(October 27, 2014) The U.S. Department of Commerce’s U.S. Census Bureau and the Bureau of Economic Analysis released their August 2014 U.S. International Trade in Goods and Services report earlier this month. Total exports in August were up $0.5 billion from July exports to a record total $198.5 billion, reaching record levels in capital goods, consumer goods, petroleum, as well as total service exports. August imports were also up $0.2 billion more than July imports to $238.6 billion.
Annual U.S. exports have hit record highs four years in a row, reaching $2.3 trillion in 2013. This year looks to carry on that trend with U.S. goods and services exports year-to-date through the eighth month of 2014 up 3.2% or $48.7 billion from the same period of 2013 to reach $1.56 trillion. U.S. Commerce Secretary Penny Pritzker was quoted saying, “U.S. exports are growing faster than a year ago and achieved another record in August. This is great news for our nation’s economic recovery and better news for the local communities that are home to the manufacturing operations supplying high-quality, American-made goods.”
Port Activity Remains Strong Despite Port Delays
According to the monthly Global Port Tracker, shipments into the major U.S. ports are expected to set a monthly record in October and are forecasted to continue to be high through the end of the year. With the holiday season upon us, retailers will continue to push freight through the ports despite increasing congestion. Import volume at 10 port gateways covered by the Global Port Tracker report is expected to total 1.53 million TEUs this month, topping August’s record 1.52 million.