WASHINGTON, D.C. -- The Export-Import (Ex-Im) Bank of the United States has reported that March's exports of U.S. goods and services was the largest monthly total ever recorded, topping out at $172.7 billion.

This number surpassed the previous record of $167.5 billion, which occurred in January 2011, according to data released this week by the U.S. Commerce Department's Bureau of Economic Analysis (BEA).

Exports of goods and services over the past 12 months totaled $1.9 trillion, putting U.S. exports 20.9 percent above the level of exports in 2009, the bank says. Over the past 12 months, exports have been growing at an annualized rate of 16.4 percent when compared to 2009, a pace greater than the 15 percent required to double exports by the end of 2014.

Also contributing to U.S. export growth, the Ex-Im Bank reports that it completed $13.4 billion in total authorizations for the first six months of fiscal year 2011 (Oct. 2010 through March 2011), supporting $15.9 billion in U.S. exports and more than 115,000 American jobs. The six month authorization figure is the highest in the bank's history.

"These numbers demonstrate that Ex-Im Bank is on a solid path toward a third consecutive record-breaking year," said Ex-Im Chairman and President Fred Hochberg. "Increasing exports is critical to our economic recovery, and I am confident that we will meet the President's goal of doubling U.S. exports by 2014."

Over the past 12 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, occurred in Turkey (57.3 percent), South Africa (37.9 percent), Panama (36.1 percent), Taiwan (34.6 percent), Peru (34.2 percent), Brazil (33.3 percent), Argentina (33.1 percent), Malaysia (31.7 percent), Thailand (31.2 percent) and China (30.3 percent).

Ex-Im Bank, an independent, self-sustaining federal agency, explains that it helps create and maintain American jobs by filling gaps in export financing and strengthening U.S. export competitiveness. By charging fees and interest on all loan related transactions, Ex-Im Bank says it is able to cover all operation costs and potential losses while also producing revenue. The Bank has generated $3.4 billion for U.S. taxpayers over the past five years.