Increasing Exports a Key to Reigniting U.S. Economy

U.S. Chamber Calls for Doubling Export Promotion Funding

WASHINGTON, D.C.—A critical step toward jumpstarting the economy and reigniting exports will be expanding initiatives that help small businesses tap overseas customers, the U.S. Chamber of Commerce told a key House subcommittee in testimony today.

"Investing in the export potential of America's small and medium-sized businesses could bring dramatic gains and stimulate the economy," said Liz Reilly, director of the U.S. Chamber's TradeRoots program. "The overwhelming majority of Americans derive great benefits from trade. If more U.S. small businesses were able to seize export opportunities, the gains could be immense."

Speaking before the House Energy and Commerce Subcommittee on Commerce, Trade and Consumer Protection, Reilly highlighted the steps toward stimulating the economy through trade and the benefits of export promotion.

"It is truly amazing that from Savannah to Seattle, many U.S. companies are not aware of the government services available to help them break into new markets," she said. "Many of America's smaller businesses could secure new markets by exporting if these programs were funded at a more robust level."

The Chamber has proposed a doubling in federal expenditures on export promotion, with a focus on small companies' exports. The 239,000 small and medium-sized companies that sell their goods and services abroad represent 97% of all U.S. exporters. Their overseas sales represent nearly a third of U.S. merchandise exports, according to the Chamber, but studies show other countries do much more to promote exports by their smaller companies.

Reilly's testimony is available at: http://www.uschamber.com/issues/testimony/2009/090317_trade.htm

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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