US: Obama bid to double exports continues
Efforts to increase US trade around the world will continue this year to help reach President Obama’s goal of doubling exports by the end of 2014.
The 2012 National Export Strategy (NES), released by the US Trade Promotion Co-ordinating Committee, says US exports reached US$2.1trn in 2011, up 33% on the figure in 2009.
Exports were up by an additional $76.5bn to September 2012, the report adds, while 293,000 companies exported during 2010, up 6% on the previous year.
Updating on the 70-plus recommendations made in the initial NES of June 2011, the review outlines Metropolitan Export Plans, which have been implemented in pilot areas including Los Angeles, Portland, Minneapolis and Syracuse, NY.
Meanwhile the International Trade Administration initiated 246 compliance and market access cases in 2011, up 12%, as part of the Trade Agreement Compliance Program – designed to identify and remove barriers to exports.
Turning to fiscal 2013, the report outlines the budget request’s allocation of $30.3m to expand the US and Foreign Commercial Service’s overseas export promotion activities.
Other initiatives this year will include increasing Export-Import Bank activity in nine priority countries: Brazil, Colombia, Mexico, Nigeria, South Africa, Turkey, India, Indonesia and Vietnam.
There will also be strengthened trade policy engagement with major established partners, such as Canada, Mexico, Japan and the European Union.
Finally, the budget request also allocates resources aimed at deepening engagement with major emerging markets, including China, India and Brazil.
- New wage ladder lifts workers towards living wages
- US retailers to face logistics issues into 2015
- New scenarios driving sustainability in textiles
- African apparel sector needs cooperation to thrive
- UK fashion sector prospects depend on partnerships
- Bangladesh worker dies as factory boiler ruptures
- Eight footwear factories lead on social compliance
- Global unions join forces on apparel wage poverty
- US firms eye Vietnam footwear growth ahead of TPP
- Low cotton prices lead to government intervention