Editor's note: This has been cross-posted from Tradeology, the Official Blog of the Internatational Trade Administration
Guest Blog Post by Ken Hyatt, Acting Under Secretary of Commerce for International Trade and Mark Doms, Under Secretary of Commerce for Economic Affairs
Four years ago, President Obama made export promotion a national priority, launching the National Export Initiative to renew and revitalize American exports.
That initiative is working. Today, the Department of Commerce announced that for the fourth year in a row, the United States has set a record for annual exports. Total U.S. exports for 2013 reached $2.3 trillion.
There were record highs in both goods and services exports. Goods exports totaled 1.58 trillion, with records in a number of important sectors, including industrial supplies, consumer goods, and capital goods.
Service exports hit an all-time high of $682 billion, with records in several major service sectors. Travel and tourism was one record sector, as international visitors contributed $139 billion to the American economy.
Mexico was a particularly bright spot for U.S. exporters, as we saw a 4.7 percent increase to $226 billion in exports to our southern neighbor. Commerce Secretary Pritzker is currently leading a business development mission in Mexico, helping even more American companies find new opportunities and qualified business partners in one of our most important export markets.