U.S. exports of goods and services increased by 16.7 percent during the first quarter, putting the country on track to meet President Obama's goal of doubling exports and supporting 2 million American jobs over the next five years, according to the U.S. Export-Import Bank (Ex-Im Bank).

"This is a great progress report," says Fred P. Hochberg, chairman and president the bank. "What it really says is that there are significant opportunities globally for both large and small U.S. businesses."

The trade figures were announced by the Commerce Department's Bureau of Economic Analysis, which put total U.S. exports during the January-March period at $434bn. The largest percentage increases occurred in Taiwan (80 percent), Korea (66.2 percent), Malaysia (49.2 percent) and China (46.6 percent). 

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