U.S. exports hit record high in 2014

U.S. exports hit a record high of 2.35 trillion U.S. dollars in 2014, but trade gap increased due to stronger U.S. dollar, the Commerce Department said on Thursday.

It is the fifth year in a row to see exports increase to record high, the Commerce Department said in a report. Goods exports increased 2.7 percent to a record 1.64 trillion U.S. dollars in 2014. Key industry sectors setting records included consumer goods, petroleum products, foods and automotive vehicles and parts.

Annual services exports hit an all-time high of 710.3 billion U. S. dollars, led by increases in the travel, transport, charges for the use of intellectual property, and financial services sectors.

However, the trade deficit swelled by 17.1 percent in December to 46.6 billion U.S. dollars, as a strengthening dollar prompted a surge in imports.

The largest export markets for U.S. goods were Canada, Mexico, and China, with exports to each country registering annual records.

"Exports have played a critical role in America's economic comeback, and they continued to do so in 2014," U.S. Secretary of Commerce Penny Pritzker said in a statement.

She underlined the passage of trade promotion legislation and the enactment of strong trade agreements are essential to the continued growth of the U.S. economy and the creation of good American jobs. Endite