US Commerce Secretary Penny Pritzker announced Thursday that US exports in 2013 set a new record for a fourth straight year. International trade in US Goods and Services data released today by the US Department of Commerce show that US exports reached $2.3 trillion in 2013, up nearly $700 billion since 2009. The US trade deficit improved $63.1 billion from the past year to $471.5 billion, the lowest since 2009. US goods export sectors reached all-time highs across the board in 2013, including key industries such as automotive, industrial supplies, consumer goods, capital goods, and petroleum. Imports of goods decreased for the first time since 2009.
“The fact is, we live in a globally-connected world in which 95 percent of America’s consumers live outside our borders,” said Secretary Pritzker. “Every $1 billion in additional exports supports approximately 5,000 US jobs, and as such, trade and investment are critical to the strength of our economy. That is why we at the Department of Commerce are laser-focused on helping create more opportunities for businesses to export.”
Strengthening relations with US trading partners is critical to continuing export and investment growth. Trade promotion and trade missions are some of the tools the Department is using to expand markets to US goods and services and spurring investment in the economy. Secretary Pritzker is currently leading 17 US companies on a business development mission in Mexico, the United States’ third-largest trading partner. In 2013, US goods exports to Mexico reached a record $226.2 billion.
“The US-Mexico bilateral relationship is among our closest and most extensive in the world,” said Secretary Pritzker. “Approximately $1.4 billion of merchandise trade and one million people cross our 2,000 mile shared border daily, and I believe there is incredible potential for our companies to do business together and for our countries to continue to deepen our economic relationship.”
Mexico is one of 11 Latin America markets targeted by the Department of Commerce’s new Look South Initiative – a federal government-wide effort to encourage US companies to export to the region through enhanced trade promotion events. US exports to Mexico and South and Central America are growing faster than our trade with the rest of the world.