U.S. Exports Set Record for Fifth Consecutive YearFebruary 11, 2015
On Feb. 5, The U.S. Census Bureau and the U.S. Bureau of Economic Analysis (BEA), through the Department of Commerce, released their fiscal year (FY) 2014 export data. For FY 2014, the BEA reports that U.S. exports of goods and services reached a record of $2.345 trillion, which represents a 2.9 percent increase and set a record for the fifth year in a row. Last December, the U.S. exported $194.9 billion of goods and services, down $1.5 billion from November’s $196.4 billion exports total. December imports were $241.4 billion, up $5.3 billion from November.
The December increase in the goods and services deficit reflected an increase in the goods deficit of $6.9 billion to $66.0 billion and an increase in the services surplus of $0.1 billion to $19.5 billion.
For 2014, the goods and services deficit was $505.0 billion, up $28.7 billion or six percent from 2013. Exports were $2,345.4 billion in 2014, up $65.2 billion or 2.9 percent from 2013. Imports were $2,850.5 billion in 2014, up $93.9 billion or 3.4 percent from 2013.
The 2014 increase in the goods and services deficit reflected an increase in the goods deficit of $35.2 billion or five percent to $736.8 billion and an increase in the services surplus of $6.5 billion or 2.9 percent to $231.8 billion.
As a percentage of U.S. gross domestic product, the goods and services deficit was 2.9 percent in 2014, up from 2.8 percent in 2013.
Please click here for more information from BEA.