US exports hit record high
The US trade deficit dropped by 10.7% in June, to US$42.9bn, compared to US$48bn in May.
According to data released yesterday, August 9, by the US department of commerce, export value grew by 0.9% to a record US$185bn, while imports decreased by 1.5% to US$227.9bn.
The rise in export value was led by increases in consumer goods, automotive vehicles, parts and engines, industrial supplies and capital goods. However, exports of food and drink dropped by US$0.8bn between May and June.
Over the same period, imports that showed the strongest decline in value were industrial supplies, capital goods, consumer goods and food and drink, while automotive vehicles and parts showed a slight increase.
Acting US secretary of commerce Rebecca Blank has welcomed the positive effect of exports on the American economy. “Though much work remains to be done, the US continues to make historic progress toward achieving President Obama’s national export initiative goal of doubling our exports by the end of 2014.
"Higher exports mean more jobs: the significant increase in exports since 2009 has helped America create 4.5 million jobs over the past 29 months, and, in 2011, jobs supported by exports increased by 1.2 million over 2009,” she says.
Fred Hochberg, president and chairman of the US Export-Import Bank (US Exim), adds:
"Exporting is paying off for American workers at home, and it is essential we continue to cultivate business overseas to support the US economy."
US exports of goods and services over the last 12 months reached US$2.165tn, 37.1% above the levels of 2009, and well on track to exceed 2011 numbers.
The country's largest growing markets over the past 12 months were Panama (38.1%), Turkey (29.5%), Argentina (29.1%), Hong Kong (28.3%), Chile (28.1%), Russia (26.4%), Honduras (26.1%), Peru (25.5%), Brazil (22.7%) and Ecuador (22.1%).