President Obama has announced an ambitious goal to double exports in the next five years. He appeared Thursday before the Export-Import Bank's annual conference to lay out some details.
"We remain the number one exporter of goods and services in the world. But we shouldn't be satisfied with being number one," he said. "When other markets are growing, and other nations are competing, we need to get even better."
Fact Check: Is the United States the No. 1 exporter of goods and services in the world?
- According to 2009 World Trade Organization statistics, the United States ranked third in world merchandise trade in dollars in 2008. Germany is first, China is second. The U.S. exports 49 percent capital goods, nearly 27 percent industrial supplies, 15 percent consumer goods and more than 9 percent agricultural products, according to the CIA World Factbook.
- The WTO finds that the U.S. is the largest exporter of commercial services. The U.S. exports nearly double the amount of the United Kingdom, which ranks second. Germany comes in third.
- When added together, the United States is the largest exporter of goods and services.
While America ranks third in exported goods, its large lead in commercial services gives it the edge over its nearest rivals, making it the world's largest exporter of goods and services.
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