NAM VP decries U.S. export practices to house panel.
Press Release Summary:
National Association of Manufacturers (NAM) Vice President for International Economic Affairs, Frank Vargo, told a panel for the House Energy and Commerce Subcommittee on Commerce, Trade and Consumer Protection that the U.S. is "missing the boat" when it comes to exporting manufactured products. He pointed out that the U.S. ranks last among the top 15 manufacturing nations, as its exports only accounted for 13% of the economy in 2008, limiting growth opportunities and endangering jobs.
Original Press Release:
NAM'S VargoTells House Trade Subcommittee United States Is 'Missing the Boat' on Exports
Says United States is Missing Opportunity to Grow Economy, Create Jobs
WASHINGTON, March 17, 2009 - The United States is "missing the boat" when it comes to exporting manufactured products, the National Association of Manufacturers (NAM) Vice President for International Economic Affairs Frank Vargo told a House panel today.
Vargo told the House Energy and Commerce Subcommittee on Commerce, Trade and Consumer Protection that the United States ranks "dead last" among the world's top 15 manufacturing nations in percentage of manufactured products sold abroad.
"Exports are vitally important to U.S. manufacturing," Vargo said. "More than one in every five American factory workers owes his or her job to exports. And export-related jobs pay 13-18 percent more on average than non-trade related jobs."
Vargo said the U.S. government spends about twice as much promoting the export of agricultural products as it does manufactured products, even though manufactured goods exports are 10 times larger than farm exports. U.S. export promotion efforts for manufactured goods, he said, "are about half of the average for other major industrial nations."
In 2008, exports accounted for only 13 percent of the U.S. economy compared to 49 percent for Germany, 34 percent for the United Kingdom, 30 percent for France, and 19 percent for Japan. "We need to achieve higher rates of exports to pay for our share of imported goods," Vargo said.
Vargo's testimony is available at: nam.org/vargotestimony.
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's web site at www.nam.org for more information about manufacturing and the economy.
