World Economic Forum for 2019.
US Exports remain a vital and comprise an increasingly larger share of the US GDP, now accounting for nearly $2.5 Trillion of economic activity when considering goods and services, the largest in world history.
Below are a few key figures that point to reasons why more American firms should consider export as a way to grow revenue.
Sources: US World Economic Forum, Kipplinger Newsletter, Federal Reserve Bank of Chicago, Wall Street Journal
.Click American Competitiveness for related blog post.
Recognizing the powerful impact increased US exports have on the American economy, successive American administrations of both parties have forged free trade agreements with significant impact. If oil and natural gas is taken out of the assessment, the US has a trade surplus in aggregate with the 20 nations with which we have free trade.
The current administration is considering further trade discussions toward an FTA with the 28-member nation European Union and a broader trade framework through the former Trans Pacific Partnership via bi-lateral trade agreements with Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, Vietnam and Japan. The US already as an FTA with many of these nations involved inlcuding Canada/Mexico, Australia, Chile, Peru and Singapore.
Development and engagement by US firms in exporting now is a prudent long-term strategic move.
Click US Free Trade Agreements for a complete listing of America's 14 FTA's involving 20 nations and for information on how to determine if your products will receive preferential duty/tariff treatment under those agreements in those foreign markets.