Blog Post by Secretary of Commerce Penny
Will Help Accelerate Economic Growth
the Commerce Department announced new data that show U.S. businesses exported
$2.35 trillion of our goods and services in 2014, hitting a record high for the
fifth straight year. U.S. goods exports increased 2.7 percent to a record $1.64
trillion in 2014. Records were set in exports of capital goods; consumer goods;
petroleum products; foods, feeds, and beverages; and automotive vehicles and
parts. Annual services exports hit an all-time high of $710.3 billion, led
by record export levels in the travel, transport, charges for the use of
intellectual property, and financial services sectors.
does this mean for American businesses and American workers? Exports have been
a key driver in our economic comeback. Exports support 11.3 million American
jobs, and contributed one-third of our annual growth between 2009 and 2013. In
some cities– like Kansas City, Albuquerque, Youngstown, Columbus, and
Detroit – exports drove nearly all growth out of the recession.
I have traveled across the United States, speaking with more than 1,500 CEOs
and business leaders, I have seen firsthand the way exports are benefiting
American companies and workers. Take Davenport Aviation, a certified
distributor of spare parts and aviation equipment based in Columbus,
Ohio. Davenport Aviation is a small business – they now have eleven
employees – but taking advantage of the global marketplace has helped them grow
every year since they opened in 2009. Exports account for 99 percent of their
business, and this year, because of increased demand, Davenport Aviation plans
to add at least 3-4 new jobs.
over the country, exporters like Davenport Aviation are growing and creating
jobs. While America’s economy is on the right track, we have more work to do to
ensure our growth is sustainable. Exports are a critical part of that effort,
which is why President Obama has made increased trade a top priority. In
today’s global economy, American prosperity is directly tied to our ability to
reach new markets and new customers overseas. We know that 95 percent of the
world’s consumers live outside our borders, so gaining greater access to
markets abroad will allow our companies to expand, hire more workers, and pay
better wages here at home.
trade promotion legislation will give the President the ability to move forward
on trade agreements that will open doors for American businesses, including
small businesses like Davenport Aviation. Passing trade promotion legislation
this year is critical.
addition, we must finish and implement two major trade agreements that would
open up new markets to U.S. goods and services: the Trans Pacific Partnership
(TPP) and the Transatlantic Trade and Investment Partnership (T-TIP). Once
completed, these two agreements will give the United States free trade
arrangements with 65 percent of global GDP and give our businesses a large base
of new potential customers. For example, while the Asia-Pacific is currently
home to 570 million middle class consumers, that number is expected to reach
2.7 billion by 2030, and this Administration wants our American businesses and
workers to have access to that opportunity.