September’s exports of goods ($129.3 billion) were the highest on record, with record exports in both industrial supplies and materials ($44.4 billion) and consumer goods ($15.4 billion). U.S. imports of goods and services also increased by a slight 0.3 percent to reach $223.5 billion, causing the U.S. trade deficit to improve by 4.0 percent to reach $43.1 billion in September 2011.
U.S. goods and services exports in the first nine months of 2011 are up 15.8 percent to $1.56 trillion from the $1.35 trillion in exports in first nine months of 2010. According to the Census Bureau, small and medium-sized businesses (firms with fewer than 500 employees) steadily raised their share of overall U.S. goods exports from 27 percent in 2002 to 33 percent in 2009 – a six percentage point increase over seven years.
“Exports continue to be a bright spot, powering U.S. economic growth,” said Acting Deputy Commerce Secretary Rebecca Blank, in a statement.
The Department of Agriculture also reported record farm exports in fiscal year 2011 of $137.4 billion—exceeding past highs by $22.5 billion—and supported 1.15 million jobs here at home.
“Agriculture continues to bolster our nation’s economy by contributing a trade surplus year after year,” said U.S. Agriculture Secretary Tom Vilsack. “This year, that surplus hit a record $42.7 billion. And next year looks equally strong for the U.S. agricultural economy, thanks in part to President Obama signing new trade agreements with South Korea, Colombia and Panama, which will add an additional $2.3 billion to our export total and support nearly 20,000 American jobs.”
China was the lead export market for U.S. farm products, buying almost $20 billion of goods such as soybeans, cotton, tree nuts and hides, according to the USDA.
“There is no doubt that the Asia Pacific region recognizes the United States as a reliable supplier of the highest-quality food and agricultural products, and that’s the message I will take to our trading partners when I travel next week to Vietnam and China to help expand markets and remove barriers to trade for U.S. farm products,” Vilsack said. “Partnerships with growing markets like those in Vietnam and China are integral to the strength of the U.S. economy in the decades ahead.”
