US Exports Rise 17.9 Percent in First Seven Months of 2010

WASHINGTON  (Profitable.com)  Exports of U.S. goods and services increased 17.9 percent during the first seven months of 2010, according to data released by the Bureau of Economic Analysis of the U.S. Commerce Department. The United States remains on track to meet President Obama’s goal of doubling exports and supporting two million American jobs over the next five years.

“Again we are heartened by the export increase, which shows a growing appetite for U.S.-made goods and services, and that translates to more American jobs,” said Ex-Im Bank Chairman and President Fred P. Hochberg. “For its part, Ex-Im Bank has authorized $21.5 billion in export financing and supported an estimated 200,000 U.S. jobs this fiscal year to date. We will continue to widen our outreach to U.S. businesses large and small, to help them grow their profits through exports.”

Data highlights include:

  • U.S. exports totaled $1,044 billion during the January-through-July period of 2010, up 17.9 percent from the same period of 2009.
  • July exports totaled $153.3 billion.
  • Among the major export markets (which we now define as markets averaging at least $500 million per month in imports of U.S. goods and services), the largest percentage increases in U.S. goods purchases occurred in Taiwan (55.3 percent), Korea (51.5 percent), Turkey (49 percent), Malaysia (47.3 percent), Indonesia (44.6 percent), Peru (41.9 percent), Singapore (40.1 percent), Brazil (39.9 percent), Philippines (36.6 percent), and China (36.2 percent).

President Barack Obama’s National Exports Initiative is a government-wide effort to put the United States on a path to sustained economic growth by doubling exports and creating 2 million jobs by 2015. To support this effort, Ex-Im Bank is continuing to expand its outreach efforts and make its financing products accessible to more exporters.

Ex-Im Bank, an independent, self-sustaining federal-government agency, provides export financing that helps strengthen U.S. export competitiveness, and creates and maintains U.S. jobs. The Bank provides a variety of financing mechanisms, including working capital guarantees to help small and medium-sized U.S. businesses, export-credit insurance to protect exporters against nonpayment by foreign buyers, and loan guarantees and direct loans to assist foreign buyers of U.S. goods and services.

In fiscal year 2009, overall Ex-Im Bank financing totaled $21 billion, and authorizations supporting small-business exports reached a historic high of $4.4 billion, nearly 21 percent of total authorizations.

In the first 11 months of FY 2010 (through August 2010), Ex-Im Bank authorized $21.5 billion in loans, guarantees and insurance. For more information, including how to access Ex-Im Bank export financing, see Ex-Im Bank’s Web site at www.exim.gov.