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Increased Exports Assists Economic Recovery and Job Creation

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FOR IMMEDIATE RELEASE

Wednesday, February 3, 2010

CONTACT OFFICE OF PUBLIC AFFAIRS

202-482-4883

Increased Exports Assists Economic Recovery and Job Creation

Increasing exports of U.S. manufactured goods and services is critical to creating good paying jobs and America’s continued economic recovery said Deputy Secretary of Commerce Dennis F. Hightower today at the 7th Annual Global Business Conference sponsored by the World Trade Center of Greater Philadelphia.

“Exports directly and indirectly support millions of jobs, including 7 million in the manufacturing sector alone,” Hightower said. “The Obama administration understands that to get our economy back on track and to get it creating new American jobs, our international trade numbers must continue to grow.”

International trade is a growing and increasingly substantial part of the U.S. economy. Exports accounted for more than 11 percent of America’s gross domestic product in 2009. The aviation, machinery, and electronic products industries now depend on exports for up to half their sales.

In order to achieve President Obama’s goal of doubling U.S. exports in the next five years and supporting two million new jobs, U.S. manufacturers interested in expanding their businesses through exporting are going to need guidance on selecting new markets and how to get started.

“In the evolving global market place, growth in demand continues to shift to emerging and developing countries,” Hightower said. “China and India currently account for seven percent of U.S. exports, but nearly 40 percent of the world population. These two markets are only going to get bigger and wealthier, and American companies must be able to take advantage of the opportunities these markets offer.”

The Commerce Department’s International Trade Administration’s U.S. and Foreign Commercial Service has trade experts located in 109 domestic and 126 international offices in 77 countries to provide assistance to firms interested in exporting their products and services to foreign markets.

“The International Trade Administration’s job is to help your business increase its exports,” Hightower said. “Our staff will walk you through the whole export process, from finding customers, to cutting through red tape, to making the sale.”

For additional information on Commerce’s export promotion activities, visit www.trade.gov/cs/.