U.S. exports top $2.35 trillion in 2014

The Commerce Department reported U.S. exports set a record for the fifth year in a row.

   The Commerce Department reported U.S. exports reached $2.35 trillion in 2014, setting a record for the fifth year in a row.
   According to Commerce, U.S. goods exports rose 2.7 percent to a record $1.64 trillion in 2014. Industry sectors setting records included capital and consumer goods; petroleum products; foods, feeds, and beverages; and automotive vehicles and parts. 
   In 2014, the largest export markets for U.S. goods were Canada, Mexico and China, “with exports to each country registering annual records,” the department said.
   Goods exports to the 20 economies that have trade agreements with the United States reached a record $765.1 billion – an increase of 4.3 percent from 2013, with increased U.S. exports specifically to Colombia (up 10.5 percent), South Korea (up 6.8 percent), and the CAFTA-DR member countries (up 5.7 percent).
   Services exports in 2014 reached $710.3 billion, led by increases in the travel, transport, intellectual property and financial services sectors. Commerce said exports of these services also all set records in 2014.
   The trade surplus in services exports reached a record $231.8 billion, an increase of 2.9 percent from 2013.
   Commerce Secretary Penny Pritzker said to continue the country’s export growth in the years ahead will require congressional passage of Trade Promotion Authority legislation. TPA allows the president and his trade negotiators to strengthen their position when it comes to negotiating foreign trade agreements. Congress has granted TPA to every president since 1974, with the most recent law being approved in August 2002 and expiring June 30, 2007.