Exports of U.S. goods and services grew 16.6 percent in calendar year 2010, according to data released by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
BEA reported that U.S. exports totaled about $1.8tr for calendar year 2010 versus a total of about $1.57tr the year before. Exports for December totaled $163bn, the highest monthly figure since July 2008.
In another report of growing U.S. exports, the Export-Import Bank of the United States (Ex-Im Bank) posted strong first-quarter results for Fiscal Year 2011, with small business authorization volume in dollars jumping 22.46 percent over the same quarter of 2010.
"We are delighted with the continuing growth trend. The United States remains on track to meet President Obama's goal of doubling exports and supporting two million American jobs by 2015," said Ex-Im Bank Chairman and President Fred P. Hochberg."
Among the major export markets (defined as markets averaging at least $500m per month in imports of U.S. goods), the largest percentage increases in U.S. goods purchases occurred in Turkey (48.7 percent), Panama (41.4 percent), Taiwan (40.8 percent), Peru (37.2 percent), Indonesia (35.9 percent), Korea (35.8 percent, Brazil (35.5 percent), Malaysia (34.4 percent), Argentina (33.1 percent), and China (32.2 percent).
In addition, Ex-Im Bank reported it approved an estimated $8bn in total authorizations for the first quarter of Fiscal Year 2011 (October, November and December 2010), supporting nearly $9.3bn in export sales and 66,000 American jobs in communities across the country.
"We expect a higher overall authorization rate for Fiscal Year 2011 than in fiscal 2010," Hochberg said.
Ex-Im Bank, an independent, self-sustaining federal agency, helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness. In fiscal year 2010, the Bank authorized a record high of approximately $24.5bn in loans, guarantees and insurance, supporting about 230,000 American jobs.
Source: Export-Import Bank
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