Report Finds Exports Power Job Creation
Much of the focus this morning was on the February jobs numbers, but the Bureau of Economic Analysis announced that U.S. exports in January increased by $2.6 billion. A new report, Export Nation 2012, released by the Brookings Institution this week, is the latest study showing how much economic activity and jobs result from exporting American goods and services.
The report found that increased exports were a needed buffer in the early part of the economic recovery. The authors write, “overall, the year  saw the United States add 600,000 new export-supported jobs” and “the number of U.S. total export-supported jobs increased by almost 6 percent in 2010, even as the overall economy was still losing jobs.” In total by 2010, 10.7 million jobs were supported by U.S. exports.
Metropolitan areas were the source of most of the export growth. The report states, “The largest 100 metro areas by population accounted for 65 percent of U.S. goods and services sold to foreign residents.” It goes on to state, "much critical U.S. exporting activity will take place among the thousands of small- and medium-sized businesses that operate on a local scale in the nation’s large and small metropolitan areas."
Here are some of the report’s recommendations to continue this positive trend:
- Conclude the Trans-Pacific Partnership (TPP) Agreement.
- Repeal the Jackson-Vanik amendment to make it easier to trade with Russia.
- Protect intellectual property rights of American companies.
These fit well with the U.S. Chamber's trade agenda. Let me add some additional goals from the U.S. Chamber’s Vice President for International Affairs, John Murphy:
- Give the President Trade Promotion Authority to negotiate trade agreements.
- Negotiate with a “coalition of the willing” of WTO members to liberalize trade in services.
- Look at bilateral trade agreements with Brazil, Egypt, India, and Indonesia.
Exporting Nation 2012 reminds us that the U.S. is the largest exporter in the world, that millions of American jobs depend on exports, and that we need policies to continue boosting job-creating exports.
To learn more about how many jobs in your area benefit from trade visit TradeSupportsJobs.com.