Trade with the Asia-Pacific Region Benefits Ohio'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 Ohio’s businesses and workers.
Ohio’s goods exports in 2010 totaled $41 billion. Of Ohio’s total exports, $28 billion, or 68 percent, went to markets in the Asia-Pacific region. The top three product categories to APEC member economies exported in 2010 were transportation equipment, chemical manufactures, and machinery manufactures.
Ohio Exported $28 Billion in Goods to Asia-Pacific Countries in 2010:
Goods Exports Support Jobs for Ohio Workers: Jobs supported by Ohio’s goods exports are estimated to be 371,000 (2008 data are the latest available). Over one-quarter (26.9 percent) of all manufacturing workers in Ohio depend on manufacturing exports for their jobs (2009 data are the latest available). Although not measured, there are also additional jobs supported by Ohio’s exports of services.
A total of 13,092 companies exported goods from Ohio locations in 2008. Of those, 11,678 (89 percent) were small and medium-sized enterprises (SMEs), with fewer than 500 employees.
Small and medium-sized firms generated more than one-fourth (24 percent) of Ohio’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.