Obama Says U.S. on Track for Export Goal

President Obama said the U.S. is "on track to meet" his goal of doubling exports in five years, and his administration is taking additional steps to maintain the momentum.

"Exports are up nearly 18 percent so far over last year," he said in remarks to the President's Export Council in Washington. Such sales abroad help the U.S., Obama said, because "every $1 billion that we increase in exports supports more than 5,000 jobs, and companies that export often pay better wages."

The president said the new U.S.-South Korea trade agreement would help boost exports as much as $11 billion a year.

He also said the government's export.gov Web site now provides exporters with a single list that companies can use to make sure their products or prospective foreign customers do not fall under export controls that are meant to restrict sales of some U.S. technology.

A federal export control reform effort, the president said, will also shift some restricted products to a more flexible list, and could remove them entirely.

-- Contact John D. Boyd at jboyd@joc.com.