Trade with the Asia-Pacific Region Benefits New York's Businesses and Workers
In a world where 95 percent of consumers reside outside our borders, APEC comprises 40 percent of the global population. The Asia-Pacific region offers tremendous opportunities for U.S. exporters. The Asia-Pacific region is the largest market in the world for U.S. exports and receives over 70 percent of U.S. agricultural exports. Many of these dynamic economies are growing faster than the world average and together generate 56 percent of global GDP in 2010.
Today, USTR.gov is showcasing the importance of trade with the Asia-Pacific Region for New York's businesses and workers.
New York’s goods exports in 2010 totaled $70 billion. Of New York’s total exports, $34 billion, or 49 percent, went to markets in the Asia-Pacific region. The top three product categories to APEC member economies exported in 2010 were miscellaneous products, machinery, and computer and electronic products.
New York Exported $34 Billion in Goods to Asia-Pacific Countries in 2010:
Goods Exports Support Jobs for New York Workers: Jobs supported by New York’s goods exports are estimated to be 293,000 (2008 data are the latest available). Over one-fifth (21.4 percent) of all manufacturing workers in New York depend on manufacturing exports for their jobs (2009 data are the latest available). Although not measured, there are also additional jobs supported by New York’s exports of services.
A total of 28,930 companies exported goods from New York locations in 2008. Of those, 27,265 (94 percent) were small and medium-sized enterprises (SMEs), with fewer than 500 employees.
Small and medium-sized firms generated more than half (55 percent) of New York’s total exports of merchandise in 2008. Notably, small and medium-sized firms benefit from the tariff-elimination provisions of free trade agreements. The transparency obligations, particularly those in the customs chapters, are vital to small and medium-sized firms, which may not have the resources to navigate customs and regulatory red tape.