U.S. Exports Achieve New Records in June
Total U.S. exports reached a new record high at $191.2 billion, including goods and services. According to the U.S. Bureau of Economic Analysis, U.S. exports increased $4 billion to $134.3 billion and imports decreased $5.7 billion to $187.4 billion from the previous month.
U.S. exports increased $6 billion (3.2%) from June 2012 to June 2013, whereas imports decreased $2.3 billion (1%) from June 2012 to June 2013. An increase in exports was realized in capital goods and consumer goods, with a decrease in exports of foods and beverages. Conversely, U.S. imports of foods and beverages increased, as well as automobiles, engines, and parts. U.S. imports of industrial supplies, materials, and capital goods decreased for the same time period.
In 2010, President Obama launched the National Export Initiative (NEI), which is intended to help American companies be successful and competitive in the global marketplace. Through the NEI, the U.S. Trade Representatives have arranged, enacted, and enforced free trade agreements and have offered export financing options in an effort to decrease trade barriers for American companies looking to enter into foreign markets, which creates new jobs and helps the U.S. economy to grow. Also, since the launch of the NEI, the Department of Commerce’s International Trade Administration has developed an International Buyer program that introduces foreign buyers to U.S. companies looking to export. Exports to the 20 free trade agreement countries represented nearly half of all U.S. exports in 2012.
Within the last few months, U.S. manufacturing has skyrocketed as a result of increased confidence in the U.S. economy’s forecast. If current trends continue, exports should continue to reach new highs as U.S. manufacturing grows and production increases.
If you are looking to begin exporting your goods, please do not hesitate to reach out to us. We will walk you through every step of the export process and ensure you meet all necessary requirements.
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