Wednesday, February 21, 2018

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Report Finds Link Between Increasing Exports and Economic Growth

Trade & Development - Import-Export

WASHINGTON, DC – Under Secretary of Commerce for International Trade Francisco Sánchez today addressed the critical link between government and local efforts to promote exports, and job creation and economic growth during his remarks at a Brookings Institute forum today. The event highlighted the results of the Institute’s Export Nation: How U.S. Metros Lead National Export Growth and Boost Competitiveness report.

“I want to commend Brookings for recognizing the importance of exports to the U.S. economy, and commissioning a study of the 100 top metropolitan areas,” Sánchez said. “I agree that the focus on metropolitan-area exports is very important. Given our focus on President Obama’s National Export Initiative, the Brookings report is a valuable piece of research in helping identify the point of production for U.S. exports.”

The report found that increasing the nation’s exports has the potential to generate a significant number of good-paying jobs throughout the United States. The largest 100 metropolitan areas produce most of the nation’s exports, and strong manufacturing and patent producing metropolitan areas generate the highest share of exports from their output.

Through the National Export Initiative, President Obama has called for a doubling of U.S. exports over the next five years to support two million jobs. These goals require a repositioning of America’s strategic outlook for exporting, and the Department of Commerce’s International Trade Administration (ITA) plays a major role in implementing initiatives and programs designed to achieve these objectives.

“During the next 40 years, the export market will become at least as important to commercial success as the domestic market,” Sánchez said. “ITA can help U.S. businesses overcome the costs and uncertainties of learning to export to new markets. This is ITA’s core mission.”

For more information on the National Export Initiative, please visit www.trade.gov/NEI.

 

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