April's exports of U.S. goods and services - $175.6bn - was the largest monthly total ever recorded, surpassing the previous month's record of $172.7bn. Exports were up $27.8bn, or 15.9 percent, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.
BEA reported that in April exports of goods increased $2.0bn to $126.4bn, and exports of services increased $0.2bn to $49.1bn. The trade deficit decreased in April to $43.7bn, down from $46.8bn.
Also contributing to U.S. export growth, the Export-Import Bank of the United States (Ex-Im Bank) authorized $14.8bn in export financing during the first seven months of fiscal year (FY) 2011, up slightly compared to the same period in FY2010. Long-term loan guarantees also increased, fiscal year to date, nearly 34 percent to $7.6bn; medium-term guarantees were up about 27 percent to almost $612m; and working capital guarantees, which most frequently benefit small business exporters, increased almost 12 percent to $834m.
"April's record-setting U.S. export total, coupled with increasing Ex-Im financing, underscores the expanding role that exports are playing in the U.S. economy," said Fred P. Hochberg, chairman and president of Ex-Im Bank. "Ex-Im Bank is continuing its efforts to reach out to new and current exporters, encouraging them to use Bank products in order to sell more to existing markets and enter new ones."
Overall U.S. exports of goods and services over the last twelve months totaled $1.935tr, putting the country 22.9 percent above the level of exports in 2009. Over the last 12 months, exports have been growing at an annualized rate of 16.7 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.
Over the last 12 months, among the major export markets (i.e., markets with at least $6bn in annual imports of U.S. goods), the countries with the largest annualized increase in U.S. goods purchases, when compared to 2009, occurred in Turkey (54.9 percent), South Africa (39.9 percent), Panama (37.4 percent), Taiwan (33.6 percent), Peru (33.3 percent), Brazil (32.8 percent), Argentina (32.8 percent), Malaysia (30.9 percent), Hong Kong(30.2), and Indonesia (30.2).
