In 2010 American exports to Asia exceeded shipments to the Europe for the first time ever. Yesterday, I met U.S. Commerce Secretary Gary Locke who was in Los Angeles to promote President Obama’s National Export Initiative (NEI), which seeks to double American exports to $2 trillion by 2014.
Speaking at the Asia Pacific Business Outlook conference, Locke said exports now supported 10 million jobs in America, including 700,000 in California. One in three manufacturing jobs and one in five agricultural jobs in the United States were tied directly to exports. In addition, exports were a key driver of economic recovery in the past two years, accounting for nearly half U.S. economic growth since 2009, according to Locke.
In my work at Amritt, my colleagues and I are vigorous supporters of the NEI. In fact the topic of my talk at the same conference was how to increase exports to India five-fold not just two-fold; we believe that this is quite doable.
Secretary Locke, the first Chinese American to hold a cabinet post, is expected to become the next U.S. Ambassador to China by June of this year.
Takeaway: Asia and India in particular is hugely important to America’s economic engine going forward.