FAST TRACK: WHY CONTINUING TO OPEN FOREIGN MARKETS
IS IMPORTANT TO AMERICAN WORKERS' AND THEIR FAMILIES
As the American people prepare for the challenges of the 21st century, we face a critical choice: We can meet the challenges of the future, write the trade rules and continue America's remarkable economic growth -- or we can turn our back on the world and fail to compete for new markets, new contracts, new business and new jobs. All over America, jobs have been created in small, medium and large companies that would not be here today if we did not have the ability to negotiate tough, fair trade agreements.
AUTOMOTIVE INDUSTRY Over 1.2 million workers are directly employed in the automotive industry. U.S. vehicle exports totaled over $24.4 billion in 1996 and should grow 5% per year through 2002. U.S. automotive parts exports totaled $40.8 billion in 1996 and are expected to grow 9% per year through 2002. Auto sales in Asia (excluding Japan) grew 65% between 1990-1995 and may grow another 60% by 2005. Vehicle sales to Japan grew 207% between 1992 and 1996. Sales in Brazil are expected to grow 55% in the next five years. From 1990-1996, auto exports to the biggest emerging markets (excluding Mexico) rose from almost $1 billion to $1.5 billion and are estimated to reach $6.1 billion by 2010. U.S. parts exports to these emerging markets are expected to more than triple from the current $3 billion to $10 billion in 2010.
MANUFACTURING 18.5 million American workers -- over 15% of total workforce -- are employed in manufacturing. Exports of good and services have risen from about 4% of GDP in the early 1960's to over 13% today. U.S. exports have grown three times faster than Japan's, five time than Germany's since the mid-1980's. 13 of the 20 largest medical technology companies in the world are U.S. owned. The U.S. medical device industry is expected to grow 6% per year over the next 5 years.
INFORMATION TECHNOLOGY The information technology industry generates 3.5 million domestic jobs directly and indirectly. Through diligent efforts to improve competitiveness, America leads in global market share for semiconductors, semiconductor manufacturing equipment, and printed circuit board production. In 1996, U.S. shipments for computer hardware, telecom equipment and electronic components was $166.4 billion -- exports counted for an estimated $90.9 billion. As a whole, info-tech companies export more than one third of their production.
SERVICES Exports of services by U.S. firms supported 3.9 million U.S. jobs in 1996. U.S. service exports have more than doubled over the last ten years, increasing $135 billion since 1987, and $84 billion just since 1990. U.S. exports to emerging markets have grown at impressive rates: nearly 30% to China, Taiwan and Korea; and over 20% to Hong Kong and Argentina.
AGRICULTURE U.S. agricultural exports support nearly a million jobs -- more than 60 percent of those jobs off the farm in processing, transportation, and trade. The U.S. is once again the world's largest exporter of food and farm products, commanding around a 22% share of global agricultural trade. Last year, our agricultural exports were twice the level of our agricultural imports -- a claim no other industry sector can make.