For Immediate Release: February 24, 2011
Contact: Cory Churches (202) 482-3809
Commerce Official Highlights Aerospace Role in National Export Initiative
Lake Buena Vista, Fl – American aerospace manufacturing will play a vital role in achieving the goals of President Obama's National Export Initiative, according to Nicole Y. Lamb-Hale, assistant secretary for manufacturing and services. With the largest trade surplus of all manufacturing sectors, $44 billion in 2010, and rapidly growing overseas demand for its products, the U.S. aerospace industry is a natural leader in winning the export sales that will create new jobs here in the U.S.
During her remarks today Lamb-Hale highlighted the export potential of this important industry sector to more than 100 small and medium-sized aerospace manufacturers attending the 2nd Annual Aviation and Aerospace Manufacturing Summit hosted by Embry-Riddle Aeronautical University in collaboration with the Aerospace States Association.
"The competitiveness of the U.S. aerospace industry positions our companies to take advantage of growth in the world economy, which will be driven increasingly by nations seeking to improve their standards of living," said Lamb-Hale. "A new global middle class is emerging and creating new global markets for our goods and services. President Obama has challenged us to "Win the Future" through innovation and investment. Innovation in U.S. aerospace creates high paying jobs and sets an example for the nation," she said.
The aerospace sector supports more than 770,000 U.S. jobs, more than any other manufacturing or service sector, and supports 1.2 million jobs in related fields. Roughly half of all U.S. jobs supported by aerospace manufacturing are attributable to exports.
"To achieve the President's National Export Initiative goal of doubling exports by 2015, we are working with our partners in the U.S. aerospace community and especially with small and medium-sized companies in the aerospace supply chain to open overseas markets, enforce existing U.S. trade laws and improve our ability to capitalize on developing opportunities overseas. We must expand U.S. supplier participation in the global supply chains that will serve traditional airframe producers in the U.S. and Europe but also in emerging producers," said Lamb-Hale.
The U.S. aerospace and defense industry is a strategic contributor to the economy, national security, and technological innovation of the United States. The total value of aerospace shipments for 2010 was over $171 billion and the total value of aircraft and parts alone was $147 billion.
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