Weekly Trade Spotlight: APEC Export Destinations for American Goods
This week, Ambassador Kirk will travel to Honolulu, Hawaii to participate in the Asia-Pacific Economic Cooperation (APEC) Ministers' and Economic Leaders’ Meetings. USTR.gov is highlighting the importance of trade within the Asia-Pacific region for America’s businesses and workers.
Since President Obama signed trade agreements with Korea, Colombia, and Panama into law, there has been increased awareness in our country about the importance and potential of international trade to support jobs here at home. Leaders around the world are looking toward trade as a path to economic growth and better jobs. The Asia-Pacific region is one that promises many benefits to the United States as we sell more made-in-America products abroad.
Home to more than 40 percent of the world’s population, Asia-Pacific nations have been working toward the goal of economic collaboration through a forum known as the Asia-Pacific Economic Cooperation or APEC. This week, leaders from APEC’s 21 member economies will meet in Honolulu, Hawaii under chairmanship of the United States to discuss strengthening regional economic integration and trade expansion. United States Trade Representative Ron Kirk, as well as Deputy U.S. Trade Representatives Demetrios Marantis and Michael Punke, will be there to advance ideas and policies that will help put more Americans back to work.
America’s top four country export markets are APEC member economies. Trade with these nations is important for America’s businesses to succeed in an ever increasingly globalized community.
The top two APEC export markets are our northern and southern neighbors, Canada and Mexico. Canada was the United States’ largest goods export market in 2010 with exports valued at more than $249 billion. Mexico comes in second with more than $163 billion in goods exports. China was the United States’ third largest goods export market in 2010, and goods exports to China were up at least 32 percent in 2010.
Two additional top export destinations are Japan and Korea. Top exports to Japan and Korea in 2010 include optic and medical equipment, electrical machinery, machinery, and aircraft. Agricultural products like coarse grains, red meats, and wheat were also important exports.
Trade leaders are looking for progress at the APEC Ministers' and Economic Leaders’ Meetings this week. Greater cooperation amongst the 21 member economies will translate into magnified benefits including increased U.S. export markets and additional opportunities for American businesses, manufactures, farmers, and service providers.