The US has exported US$180.8bn in goods and services in January 2012, marking an increase of over US$1bn over December 2011, according to the latest US government data.

Exports of goods and services over the last 12 months total US$2.118tn, which is 34% above export levels in 2009. Exports are growing at an annualised rate of 15.3% when compared to 2009. This pace of growth suggests the US is on its way to hitting the target of doubling US exports by 2015; an aim set out by President Barack Obama’s National Export Initiative launched in March 2010.

A report released in March by research group Brookings Institute argues that the US is seeing an export-led recovery, with export-orientated industries helping create new jobs and driving economic growth.

In 2010 and 2011, exports contributed more than 46% to the growth of the US economy, while the number of US total export-supported jobs increased by almost 6% in 2010.

The share of US exports going to Brazil, India and China has also increased in recent years, and has contributed disproportionately to the growth of US exports post-recession, states the Brookings report. Exports to these countries only comprised 10.7% of total US exports in 2010, yet represented 20% of export growth between 2009 and 2010.

The government-backed US Export-Import Bank (US Exim) has played an integral role in supporting US exports. In the first quarter of the fiscal year 2012, the bank approved US$4.26bn in authorisations, with over US$789mn in export financing authorised for small businesses.

However, in an election year the future of US Exim is under much debate, with the agency attracting some criticism from Republicans.

The bank is keen to be reauthorised by Congress and have its exposure cap increased to US$135bn, however as yet no vote has been scheduled.

President Barack Obama recently defended the role of US Exim, arguing that the bank plays a vital role in supporting US exporters, particularly during an economic downturn.