MadeInTheUSA:AnExportBoom
InhisStateoftheUnionaddresstwoyearsagoPresidentObamaarguedthatinordertorecoverfromtheeconomicrecessiononeofthefewthingstheU.S.neededtodowastoexportmoregoodsaroundtheworld.Thatnightthepresidentunveiledanewgoal:todoubleU.S.exportsoverthenextfiveyears.Itwouldbeanincreasethatthepresidentsaidwould“supporttwomillionjobsinAmerica.”
MosteconomistsdismissedthepromiseatthetimeassomethingunrealisticbuttwoyearslatertheU.S.isonpacetomeetthatgoal.Americanexportsareup34percentsincethepresidentgavethatspeechandthenumbercontinuestorise.
CompetitiveInAGlobalMarket
MarlinSteelametalworkingbusinessinBaltimoremakespartsthatshipallacrosstheworld.“Weexportto36countries,”ownerDrewGreenblatttellsAllThingsConsideredHostGuyRaz.“We'reworkingaroundtheclockandwe'regrowing.”
It'snotjustadvancedmanufacturingexportsontherisebutporkcattleandallkindsofagriculturalexportsareupaswell.EvenAmericancraftbeerhasfoundanexportmarket.
FlyingDogCEOJimCarusosaysthatincreasinglypeopleallovertheworldaretryingthebeerfromtheMaryland-basedbrewery.Carusosays,“Eveninthosetopbeer-producingcountriesacompetitiveAmericanproductisfindingamarket.”
ServicesAreExportsToo
AnotherplaceexportsarecomingfromisNewYorkCity—inparticularthe30thfloorofaManhattanskyscraperon5thAvenueand52ndStreet.That'swheretheconsultingfirmKurtSolomonlies.Itdoesn'tactuallyproduceaproductforexport;itprovidesmanagementadviceandstrategy.
“FouroutofeveryfiveAmericansisnowemployedintheserviceindustry,”thenation'stoptradeofficialRonKirksays“Servicesareasignificantpartofourexportsandmakeupaboutaquarterofourexportedgoods.”Theseservicescanincludeeverythingfromlegalconsultingfinanceinformationtechnologyandevenengineering.
AndThereAreOtherFactors
Sowhyhastherebeenanincreaseofmorethan30percentforexportsinalmosteverything?PartoftheincreaseatleastforthemanufacturingsideisduetobettertechnologysaysTylerCowenaneconomist.“Alotofitisbeingdrive