U.S. Exports Achieve New Highs in October
Total U.S. exports reached a record high of $192.7 billion in October, including goods and services. According to the Bureau of Economic Analysis, total U.S. exports of goods and services for the last 12 months totaled $2.3 trillion – an impressive 43.1% improvement from 2009. When compared to 2012, October exports increased $10 billion or 5.5%, while imports increased $8 billion or 3.6%, decreasing the trade deficit by $2 billion.
Many believe that the steady annualized growth of U.S. exports is a result of President Obama’s National Export Initiative, which provides guidance and assistance to U.S. companies looking to expand their sales potential and reach overseas. This initiative was also enacted to create more jobs in the U.S. as a result of increased production and output.
Imports and exports of industrial supplies and materials as well as consumer goods increased in October. The increase in consumer goods imports and exports are likely a result of the retail holiday shopping season. Auto vehicles, auto parts, and engine import and export volumes decreased from September. This trend is surprising as the auto vehicle and parts imports and exports had shown steady increases earlier in the year. According to the U.S. Census Bureau, exports of goods to China, Canada, and Mexico were the highest on record, while sales to the European Union also increased.