In his State of the Union address in January, President Obama laid out a bold initiative to double the United States’ exports in five years, helping create American jobs, bolster American companies and correct the country’s trade imbalance. Today, he gave a six-month report card, and said the country is on track to achieve the goal. Exports in the first four months of 2010 were 17 percent higher than in the first four months of 2009.
Of course, the recession has hurt global trade, so the United States will have to double a relatively small annual sum of exports. And the country has done it before. Still, it is not an easy challenge. And what is Obama doing to double exports? He says the country is: improving advocacy for U.S. exporters, easing financing for businesses that make products for exports, particularly small businesses, and removing trade barriers, among other efforts.
For more on how Europe could hamper the United States’ efforts to bolster trade, see this TWI article by David Dagan.