U.S. Exports Set All-Time Record in 2012
Exports reached an all-time high of $2.2 trillion in 2012, and export growth outpaced import growth for the first time since 2007, announced Deputy Commerce Secretary Rebecca Blank. The trade deficit fell by $19.5 billion in 2012 to about $540 billion in 2012 on the rise in exports, down from the pre-recession high of $753 billion in 2006, the Commerce Department said. “We’re continuing to make historic progress toward the president’s goal of doubling exports,” Blank said following release of the figures in the Census Bureau’s December report on trade in goods and services. “As part of this effort, the National Export Initiative has helped U.S. companies by leveling the playing field and providing access to new markets.”
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“Not only did exports outpace the growth in imports for the first time since 2007, but exports have helped support the creation of over 6 million private sector jobs over the past 35 months,” said Blank. According to Commerce, export records were set across the board, including in capital goods, automotive vehicles, parts, and engines; consumer goods; and travel and tourism.
(See ITT’s Online Archives 13020835 for summary of the Census Bureau’s December 2012 report, which is available here.)