US exports up 16.6pc in 2010, led by agricultural surge

THE volume of exports of products and services from the United States grew 16.6 per cent in 2010 year on year to US$1.83 trillion, representing the biggest percentage gain in 20 years.


The increase of exports trumped the 2009 decline of 14.6 per cent and an average annual increase during 2002-2008 of 11.2 per cent, according to latest figures from US Commerce Department's US International Trade in Goods and Services report.


In December 2010 exports grew 1.8 per cent to $163 billion month to month with imports slightly higher at 2.6 per cent to $203.5 billion.


US agricultural exports market boomed in volume and value, "surpassing the previous high of $114.8 billion, set in 2008 by nearly $1 billion," said US Agriculture Secretary Tom Vilsack.


For every $1 billion in agricultural exports 8,000 American jobs are generated, Mr Vilsack added, according to American Shipper.


Demand shifted to China, its largest US farm import market commanding $17.5 billion sales, with Canada its second biggest buyer generating $16.9 billion sales.


Bulk commodities increased 19 per cent to $47.2 billion and consumer-oriented agricultural products increased 15 per cent to $45.4 billion.


The US soybean market was the leading product taking a record $18.6 billion in sales, surpassing the previous record of $16.4 billion in 2009, of which China took 58 per cent of sales, almost tripling its 19 per cent share held a decade ago.


"Exports are leading the US economic recovery and helping to create high-quality jobs for the American people," US Commerce Secretary Gary Locke said in its latest report which noted that exports contributed to nearly half of the 2.9 percentage point growth in real GDP.


Mr Locke is to stage a multi-city tour to reach small and medium-sized businesses to continue to help make more American businesses competitive in markets abroad and increase employment opportunities.


Mr Locke was first known as Lok Gaa-Fai. Born in Seattle, of Hong Kong parents, he did not learn English until he was five years old.
(Source:http://www.schednet.com)