Double U.S. Exports in 5 yearsâ¦ How do we do that?
Published:20 May 2015 01:05:40 PST
During his 2010 State of the Union address President Obama boldly proclaimed his plans to double U.S. exports in 5 years, which in turn would create an estimated 2 million American jobs.
The National Export Initiative outlined a plan that would grow U.S. exports to $3.14 trillion annually by 2015, but how exactly does the Obama Administration plan to achieve this? We’ve reviewed the 62-page document outlined in the Export Promotion Cabinet’s Report to the President on the National Export Initiative to give you a high level overview of what’s being done…
The Export Promotion Cabinet consists of:
Secretary of State
Secretary of the Treasury
Secretary of Agriculture
Secretary of Commerce
Secretary of Labor
Secretary of Energy
Secretary of Transportation
Director of the Office of Management and Budget
United States Trade Representative
Assistant to the President for Economic Policy
National Security Advisor
Chair of the Council of Economic Advisers
President of the Export-Import Bank of the United States
Administrator of the Small Business Administration
President of the Overseas Private Investment Corporation
Director of the United States Trade and Development Agency
What are the goals?
Improve advocacy and trade promotion efforts on behalf of U.S. exporters
Increase access to export financing, so good opportunities do not fall through due to the inability to finance an export.
Reinforce efforts to remove barriers to trade, so as many markets as possible are open to U.S. products.
Enforce trade rules, to make sure our trade partners live up to their obligations.
Pursue policies at the global level to promote strong, sustainable, and balanced growth, so the world economy grows and our exports have robust markets.
How does the NEI plan to achieve these goals?
The NEI Executive Order has outlined 8 priorities that they deem as critical in achieving the 5 goals or components of the NEI.
Facilitate exports by small and medium-sized enterprises (SMEs) by identifying SMEs which can benefit from exporting and providing them with the tools they need to continually gain access to foreign markets.
Improve the federal government’s core trade promotion programs to create opportunities for U.S. sellers to meet with foreign buyers.
Increasing the number of trade and reverse trade missions
Increasing access to export financing by making more credit available to exporters, increasing the awareness of Government assistance, and streamlining the applications process.
Work with G-20 partners to maintain a healthy global economy that provides ample opportunities for U.S. exports.
Reducing barriers to trade to open new markets to U.S. exporters through free trade agreements and other U.S. trade policy tools vital for obtaining enhanced market access.
Build on the efforts outlined in 1-7 with an enhanced focus on the services sector.
How do we measure how we’re doing?
Since the launch of the National Export Initiative in 2010, U.S. exports have been steadily increasing, but by how much depends largely on what data you're looking at. Publicly available census data is good for a high-level aggregate view of U.S. exports as a whole, but it lacks the granularity and in-depth view provided by PIERS transactional data.
From January 2010 to December 2011the U.S. Census Bureau shows total exports increasing by 19.7% to $178.7 billion, while over the same period PIERS Containerized Waterborne Data shows exports expanding by only 13.2% to 1.02 million TEUs. For most people the distinction between export value in dollars vs. export volume in TEUs is not something of interest, but to us in the transportation industry this can be an important distinction to make.
PIERS is the only company that gathers detailed U.S. export data at the ports for every shipment. Organizations can use this data to find U.S. exporters, identify growing markets and learn what commodities companies are exporting.
To learn more about the unique advantages of using PIERS U.S. Export Data visit www.piers.com/usexports or register for a free demo.