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Debunking Free Trade Myths: The Truth About U.S. Exports and Small Businesses

This overview from the Republican Policy Committee on October 11, 2011, addresses common misconceptions surrounding free trade and U.S. exports. It highlights that the U.S. is the world’s largest exporter with total exports reaching $1.83 trillion in 2010, encompassing agricultural products, manufactured goods, and services. Additionally, it emphasizes the importance of small businesses in exporting, the positive impact of Free Trade Agreements (FTAs), and the growth of U.S. export markets. The impact of pending trade agreements suggests a potential increase of $13 billion in exports and the creation of over 250,000 American jobs.

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Debunking Free Trade Myths: The Truth About U.S. Exports and Small Businesses

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  1. Free Trade Overview Republican Policy Committee October 11, 2011

  2. Myth No. 1 We don’t export anything False: The U.S. is the world’s largest exporter Agricultural Products$108 billion Other Merchandise (fuels, minerals, etc.) $71 billion Manufactured Goods$1.10 trillion Services$543 billion Total 2010 Exports: $1.83 trillion Source: U.S. Department of Commerce

  3. Myth No. 2 “Made-in-USA” doesn’t sell False: U.S. goods and services are popular Leading U.S. Export Markets U.S. exports rose by 79% in five years (2003-2008) Source: U.S. Department of Commerce, 2008 merchandise exports

  4. Myth No. 3 Trade is just for big business False: Exports are critical to small business No. of U.S. Exporters U.S. Merchandise Exports Larger Exporters: 7,079 (3%) Smaller Firms ($360b) Smaller Exporters: 281,668 (97%) Larger Firms ($790b) • In the past 15 years, the number of small • businesses exporting has doubled • Their total export sales have tripled Source: U.S. Department of Commerce

  5. Myth No. 4 FTAs are unfair to workers False: The U.S. market is already wide open while many foreign markets have high tariffs FTAs aren’t the problem—they’re the solution! They create a level playing field by ending all tariffs—in both directions. FTAs: 40.7% of U.S exports in 2010 Source: USTR

  6. America Left Behind • 283 FTAs in force worldwide, U.S. has 17 • 100 FTAs under negotiation, U.S. participating in just one of these (TPP) • Europe and Asia moving ahead No. of FTA Partner Countries 57 52 45 17 Source: WTO

  7. Colombia, Panama, South Korea Good agreements signed many years ago Trade competitors/Loss of market share The International Trade Commission estimates that implementation of the three export-opening trade agreements would increase U.S. exports by at least $13 billion and add $10 billion to U.S. GDP.  Using the Administration’s own measure, such an increase in U.S. exports could create 250,000+ American jobs. Pending Trade Agreements

  8. Christopher Wenk Senior Director, International Policy U.S. Chamber of Commerce cwenk@uschamber.com U.S. Chamber Trade Information Website: www.tradesupportsjobs.com

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