Tag Archives: BEA

U.S. Exports Hit More Than $175 Billion in November

WASHINGTON, Jan. 13, 2012  — The United States exported $177.8 billion in goods and services in November, 2011, according to data released today by the Bureau of Economic Analysis (BEA) of the U.S. Commerce Department.

Exports of goods and services over the last twelve months totaled $2.089 trillion, which is 32.64 percent above the level of exports in 2009. Over the last twelve months, exports have been growing at an annualized rate of 15.9 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.

“U.S. exports are an integral part to driving the economy towards recovery,” said Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States. “Ex-Im Bank is linking American companies to the global marketplace so they can expand sales to create or sustain jobs. We must continue to engage our partners in government and the private sector to find new and innovative ways to finance exporting of U.S. goods and services.”

Over the last twelve months, among the major export markets (i.e., markets with at least $6 billion in annual imports of U.S. goods), the countries with the largest annualized increase in U.S. goods purchases, when compared to 2009, occurred in Turkey (45.4 percent), Panama (40.6 percent), Honduras(37.0 percent), Argentina (33.4 percent), Hong Kong (32.9 percent), Peru (30.7 percent), Chile (29.2 percent), Brazil (29.1 percent), South Africa (28.7 percent), and Thailand (27.7 percent).

Furthering U.S. export growth, Ex-Im Bank approved more than $4.26 billion in total authorizations in the first quarter of FY 2012. This total includes an estimated $789 million in small business financing and$16.6 million in authorizations to renewable-energy projects. Top industry sectors included aircraft, manufacturing, agriculture, services, and information and communications service providers.

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.

BEA Releases Revised 1st Quarter and Initial 2nd Quarter GDP

Bureau of Economic Analysis// 
Real gross domestic product — the output of goods and services produced by labor and property
located in the United States — increased at an annual rate of 1.3 percent in the second quarter of 2011,
(that is, from the first quarter to the second quarter), according to the “advance” estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.

The Bureau emphasized that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page
3). The “second” estimate for the second quarter, based on more complete data, will be released on
August 26, 2011.

The estimates released today reflect the annual revision of the national income and product
accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the
first quarter of 2011, current-dollar GDP and some components are revised back to the first quarter of
2003. In cases for which the estimates for the reference year (2005) are revised, this results in revisions
to the levels of the related index numbers and chained-dollar estimates for the entire historical period;
revisions to percent changes before the first quarter of 2003 are small. Annual revisions, which are
usually released in July, incorporate source data that are more complete, more detailed, and otherwise
more reliable than those previously available. This release includes the revised quarterly estimates of
GDP, corporate profits, and personal income and provides an overview of the results of the revision.

The August 2011 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The complete set of revised estimates will be available on BEA’s Web site at
www.bea.gov.