U.S. Secretary of Commerce Penny Pritzker issued the following statement today on the release of the October 2014 U.S. International Trade in Goods and Services data. U.S. exports of goods and services increased to $197.5 billion in October from $195.2 billion in September. Record monthly levels were reached in exports of non-petroleum goods, including a record in capital goods, as well as in charges for the use of intellectual property. The goods and services deficit decreased by $0.2 billion to $43.4 billion in October.
“Today’s data shows that American goods and services are in high demand around the world, which is great news for our businesses, job creation and the American people,” said Secretary Pritzker. “U.S. exports already support 11.3 million jobs, and increasing our exports is critical to this Administration’s efforts to create more jobs, promote sustainable growth, and strengthen the middle class. In order to sell more American goods and services to the 95 percent of consumers who live outside the United States, America must continue leading the world in negotiating high-standard trade agreements that give our exporters access to billions of customers beyond our borders.”
In May, Secretary Pritzker launched NEI/NEXT to help more U.S. companies begin exporting and to assist companies already exporting increase sales to more overseas markets. The NEI/NEXT strategy focuses on improving data, providing information on specific export opportunities, working more closely with financing organizations and service providers, and partnering with states and communities to empower local export efforts.
NEI/NEXT builds on the success of the National Export Initiative (NEI) announced by President Obama in 2010. Since the launch of the NEI, a record number of U.S. companies have exported annually, and the United States has seen an increase of 1.6 million export-supported jobs since 2009. U.S. goods and services exports have hit record highs four years in a row, reaching $2.3 trillion in 2013.