What Trade Means To Pennsylvania
by Brad Peck
May is Trade Month so we are highlighting the economics of trade, state by state. Jumping ahead in the alphabet - today is Pennsylvania day.
"Many of our companies want to enter to global marketplace, but lack either the capacity or the expertise to do so. If we can support their efforts to reach these markets, we can dramatically increase our share of international trade, attract new foreign investment to Pennsylvania, and build upon the tremendous global network already developing in our colleges and universities." - Governor Edward Rendell
Pennsylvania exported over $29 billion in manufactured goods to the world in 2007.
Trade benefits small businesses in Pennsylvania: 88% of the 11,000 companies that exported goods in 2005 were small and medium-sized enterprises with fewer than 500 employees.
Trade supports jobs in Pennsylvania: In 2007, Pennsylvania-produced manufactured goods generated more than 661,283 jobs for workers in Pennsylvania. There were 233,200 Pennsylvania workers employed by foreign companies in 2005.
Trade benefits Pennsylvania agriculture: In 2006, Pennsylvania agricultural exports were estimated at $1.4 billion. Under NAFTA, Mexico eliminated its 15% tariff on live slaughter cattle, its 20% tariff on chilled beef, and its 25% tariff on frozen beef, proving increased market access to Pennsylvania's beef producers. Agricultural exports support nearly 16,000 jobs both on and off the farm in food processing, storage, and transportation.
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