U.S. exports drop to less than $180 billion in October
WASHINGTON, Dec. 10, 2011 — The Bureau of Economic Analysis (BEA) of the U.S. Commerce Department released their a report that demonstrates a slowing global and U.S. economy.
The report annouces that “October exports of $179.2 billion and imports of $222.6 billion resulted in a goods and services deficit of $43.5 billion, down from $44.2 billion in September, revised. October exports were $1.5 billion less than September exports of $180.6 billion. October imports were $2.2 billion less than September imports of $224.8 billion.”
While the report clearly demonstrates falling imports and exports, Obama-nominated Chairman of the export-import bank Fred Hochberg had nothing but glowing comments on the data:
“Increasing exports is critical to revitalizing our nation’s economy and preserving our global competitiveness,” said Chairman Hochberg. “I am pleased that October’s numbers show that we are still on track to meet the president’s National Export Initiative goal of doubling U.S. exports by 2015.”
Hochberg’s history as a fund-raiser for President Obama will likely raise few eyebrows as it seems a major conduit to receiving government appointments in the current administration.
The export-import bank (ex-im) is the official export credit agency of the United States federal government that was established by an executive order of President Franklin Delano Roosevelt. The bank is now an independent agency in the Executive branch and is tasked with financing and insuring foreign purchases of United States goods for customers unable or unwilling to accept credit risk. That’s why the following statement in a press release by the ex-im bank may interest U.S. taxpayers:
Also contributing to U.S. export growth, Ex-Im Bank approved $32.7 billion in total authorizations in FY 2011, a record for the Bank. This total includes more than $6 billion directly supporting small-business export sales. The Bank’s total authorizations are supporting an estimated $41 billion in U.S. export sales and approximately 290,000 American jobs.
Another “jobs saved..” statistic?
Of interest is also what a large portion of the October exports were – gas (yes, that product we get by drilling). In October, “Houston-based energy company Cheniere signed a deal with U.K.-based gas producer BG Group to ship 3.5 million tons a year of LNG out of its Sabine Pass terminal in Texas.” But with the President’s current anti-drilling and exploration stance, this too may be an export America can no longer brag about.