Record-high exports driving up truck freight

Record-high exports driving up truck freight

Exports of U.S. goods and services for April totaled $175.6 billion – the largest monthly total ever recorded and surpassing the previous month's record of $172.7 billion, according to data from the Bureau of Economic Analysis (BEA) of the U.S. Commerce Dept

Exports of U.S. goods and services for April totaled $175.6 billion – the largest monthly total ever recorded and surpassing the previous month's record of $172.7 billion, according to data from the Bureau of Economic Analysis (BEA) of the U.S. Commerce Dept. BEA reported that in April. exports of goods increased $2.0 billion to $126.4 billion. And exports of services increased $0.2 billion to $49.1 billion.

“April's record-setting U.S. export total underscores the expanding role that exports play in the U.S. economy,” said Fred Hochberg, chairman and president of U.S. Export-Import Bank, in a statement.

What’s more, those figures translate into significant freight volumes for U.S. trucking companies, pointed out Noel Perry, senior consultant with FTR and principal of consulting firm Transport Fundamentals, during FTR’s most recent “State of Freight” webinar.

“There’s a big upside opportunity with trade for carriers,” he said. “Exports are up and that’s worth 170 basis points of GDP [U.S. gross domestic product]. The economic recovery has been good for manufacturing and exports and that’s been good for freight.”

Overall U.S. exports of goods and services over the last twelve months totaled $1.935 trillion, putting the country 22.9% above the level of exports in 2009.

Over the last twelve months, exports have been growing at an annualized rate of 16.7% when compared to 2009, a pace greater than the 15% required to double exports by the end of 2014, BEA stated.

The agency added that over the last twelve months, among the major export markets (i.e., markets with at least $6 billion in annual imports of U.S. goods), the countries with the largest annualized increase in U.S. goods purchases when compared to 2009 are:

  • Turkey (54.9%)
  • South Africa (39.9%)
  • Panama (37.4%)
  • Taiwan (33.6%)
  • Peru (33.3%)
  • Brazil (32.8%)
  • Argentina (32.8%)
  • Malaysia (30.9%)
  • Hong Kong(30.2%)
  • Indonesia (30.2%)

Also a result of climbing exports, the U.S. trade deficit decreased in April to $43.7 billion, down from $46.8 billion.

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