U.S. Exports Could Double Under Obama Trade Plan

(San Antonio Business Journal)

Annual exports by companies in the greater San Antonio area already total more than $5 billion, but under President Obama’s National Export Initiative, local exporters should stand to benefit tremendously, said a top ranking Commerce Department official during a San Antonio visit.

Under Secretary of Commerce for International Trade Francisco Sanchez, who leads the International Trade Administration, said Wednesday that the president’s National Export Initiative is designed to double exports of U.S. goods and services during the next five years. […]

“Increasing U.S. exports is critical to our nation’s economic recovery and long-term economic growth,” Sánchez says. “The National Export Initiative is a single, comprehensive strategy to promote American exports and American jobs. It will coordinate and leverage the relevant public- and private-sector resources to push and promote the sale of American goods and services abroad.”

One of the aspects of this initiative is to help more companies extend their global reach by exporting to additional countries.

“About 58 percent of U.S. exporters export to only one market,” Sánchez adds. “Imagine the national benefit if by working together we can help companies export to two or more markets in a world in which 95 percent of their customers are outside our borders.” Read more here.