“With more than 95% of the world’s population living outside the United States, international trade is more important than ever,” explains Susanne Stirling, vice president of international affairs for the California Chamber of Commerce, in the latest CalChamber Capitol Report video.
The U.S. Department of Commerce released the International Trade in U.S. Goods and Services Data and the 2014 Trade Statistics through the International Trade Administration’s Trade Stats Express on February 5.
“Exports have played a critical role in America’s economic comeback, and they continued to do so in 2014,” said U.S. Secretary of Commerce Penny Pritzker when the statistics were released.
Secretary Pritzker’s comments echoed those of President Barack Obama in his 2015 State of the Union Address in which he noted that exports are much higher now than ever, and that exports amount to higher wages.
U.S. exports in goods reached more than $1.6 trillion in 2014, a 2.8% increase from the previous year.
The largest export markets for U.S. goods in 2014 were Canada ($312.1 billion, up 3.5%), Mexico ($240.3 billion, up 6.3%), China ($124 billion, up 1.9%) and Japan ($67 billion, up 2.7%).
Top goods sectors included transportation equipment, computers and electronics, chemicals, and nonelectrical machinery.
U.S. exports in services increased $22.9 billion to $710.3 billion. This was due to a rise in travel, higher costs for the use of intellectual property, and an increase in the use of financial services.
California exports in goods reached $174.1 billion, a 3.6% increase from 2013. Exports from California accounted for 10.7% of total U.S. exports in 2014.
California’s top export destinations are Mexico, Canada, China, Japan and South Korea. California is one of the top exporting states in the nation of computers, electronic products, and sales of food and kindred products.
Computers and electronic products are California’s leading export, accounting for 24.5% of all the state’s exports.
The California Chamber of Commerce, in keeping with long-standing policy, enthusiastically supports free trade worldwide, expansion of international trade and investment, fair and equitable market access for California products abroad and elimination of disincentives that impede the international competitiveness of California business.
Detailed information vital to the businesses that make California one of the largest exporting states in the nation and one of the largest economies in the world is available on the international trade section of the CalChamber website: www.calchamber.com/international. Please refer to the CalChamber Trade Statistics webpage.