The US is on track to hit President Obama’s goal of doubling US exports in five years according to new figures released by the county’s commerce department.

Data from the Census Bureau and the Bureau of Economic Analysis shows that US exports of goods and services has risen by 17.7% during the first five months of 2010 when compared to the same period of last year.

The country’s exports totalled US$739.5bn between January 1 and May 31, 2010.

May led the charge with the strongest monthly performance for US exports since September 2008, reaching US$152.3bn.

However, May is also the month that recorded the US’s highest trade deficit since November 2008, with the shortfall reaching US$42.3bn, up by 4.8%.

Fred Hochberg, president and chairman of the US Ex-Im, notes that the bank will continue providing the level of support it has: “The bank will continue to use all of its resources to support the president’s goal by reaching out to even more US businesses, especially small businesses, to help them export and, in the process, create more American jobs. This data reinforces the strong growth to date in US exports in 2010.”

Obama’s goal of double US exports in five years is known as the national export initiative, which aims to make financing products accessible to more exporters, among other things.