ITA Trade Administration : Statement From U.S. Under Secretary of Commerce for International Trade Stefan M. Selig On International Trade in Goods and Services in November 2014

For Immediate Release: January 7, 2015
Contact: Mary Trupo [phone]

STATEMENT FROM U.S. UNDER SECRETARY OF COMMERCE FOR INTERNATIONAL TRADE STEFAN M. SELIG ON INTERNATIONAL TRADE IN GOODS AND SERVICES IN NOVEMBER 2014

WASHINGTON - U.S. Under Secretary of Commerce for International Trade Stefan M. Selig issued the following statement today on the release of the November 2014 U.S. International Trade in Goods and Services data. The goods and services trade deficit improved by $3.2 billion to $39.0 billion in November, aided by lower imports of industrial supplies (such as petroleum) and record-high exports of charges for the use of intellectual property. U.S. exports of goods and services decreased slightly to $196.4 billion in November from $198.3 billion in October.  

"Today's data shows that American companies are seizing the opportunity to sell their world-class products and services to the 95 percent of consumers who live beyond our borders," said Under Secretary Selig. "Expanding these exports is crucial to President Obama's plans to strengthen the U.S. economy and create good-paying jobs across the nation. We're highlighting our efforts to increase exports and enhance our commercial relationship with Mexico this week through the High-Level Economic Dialogue launched in 2013. U.S. goods exports to our second-leading export market continue to be a bright spot, up more than $13 billion through November of this year - an increase of more than six percent from the same period in 2013, and the largest dollar increase so far this year to any single market."

U.S. exports support 11.3 million jobs. In May 2014, U.S. Secretary of Commerce Penny Pritzker launched NEI/NEXT to help more U.S. companies begin exporting and to assist companies already exporting increase sales to more overseas markets. The NEI/NEXT strategy focuses on improving data, providing information on specific export opportunities, working more closely with financing organizations and service providers, and partnering with states and communities to empower local export efforts.

NEI/NEXT builds on the success of the National Export Initiative (NEI) announced by President Obama in 2010. Since the launch of the NEI, a record number of U.S. companies have exported annually, and the United States has seen an increase of 1.6 million export-supported jobs since 2009. U.S. goods and services exports have hit record highs four years in a row, reaching $2.3 trillion in 2013.

November 2014 Export Fact Sheet

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International Trade Administration

The International Trade Administration (ITA) is the premier resource for American companies competing in the global marketplace. ITA has 2,100 employees assisting U.S. exporters in more than 100 U.S. cities and 72 countries worldwide.www.trade.gov.