The full-year 2010 trade data released last week by the Commerce Department show rapid export growth for America’s manufacturers –- up 20 percent over 2009. The data confirmed that big markets are important. In fact, the top 10 export markets for U.S. manufactured goods accounted for more than two-thirds of the entire export growth last year.
The large market winner in terms of percentage increase? Just about everyone would guess China, but it was actually Korea, with a 37 percent increase in U.S. manufactured goods exported to that country. (Think what we could have done if the pending trade agreement were already in effect!)
The runner-up was… Brazil, with a 34 percent increase in U.S. manufactured goods exports. China came in third, with 31 percent.
The winner in terms of the dollar increase in manufactured goods exports from the United States? Canada, with a $40 billion increase. Mexico came in second, at $31 billion, and China third, at $15 billion.
The full list of 2010’s Top 10 countries and their percentage increase as recipients of U.S. manufactured goods exports:
Note: Manufactured exports are NAICS 31-33, Census Bureau data as compiled from the USITC’s Dataweb.
Frank Vargo is vice president for international economic affairs at the National Association of Manufacturers.
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