2.4 Increase U.S. Exports
Why are U.S. exports important?
In 2019, the U.S. had a trade deficit of $616.8 billion. This means the U.S. imported more than it exported. Such a large trade deficit can be harmful to the economy. It means U.S. businesses are not expanding in foreign markets and creating the jobs expansion generates. Commerce is improving the reach and quality of export assistance programs to speed the entry of American companies into new markets, create a healthier economy, and reduce the trade deficit.
Strategic Objective 2.4 Progress Update
29,557 U.S. exporters were assisted and 78% achieved their export objectives in 2019.
The Commerce Department's International Trade Administration (ITA) works with small- and medium-sized businesses throughout the U.S. to identify and eliminate trade barriers they face. ITA also provides guidance to exporters, helping with the complicated process of running a multinational firm. On average, clients of ITA increased revenue by $2 million, created 13 jobs, and safeguarded 20 jobs. ITA had an estimated program impact of $85.7 billion in 2018.
Helping more U.S. companies export
96% of consumers live outside the U.S. In order to be competitive in the global economy, U.S. manufacturers and service providers need to tap into these markets. Improving the reach and quality of export assistance programs will speed the entry of American companies into new markets.
With 78% of its clients reporting that they achieved their export objectives after receiving assistance from Global Markets, a service of ITA, the Department of Commerce exceeded its goal to have 74% of clients achieving their export objectives in 2019.
Exports of Goods and Services
The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $39.9 billion in February, down $5.5 billion from $45.5 billion in January, revised. (source: U.S. International Trade in Goods and Services, April 2020 Release)
Top U.S. Training Partners Worldwide
As shown in the chart below, Canada and Mexico receive 1/3 of all American exported goods. (source: Census Bureau FT900 Report)
Any business that wants to increase its exporting capacity can contact a local U.S. Export Assistance Center.
Click on the map below for get contact information for the International Trade Administration office location nearest to you.
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About the Data
census.gov/foreign-trade - Census Bureau's official data on foreign trade.
export.gov - Detailed data and access to information for how to take your company global.
databank.worldbank.org - For baseline data on the global economy, including aggregated information regarding GDP by country.
trade.gov - The website for ITA with information on what the agency does and updates on international trade.