With 95 percent of the world’s consumers residing outside of the United States and many foreign markets growing exponentially, exporting has become a business imperative for U.S. manufacturers.
This point is demonstrated by the experience of Quality Float Works, Inc., a small U.S. manufacturing company located in Schaumburg. Jason Speer, the company’s Vice President and General Manager is the fourth generation manager of his family-owned small-business that manufactures parts used to level liquid controls in a variety of industries. Founded in 1915, Quality Float Work’s products are found in everything from gas pumps to aircraft carriers.
Following the September 11th tragedy, Jason quickly recognized that product and market diversification were necessary for the company to survive. In 2003, under Jason’s leadership, Quality Float Works developed a product that could be used in the water purification process around the world. That innovation, together with increased marketing efforts abroad, opened up new international markets for the company. Today, Quality Float Works exports to more than 40 countries and is poised to take advantage of the new trade agreements with Colombia, Panama and South Korea.
Stories like this demonstrate the power of exporting as a critical lifeline for U.S. manufacturers in today’s competitive global economy.
Not only is exporting an essential business strategy for individual companies, it is also a proven tool for sustaining and creating jobs in the U.S. In Illinois alone, 284,000 jobs were supported by exports of manufactured goods in 2009, and there is much more work to be done.
Exporting expands the sales of U.S. manufacturers, resulting in greater revenues and higher employment for U.S. workers. In fact, a recent study by the International Trade Administration (ITA) found that increased revenue stability and improved market certainty are achieved through export sales.
Recognizing the role that exports play in powering the U.S. economy, President Obama launched the National Export Initiative (NEI) in 2010. The NEI aims to double U.S. exports by the end of 2014 to support several million U.S. jobs.
The trade agreements with Colombia, Panama and South Korea — recently signed into law by President Obama — will further advance the goals of the National Export Initiative, resulting in up to $13 billion in additional U.S. exports abroad and supporting tens of thousands of jobs here at home.
The President has called on the United States to win the future by out-innovating, out-educating, and out-building the rest of the world. Out-building the rest of the world includes revitalizing U.S. manufacturing and producing the products that the world wants.
The International Trade Administration is here to help. With offices in over 100 U.S. cities and 75 countries that provide match-making, market research, business counseling, and other services that help companies break into new markets, ITA works hand-in-hand with U.S. manufacturers in communities like Schaumburg to help them succeed internationally.
As demonstrated by Quality Float Works, exporting is a business imperative for U.S. manufacturers of all sizes. The economic benefits of exporting are clear. By selling our innovative products around the world we will sustain and create good paying jobs here at home.
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Nicole Y. Lamb-Hale is the Assistant Secretary of Commerce for Manufacturing and Services in the International Trade Administration, U.S. Department of Commerce. To learn more, visit www.trade.gov
