U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the March 2014 U.S. International Trade in Goods and Services data. U.S. exports of goods and services increased to $193.9 billion from $190.0 billion in February, with record levels in services exports driven by royalties and license fees and other private services. In March, U.S. businesses drove record exports to Canada, South Korea, and the countries in the Dominican Republic-Central America Free Trade Agreement.
U.S. exports during the first quarter of 2014 totaled $576.3 billion, exceeding the first quarter of 2013 by 3.2 percent. Strong exports in services – including travel and tourism – as well as capital goods, consumer goods, and petroleum played a major role in export growth in the first quarter.
“U.S. exporters are off to a great start in the first quarter of 2014,” said Secretary Pritzker. “With 95 percent of world consumers living beyond our borders, more American businesses of all sizes must seize the opportunity to sell their goods and services all over the world. That is why the Obama Administration has made it a priority to support U.S. companies, entrepreneurs, and small businesses in their efforts to export. While we have more work to expand prosperity, the fact is that export growth will continue to strengthen our economy and support good paying jobs in communities across our nation.”
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.