The Importance of International Trade to Washington State

Transcription

1 The Importance of International Trade to Washington State A Presentation to the

2 About WCIT The Washington Council on International Trade is dedicated to growing our state's economy through public policies favorable to expanded opportunities in the global marketplace. WCIT members are farmers, manufacturers, retailers, service providers, non-profit organizations and individuals who support a strong trade policy that benefits Washington s small, medium and large companies and creates jobs for Washington residents. 2

3 What is Trade? All International Business is International Trade Aerospace/ Manufacturing Agriculture IT Retail Professional Services Global Health Int l Tourism Int l Education 3 3

4 Why Exports Matter $53 billion in 2010 from commodities (Supports at least 1 in 4 jobs in WA) Estimated $30+ billion in services exports 95% of consumers are outside the U.S 90% of exporting companies are SMEs WA ports handle 7% of U.S exports & WA is the 5 th largest commodity exporting state (behind Texas, California, Florida and New York)

5 Why Imports Matter $80 billion in 2010 from commodities 250,000 state jobs supported by WA ports Foreign direct investment employs 91,200 Washington workers Increased supply chain competitiveness for Washington s retailers and manufacturers Increased capacity for exports 5

6 WA Trade Advantages Natural deep water ports Good river navigation Diverse industries Geographic proximity to Canada & Asia High percentage of foreign born workers and students 6 6

7 Top Trade Partners Taiwan Indonesia South Korea Japan Exports Imports Canada China Total Dollar Value (billions)

8 Fastest Growing Markets Malaysia Commodity exports increased by 148% from Products: Aircraft, Iron & Steel, Glass, Electric Machinery, Dairy products 6 th largest importer of apparel Turkey Commodity exports increased by 295% from Products: Forestry, Agriculture, Leather, Chemicals 8

9 Fastest Growing Markets Paraguay Commodity exports increased by 67% from Products: Furniture, Electrical Equipment, Textiles & Fabrics Indonesia Commodity exports increased by 67% from Aircraft, Soybeans (pass-through), Wheat, Waste &Scrap, Apples 9

10 Top Export Commodities 10 10

11 Aerospace Exports $23.3 billion export industry in WA #1 exporter in U.S. Boeing exports 85% of products Qatar Indonesia Ireland Japan China WA Aerospace Exports Total Dollar Value (billions)

12 Agriculture Exports $6.2 billion export industry in WA 2 ND Largest export for WA #3 Exporter for U.S More than 30% of WA ag is exported Products: fruit and nuts, seafood, wheat, etc. Top Exports Partners Japan Canada Taiwan Philippines Mexico $1.3 billion $1.1 billion $323 million $312 million $299 million

13 IT Exports $3.3 billon in % increase Singapore Netherlands Japan China Canada from Total Dollar Value (millions)

14 Service Exports Service companies employ 2.7 million workers in Washington. Likely more than $20 billion services export value. Examples: foreign students, law, tourism, architecture, global health, information technology and financial services.

15 Global Health Exports 2,979 FTE employed in WA Organizations cooperate with 1,574 partners in 111 countries 15

16 Tourism Exports Direct travel spending totaled $15.2 billion in 2010; 143,800 direct jobs from WA tourism industry 11% of visitors are from other countries 16

17 Education Exports

18 Retail Imports $1.3 billion apparel industry imports in WA 7 th largest import for the state Footwear import value of $819 million Locally founded retailers include REI, Nordstrom, Eddie Bauer & Outdoor Research 18

19 Retail Imports Bangladesh India Thailand Vietnam China Total Dollar Value (millions)

20 Federal Policy Issues 1. Encourage Successful Negotiation of the Trans-Pacific Partnership Regional Trade Agreement 2. Complete Russia s WTO Accession, and Secure Congressional Approval of PNTR with Russia 3. Address the Harbor Maintenance Tax Land Border Loophole 4. Support Congressional Passage of the Affordable Footwear Act and the US OUTDOOR Act 5. Facilitate Increased International Visitors Through Travel Visa Reform 6. Support a Reasonable Approach to Increased U.S. Competitiveness in Trade with China

21 State Recommendations Infrastructure Investments Programmatic Investments (Commerce & Agriculture), including foreign sales consultants Trade Missions! International Marketing (tourism, FDI)