Posted at 10:05 AM
U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the February 2014 U.S. International Trade in Goods and Services data. U.S. exports of goods and services decreased slightly to $190.4 billion from $192.5 billion in January. However, service exports hit new record levels, driven by royalties, license fees and other private services.
In addition, new data released today shows a record number of U.S. firms exported in 2012. In 2012 (the year for which data has just been released), 304,900 firms of all sizes took advantage of opportunities to sell their goods abroad. In addition, a total of 298,000 U.S. small and medium-sized enterprises (SMEs), firms with fewer than 500 employees, exported goods in 2012, up from 296,800 in 2011.
“Today’s data shows that American companies are increasingly recognizing the benefits of selling their goods and services to the 95 percent of consumers who live outside the United States,” said Secretary Pritzker. “Growing American exports is a win-win for our businesses, our workforce, and our economy, which is why we have made export promotion a key priority at the Commerce Department. Exports now support 11.3 million jobs, and we will build on that success as we continue to help U.S. firms sell more of their goods and services to new markets.”
Since President Obama launched the National Export Initiative (NEI) in 2010, the United States has seen an increase of 1.6 million export-supported jobs. The NEI is the first Presidential-led, government-wide export promotion strategy. Through the initiative’s focus on improving trade promotion and advocacy, reducing barriers and enforcing trade rules, U.S. exports have continued to grow. The United States exported a record $2.3 trillion dollars last year, up nearly $700 billion from 2009.