What’s NEXT for U.S. exports?

Exports are critical to the U.S economy. They fuel economic growth in our communities, support good middle class jobs, and unlock opportunity for American companies, entrepreneurs, farmers, ranchers, and workers, enabling U.S. companies to compete in the growing global marketplace. By selling Made-in-America goods and services to international customers, U.S. businesses – including small and medium-sized and minority- and women-owned businesses – are able to grow faster, hire more employees, pay higher wages, and help spread American ideas, innovation and values.

Recognizing the many opportunities exports create for our economy, U.S. Commerce Secretary Penny Pritzker today announced that the Obama Administration will build on the success of the National Export Initiative (NEI) by launching NEI/NEXT: a new customer service-driven strategy with improved information resources that will ensure American businesses are fully able to capitalize on expanded opportunities to sell their goods and services abroad. NEI/NEXT will help more American companies reach more overseas markets by improving data, providing information on specific export opportunities, working more closely with financing organizations and service providers, and partnering with states and communities to empower local export efforts.

In 2010, President Obama launched the National Export Initiative (NEI), a comprehensive government-wide effort to help U.S. companies increase exports, expand into new markets, and compete globally. Under the NEI, the United States has had four straight record-breaking years of exports – hitting an all-time high of $2.3 trillion dollars last year – up $700 billion from 2009. A new economic report released today by the Department of Commerce, shows that nearly one-third of the country’s economic growth since mid-2009 has been driven by exports. Nearly 30,000 businesses have started exporting for the first time. And most importantly, since 2009, the number of jobs supported by exports has grown by 1.6 million to more than 11.3 million – the highest in 20 years.

Even with all this success, far too many American companies remain focused on domestic markets. Less than 5 percent of U.S. companies export, and more than half of those exporters sell to only one market. To help bridge that gap, and look for new opportunities to help U.S. businesses export, the Department of Commerce, along with 20 federal agency partners last year began to take a fresh look at the NEI. This interagency group solicited extensive stakeholder feedback and incorporated lessons learned under the NEI, to develop an economic growth strategy that would help make trade a central part of America’s economic DNA. The end product of that interagency review, NEI/NEXT will take the NEI strategy to next level by institutionalizing our progress from the past four years and serving as a framework to guide the development of new, innovative initiatives.

NEI/NEXT will be implemented through the Export Promotion Cabinet and Trade Promotion Coordinating Committee (TPCC), which consists of representatives from 20 federal departments and agencies with export-related programs. The Secretary of Commerce chairs the TPCC.