For Immediate Release: May 18, 2010
Contact: Mary Trupo (202) 482-3809
Commerce under Secretary SÁnchez Emphasizes Importance of Exports to Utah Jobs, Economy
SALT LAKE CITY – Francisco J. Sánchez, Under Secretary of Commerce for International Trade, today detailed how President Obama’s National Export Initiative (NEI) will help support jobs and grow the economy in Utah and nationally. Speaking at the 9th Annual Zions Bank Trade and Business Conference attended by nearly 800 Utah businesses, Sanchez discussed how the Department of Commerce’s International Trade Administration (ITA) plays a key role in helping achieve the NEI goals.
“The NEI is an unprecedented, comprehensive strategy aimed at doubling U.S. exports over five years, while supporting two millions jobs here at home,” he said. “Utah is well-positioned to benefit from the NEI. From 2005-2009, Utah’s exports grew by 70 percent, reaching $10.3 billion last year—a 70 percent increase—and the second-largest percentage gain during that time period among the 50 states.”
“Utah has a rich history of entrepreneurism and the number of Utah businesses doing business beyond our borders is rapidly expanding,” said Zions Bank President and Chief Executive Office A. Scott Anderson. “We appreciate Under Secretary Sánchez being a part of our conference today and deeply appreciate his efforts to promote and foster the growth of international trade and business.”
Utah registered a small, but positive, growth in exports last year. Sánchez emphasized that more than one-seventh of all manufacturing workers in Utah depend on exports for their jobs, and that the state is home to more than 2,400 exporters, 86 percent of which are small- and medium-sized companies. He noted however, “the vast untapped potential to increase both the number of companies exporting and the number of markets they are selling to which would support new job growth.”
According to the U.S. Commerce Department, less than one percent of America’s 30 million companies export – a percentage that is significantly lower than all other developed countries. Of U.S. companies that do export, 58 percent export to only one country. Many businesses could benefit from learning more about these international opportunities and the resources currently available to help them.
The NEI focuses on impacting three critical areas of international trade: trade promotion and advocacy; availability of credit and financing; and free and fair access to foreign markets. This includes strengthening the efforts of the ITA’s U.S. Commercial Service and its worldwide network of offices that serve as one-stop shops for U.S. exporters; the President’s call for the Export-Import Bank to increase its financing available for small- and medium-sized businesses by an additional $2 billion during the next year; and the administration’s commitment to working aggressively to enforce current U.S. trade agreements and increase government’s attention on removing trade barriers.
“ITA is moving to identify new-to-market opportunities in the global economy for businesses of all sizes,” he said. “We are expanding the International Buyer Program, identifying emerging markets, and pinpointing new technologies with potential for growth. May is World Trade Month and an excellent time for all Americans to realize the value of trade to our economy.”
International Trade Administration
The International Trade Administration (ITA) is the premier resource for American companies competing in the global marketplace. ITA has 2,100 employees assisting U.S. exporters in more than 100 U.S. cities and 77 countries worldwide. For more information on ITA visit www.trade.gov.
The International Trade Administration, U.S. Department of Commerce, manages this global trade site to provide access to ITA information on promoting trade and investment, strengthening the competitiveness of U.S. industry, and ensuring fair trade and compliance with trade laws and agreements. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. This site contains PDF documents. A PDF reader is available from Adobe Systems Incorporated.