In his State of the Union address, President Obama announced the goal of doubling U.S. exports over the next five years. During a speech last week at the Export-Import Bank's annual conference, he provided the details of his new executive order, the National Export Initiative (NEI).
The NEI is designed to marshal the full resources of the U.S. government to ensure that American businesses can actively participate in international markets by increasing the exports of goods, services and agricultural products. Removing trade barriers abroad, helping firms - especially small businesses - overcome hurdles to entering new export markets, assisting with financing and pursuing a government-wide approach to export advocacy abroad will assist in doubling exports over the next five years.
Export potential is vast with fully 95 percent of the world's consumers outside the United States. American companies exported $1.57 trillion in goods and services in 2009. Exports made up 11 percent of the U.S. economic output and supported more than 10 million jobs. Increased exports will help restore strong economic growth.