New Trade Report: Exports Help U.S. Jobs, Growth
On April 9, U.S. Commerce Secretary Penny Pritzker and U.S. Trade Representative (USTR) Michael Froman released a new report, entitled: United States of Trade, which shows the benefits of access to global markets and how U.S. exports are helping to support U.S. jobs, economic growth and small businesses across the country.
The U.S. of Trade report spotlights 50 individual small- and medium-sized businesses (SMEs) success stories from each state, and details the benefits trade has on expanding their business by supporting well-paying American jobs. According to the report, currently, around 300,000 SMEs across the 50 states export goods to foreign destinations, supporting millions of American jobs through direct exports and participation in supply chains.
The joint report includes the most current data for all 50 states on the overall value of goods exported and on exports to countries involved in the Trans-Pacific Partnership (TPP) negotiations and the Transatlantic Trade and Investment Partnership (T-TIP) talks that are currently underway, as well as data on the number of companies that sell their products overseas and the percentage of those exporters that are SMEs.
The following is a list of highlighted trade figures from the U.S. of Trade report:
- In 2013, 97.7 percent of goods exporters were reported to be SMEs.
- In 2014, 11.7 million U.S. jobs were supported by goods and services exports.
- In 2014, the U.S. exported $2.3 trillion in goods and services, up 102 percent since 2004.
- The U.S. exported $727 billion in goods to TPP partners in 2014.
- The U.S. exported $276 billion in goods to T-TIP partners in 2014.
The report was released in conjunction with the Jobs Supported by State Exports 2014 economic brief from the Department of Commerce, which shows that in the last five years 43 states recorded increases in the number of jobs supported by goods exported.
Following both releases, Commerce Secretary Pritzker issued statements reiterating the importance of Congress passing Trade Promotion Authority (TPA) legislation, also known as “fast-track authority,” which would allow the President to negotiate trade deals and empower Congress to strategically define renewed objectives and consultation processes for trade negotiations.
Passage of TPA legislation is an integral step for advancing President Barack Obama’s trade agenda, which includes enacting trade agreements that aim to further open markets for U.S. exporters —especially for small exporters— and spur economic growth and job creation. The Administration continues to work with Congress to increase support for trade promotion legislation—particularly focusing efforts on Democrats who have expressed their concerns about the long-term impact of trade deals on U.S. businesses and workers.
On April 16, Senate Finance Committee Chairman Orrin Hatch (R-Utah), Ranking Member Ron Wyden (D-Ore.) and House Ways and Means Chairman Paul Ryan (R-Wis.) introduced bipartisan, bicameral Trade Promotion Authority (TPA) legislation that establishes concrete rules for international trade negotiations to help the U.S. deliver strong, high-standard trade agreements that will boost American exports and create new economic opportunities and better jobs for American workers, manufacturers, farmers, ranchers and entrepreneurs. The Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015) outlines 21st century congressional negotiating objectives that any administration must follow when entering into and conducting trade talks with foreign countries while also increasing transparency by requiring that Congress have access to important information surrounding pending trade deals and that the public receive detailed updates and see the full details of trade agreements well before they are signed. A summary of the bill can be found here, a section-by-section summary of the bill here and a copy of the bill text can be found here.
To view the full U.S. of Trade report click here.
For an Interactive Map with new state-by-state trade data click here.
The Jobs Supported by State Exports 2014 economic brief is provided here.