While the U.S. Export-Import Bank reported record exports Tuesday for the month of November — $194.9 billion in goods and services — Commerce Secretary Penny Pritzker said increasing the country’s trade and investment remains vital to job creation.
Exports of goods and services grew by $1.7 billion to an all-time monthly high of $194.9 billion, from $193.1 billion in October, with record levels in petroleum and services, according to the Commerce Department.
“Today’s data show that U.S. exports continue to be a bright spot in our economic recovery,” said Pritzker in a statement released Tuesday. “U.S. exports currently support nearly 10 million American jobs, but we must do more to open doors for American goods and services. That is why increasing U.S. trade and investment is a key priority of the Commerce Department’s ‘Open for Business Agenda.’ We are committed to helping more U.S. companies participate in the global marketplace, ensuring strong enforcement of trade rules, and negotiating transpacific and transatlantic free trade agreements to open more markets and support more American jobs.”
The Commerce Department’s “Open for Business Agenda” calls for a second version of President Obama’s 2010 National Export Initiative, a new effort, it said, that aims to ensure government and industry collaboration to help U.S. businesses in the global market.
Also on Tuesday, U.S. Export-Import Bank Chairman and President Fred Hochberg said the record numbers for U.S. exportation prove the bank’s “critical” role in supporting American businesses.
“Once again, American entrepreneurs are proving why exports are so critical to our economic growth,” Hochberg stated. “Today’s numbers showcase the importance of exports to the U.S. economy and how Ex-Im Bank plays a critical role in supporting American businesses overseas. We provide critical financing to increase sales and create jobs.”
The bank reported that exports of goods and services over the past 12 months totaled $2.3 trillion, which is 43.7-percent above the level of exports in 2009.