporting nearly $9.3 billion in export sales.
Finally, International Trade Administration (ITA) recently released a status update on the National Export Initiative’s (NEI) five key goals for its first year: improving trade advocacy and export promotion efforts; increasing access to credit; removing barriers to the sale of U.S. goods and services abroad; enforcing trade rules; and pursuing policies to promote strong, sustainable, and balanced growth. Throughout 2010, in order to address those priorities, the Commerce Department:
- Assisted U.S. companies competing for international contracts and other U.S. export opportunities through commercial advocacy worth $18.7 billion in U.S. export content, supporting an estimated 101,000 jobs;
- Coordinated an unprecedented 35 trade missions to 31 countries with nearly 400 companies resulting in an anticipated $2 billion in increased exports;
- Helped more than 5,500 U.S. companies complete an export success
- Recruited nearly 13,000 foreign buyers to major U.S. trade shows, facilitating approximately $770 million in export successes; and
- Resolved successfully more than 82 trade barriers in 45 countries that were affecting a broad range of industries.
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