WASHINGTON–(ENEWSPF)–April 15, 2010. A U.S. Department of Commerce report released today confirms the importance of exports to the U.S. economy and the increasingly globalized marketplace. According to Exports Support American Jobs, in 2008, exports accounted for a record 12.7 percent of U.S. gross domestic product (GDP), and during a period of relatively flat job growth across the economy, supported a record number of jobs—More than 10 million.
Additionally, the report links our success in supporting American manufacturing with a successful export policy. The nearly 3.7 million manufacturing jobs supported by exports contributed to 27 percent of all employment in the manufacturing sector.
“President Obama has called for the United States to double its exports during the next five years, which will support two million jobs and lead to long-term sustainable economic growth,” Commerce Secretary Gary Locke said. “Today’s report shows the upward growth of trade in an expanding global market holds great opportunities for U.S. businesses thinking strategically about the future.”
Obama recently launched the National Export Initiative—the first government-wide export-promotion strategy with focused attention from the president and his Cabinet. It aims to continue the rigorous enforcement of U.S. trade laws to make sure American businesses are competing on a level playing field, improve access to credit for businesses looking to export and improve trade promotion efforts.
Obama’s proposed 2011 budget includes new resources that will bolster trade promotion activities at both the Department of Agriculture and the Commerce Department’s International Trade Administration. U.S. firms will have hundreds of new trade specialists on call to help match them with buyers overseas. Additionally, there will be a new focus on helping small- and medium-sized businesses sell more of their goods and services in markets abroad.
Increases in exports during the last decade came during a period of strong worldwide economic growth. This report confirms America’s competitiveness in the global economy and that American workers continue to make goods sought the world over. Expanding efforts to partner with U.S. firms to help them export as the world recovers from the global recession will spur economic growth and the creation of new jobs here at home.
“With the global market recovering, the number of jobs supported by exports is expected to continue to grow,” said Francisco Sanchez, under secretary of commerce for international trade. “President Obama’s National Export Initiative provides more funding for export promotion that will allow for federal agencies to expand efforts designed to get more American companies exporting.”
The report substantiates the important link between exporting and job creation.
For more information, or to obtain a copy of the report, please visit www.trade.gov.