'US exports hit record USD 2.35 tn in 2014'

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IANS | 27 Feb, 2015
US exports registered a record USD 2.35 trillion last year, with Texas, California, Washington and Illinois the major exporting states, the White House announced.

The US government authorities highlighted the importance of trade agreements currently being worked out with the European Union and the Pacific Rim nations.

In a report released Thursday, the Obama administration stressed that exports support nearly 11.3 million jobs in the country.

Canada, Mexico and China are the major international markets for the US, and the leading exporting states were Texas (USD 289 billion), California (USD 174 billion), Washington (USD 90.6 billion) and Illinois (USD 68.2 billion).

"Exports are critical to economic growth and job creation in communities across the country. With 95 percent of the world's consumers living outside the United States, opening more markets to 'Made in America' goods and services is fundamental to our nation's competitiveness, job creation, and the economic security of our families," said US Secretary of Commerce Penny Pritzker.

Pritzker insisted that the aim of the White House was to work together with the Congress to pass legislation granting the government authority to negotiate the trade treaties currently in negotiation.

These are the Trans-Pacific Partnership agreement with 12 countries in the region, and the Transatlantic Trade and Investment Partnership agreement with the European Union.

"Now is the time for Congress to pass bipartisan trade promotion legislation, so we can enact new trade agreements with high standards that uphold our values and protect our national security," added Pritzker.

Trade is one of the few issues that both Obama, a Democrat, and the Republican-led Congress agree upon, leading to optimism on both sides that they can work together on the issue.