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Blog Category: Under Secretary for International Trade Stefan M. Selig

A Record Year for American Exports, Further Proof of American Greatness

Under Secretary Stefan M. Selig (second from left) discusses the importance of exports as part of a panel discussion hosted by the Atlantic Council in Washington, DC on February 5, 2015.

Cross blog post by Stefan M. Selig is the Under Secretary of Commerce for International Trade

“The shadow of crisis has passed,” the President declared in his State of the Union two weeks ago, and the export data we released today goes to the heart of that very point.

The Commerce Department announced today that the U.S. economy hit a new annual record for exports, with $2.35 trillion in goods and services shipped in 2014.

That also represents the fifth consecutive year that our economy yielded record exports, going back to 2010 when the President launched the National Export Initiative.

If you take a deeper dive into the numbers, you see that exports are an important chapter in the larger story of our economic recovery.

Last year, we achieved record annual goods exports with Canada ($312 billion), Mexico ($240 billion) and China ($124 billion). In fact, the U.S. economy had record goods exports with 52 countries in 2014.

It was also a banner year when it came to goods exports with our free trade agreement (FTA) markets. You would expect that our exports to these countries would be strong. But last year saw enormous year-over-year growth in a variety of FTA markets throughout the world: up 7% with South Korea, 9% with Guatemala, 10% with Colombia, 11% with the Dominican Republic, and 28% with Oman.

Our services industry also enjoyed a banner year in 2014, hitting an all-time high of $710 billion.

Travel and tourism remained our strongest service export (it is easy to forget that every dollar a foreign visitor spends on airfare, lodging, and entertainment counts as an export dollar) coming in at $182 billion.

It was also a record year for goods exports, exceeding $1.6 trillion. When you take a look at individual sectors, it is easy to see a compelling story.

Exports of passenger cars represented our third-largest source of year-over-year growth—$61 billion in exports—an increase of more than $4 billion. Our three leading export markets for U.S. passenger cars were Canada, China, and Germany.

President’s Export Council to Participate in Administration’s First-Ever Fact-Finding Mission

President’s Export Council to Participate in Administration’s First-Ever Fact-Finding Mission

Guest blog post by Stefan M. Selig, Under Secretary of Commerce for International Trade

Yesterday, Secretary Pritzker and I announced that we will lead a high-level delegation on an economic fact-finding trip to Poland and Turkey later this month. I am excited to participate in the first PEC fact-finding mission for the Obama administration. 

That delegation — members of the President’s Export Council (PEC) — is the principal advisory committee on international trade to the president. It includes both public officials and private sector leaders. 

The private sector leadership that will participate during the trip represent many of the most successful and important companies doing business globally today. That includes the PEC vice chair, Ursula Burns, Chairman and CEO of Xerox Corporation. 

CEOs and senior executives from Lockheed Martin, Marriott International, Archer Daniels Midland, Boeing, Dow Chemical, eBay, IBM, and Pfizer, among others, will also participate in the fact-finding mission. 

With Poland as the sixth largest economy in the EU, and Turkey tripling its GDP per capita since 2002, the trade and investment opportunities are plenty and promising, particularly as they relate to economic growth for American businesses. 

After exploring potential opportunities in these countries, the PEC will report its findings to President Obama later this year. This trip is also an occasion for both the administration and American businesses to expand its presence in the field of commercial diplomacy. Working together as partners, we are deepening U.S. economic ties and continue to strengthen our presence on the global stage. 

In fact, one of the reasons I am excited to lead ITA at this moment in time, is because I believe we have a significant role in shaping international economic priorities.  

We can drive commercial diplomacy to new heights. 

From our Doing Business in Africa campaign, which helps facilitate business deals that result in trade-based development for the continent and jobs for the United States, to our Look South Initiative, which is designed to increase trade and investment with our neighbors to the south, or trade missions that promote clean, renewable energy throughout the world, the linkages between our trade and our diplomatic priorities is clearer than ever. 

For more information about the PEC, its members, or history, visit http://trade.gov/pec. Stay tuned for our report to the president. 

Historic Forum Yields Significant Gains for Africa-U.S. Business Ties

Under Secretary of Commerce for International Trade Stefan M. Selig speaking with Elizabeth Littlefield, President & CEO of the Overseas Private Investment Corporation (OPIC) at the U.S.-Africa Business Forum

Guest blog post by the Under Secretary of Commerce for International Trade Stefan M. Selig

Earlier this month, the U.S. Department of Commerce and Bloomberg Philanthropies co-hosted an event showing that Africa is one of the world’s next great sources of economic growth.

The first-ever U.S.-Africa Business Forum brought together American and African business leaders with the heads of nearly 50 African nations to exchange ideas and create partnerships that will promote trade, accelerate job growth, and encourage investment.

And this was not just an academic discussion. We built the kind of relationships that will help usher in a new level of success for the growing economies and businesses of Africa, as well as spur real gains for U.S. companies.

Several American companies, among others, announced new partnerships in Africa, resulting in multi-million and multi-billion dollar deals:

Also, as part of the White House’s Power Africa initiative—which pledges to invest $7 billion and create an additional 10,000 megawatts of cleaner electricity over the next five years— American company Contour Global secured a $120 million contract to rehabilitate an existing Senegalese power site and construct a new one. That deal will provide another 53 megawatts of electricity to Senegal’s citizens.

As excited as my colleagues and I are about these deals, contract signings weren’t the only highlights of the forum.