President Obama unveiled a new plan to promote American exports in his January 2010 State of the Union Address. Through this National Export Initiative (NEI), as it is called, the administration hopes to see U.S. exports rise to twice their 2010 levels over the next five years, spurred on by a combination of new efforts and institutional realignments. Only 1 percent ofU.S.companies currently export, but those that do are able to pay their employees 13-18% more than others. There are many competitive, innovative American companies—particularly small and medium enterprises—who have much to offer overseas buyers if they can overcome existing barriers to trade. The NEI is designed to facilitate this process, bringing American goods to world markets.
To meet the goal of doubled exports, the NEI relies upon a comprehensive export promotion strategy. TheU.S.government has pledged to increase its focus on problematic restrictions on American exports. They aim to eliminate these obstacles through securing new trade deals and better enforcing existing agreements. This effort is being implemented in a unified approach from all levels of government, guided by the government agencies in the new Export Promotion Cabinet and the private sector advisors of the President’s Export Council. Individual businesses looking to expand overseas can benefit from export counseling, financing, and promotional services that let them access foreign markets on a level playing field.
Doubling exports is a monumental task. How has theU.S.done so far in its efforts to reach this goal? According to the most recent statistics from the Department of Commerce, the U.S. appears to be on its way to reaching its target. Growth has been robust since the initiative was launched, and U.S. exports were up 16 percent for the first seven months of 2011. This growth was similar to the 16.6 percent increase in 2010, the first year of the initiative. A variety of resources are being employed to facilitate this trade program, such as the U.S. Export Assistance Centers that can be found throughout theUnited Statesand internationally. Their locations and other valuable information can be found on the export.gov website. Global-minded entrepreneurs can access the resources of the NEI and join the quickly growing market for U.S. exports.
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