Global Manufacturing Economic Update – April 11, 2014

Here is the summary for this month’s Global Manufacturing Economic Update:

In its latest World Economic Outlook, the International Monetary Fund (IMF) now predicts global GDP growth of 3.6 percent in 2014 and 3.9 percent in 2015. The forecast for this year was essentially unchanged from the outlook in October, and it suggests that the global economy continues to recover. Global growth in 2013 was 3.0 percent. The IMF projects U.S. growth of 2.8 percent this year and 3.0 percent next year, up from 1.9 percent last year. Europe is another area where the IMF sees progress this year—albeit quite modestly—with real GDP growth of 1.2 percent in 2014 and 1.5 percent in 2015, with the continent emerging from its deep two-year recession. Despite the slightly better data overall, the IMF worries about low inflation in advanced economies, structural challenges in emerging markets and geopolitical risks.

The IMF also notes that China’s economy continues to decelerate, with real GDP growth of 7.5 percent in 2014 and 7.3 percent in 2015. This is consistent with recent data, which show activity in the manufacturing sector slowing down. The HSBC China Manufacturing Purchasing Managers’ Index (PMI) has contracted for three straight months with falling levels of new orders and output. On the positive side, export sales appeared to pick up a bit in March. Next week, we will get new data for industrial production, fixed-asset investment and retail sales. Each has eased significantly in recent reports. Still, even with these slower rates, the outlook for China remains strong overall, and China has already begun to put stimulative measures in place to boost the economy further. As noted in the past report, the Bank of China has also supported a depreciation of the yuan in the past few months, but it asserts that its actions have been mainly to fend off speculators.

Weaknesses in China and Russia have also weighed heavily on manufacturing activity figures for emerging markets. The HSBC Emerging Markets Manufacturing PMI fell below 50 for the first time since July as demand and production stagnated. Nonetheless, outside of China and Russia, the picture for emerging markets was somewhat more positive. Several countries continued to experience modest growth rates, albeit with a slower pace than the month before in some cases. Two notable strengths among emerging markets hail from Eastern Europe. The Czech Republic and Poland continue to see strong growth in their manufacturing sectors despite some deceleration in March. For instance, the production index in the Czech Republic has now exceeded 60 for two straight months, a sign that output is experiencing healthy gains of late.

In all of Europe, manufacturers report slow-but-steady progress. The Markit Eurozone Manufacturing PMI has now expanded for nine consecutive months, an encouraging sign after the deep two-year recession. France, which had lagged behind many of its peers on the continent, had its manufacturing PMI figure exceed 50 for the first time since July 2011. However, overall economic growth remains modest. The unemployment rate continues to be elevated, even as it fell below 12 percent for the first time in 13 months. Weak income growth has caused many to worry about possible deflationary concerns. Annual inflation rates in the Eurozone have fallen from 1.7 percent in March 2013 to 0.5 percent in March 2014, and producer prices declined in February. Aware of these trends, the European Central Bank (ECB) held interest rates steady and said it was prepared to pursue quantitative easing, if necessary, to stimulate the economy further.

Meanwhile, the U.S. trade deficit widened in February due to a decrease in goods exports and an increase in service-sector imports. Manufactured goods exports in the first two months of 2014 were 0.6 percent lower than during the same time period last year, which was disappointing. Nonetheless, we continue to be optimistic that better economic growth rates abroad will lead to improvements on the export front. Fortunately, four of our top five markets for U.S.-manufactured goods notched year-to-date increases in the first two months relative to last year, including Mexico, China, Japan and Germany.

Efforts to move forward U.S.–European and Asian–Pacific negotiations continue, and the World Trade Organization (WTO) is heading to the next stage of implementing the recently completed Trade Facilitation Agreement. On the legislative side, Export-Import (Ex-Im) Bank reauthorization efforts continue, while manufacturers keep pressing for congressional action on key trade legislation, such as Trade Promotion Authority (TPA) and the Miscellaneous Tariff Bill (MTB).

Chad Moutray is the chief economist, National Association of Manufacturers.

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Manufacturers Testify Before House Ex-Im Panel

Yesterday, manufacturers like Boeing and FirmGreen participated in a panel hosted by House Financial Services Committee Ranking Member Maxine Waters (D-CA) to highlight the critical importance of reauthorizing the U.S. Export-Import (Ex-Im) Bank. Ex-Im Bank faces a tough reauthorization fight in Congress this year.

Manufacturers, especially small and medium-sized manufacturers, cannot afford a lapse in the financing support that helps them stay competitive in the global marketplace. Most of the Bank’s financing deals help small businesses, Ex-Im Chairman and President Fred Hochberg told the panel. Hochberg spoke with the NAM’s Member Focus magazine last year about efforts to help businesses of all sizes.

Unfortunately, manufacturers are already facing the consequences of the uncertainty surrounding Ex-Im’s reauthorization. FirmGreen CEO Steve Wilburn told lawmakers that his company lost a $57 million contract to a South Korean competitor because reauthorization legislation faces an uncertain future in Congress. “I just want you to understand the impact on people in my company, me personally and the people in the Midwest that I can’t give those jobs to,” he said. “To me, it’s unconscionable that we allow this debate to rage on a partisan basis.”

Ted Austell, Boeing’s vice president of executive, legislative and regulatory affairs, said that Ex-Im supports the company’s 160,000 employees, 15,000 suppliers and vendors, and hundreds of thousands of workers connected to the aerospace sector. “In a word, it’s jobs,” he said.

House Democratic Whip Steny Hoyer (MD) addressed the panel yesterday afternoon, and he indicated that he will make Ex-Im a legislative priority. The NAM appreciated Rep. Hoyer’s outstanding leadership during the last reauthorization of Ex-Im, and we are very pleased that he continues to make this issue a priority. It is a critical tool that allows our small, medium and larger manufacturers to compete globally. Rep. Hoyer announced at a press conference earlier today that he is including Ex-Im Bank reauthorization in his manufacturing initiative.

This evening, Rep. Denny Heck (D-WA) and other members of the New Democrat Coalition will take to the House floor to discuss the Ex-Im Bank’s positive impact on American jobs during a “special order.” You can follow along with the New Dems on Twitter here.

The NAM will continue to advocate for Ex-Im Bank’s reauthorization on Capitol Hill and with the Administration. In March, we spearheaded a letter that was joined by more than a dozen other business leaders to urge the Senate Banking, Housing and Urban Affairs Committee and the House Financial Services Committee to take immediate action on legislation. We’re also engaging our members to add their voices and influence. Click here to learn more about what manufacturers can do today.

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NAM’s Timmons Caps European Tour at Hannover Messe

As the capstone of an immensely successful European trip, NAM President and CEO Jay Timmons delivered remarks last night at an event hosted by Germany Trade and Invest as part of Hannover Messe. As the world’s largest industrial fair, Hannover Messe and brings together industrial and government leaders from across the globe. These leaders heard Timmons’ clear message on the importance of the economic relationship between Germany and the United States and the significance that manufacturing plays. Timmons noted that the Transatlantic and Trade and Investment Partnership (T-TIP) is a vital component to advance these partnerships and promote innovation, jobs and growth. You can read his full remarks here.

He spoke extensively about the important issues to tackle in the T-TIP negotiations, from regulatory cooperation and market access to intellectual property, investment and cross-border data flows. These issues will take resolve and persistence, but can be achieved if leaders and business on both sides of the Atlantic are tenacious and vocal in their quest for an agreement that will eliminate unnecessary and duplicative barriers and set in place a next generation trade agreement that can set global standards to enable the future of manufacturing.

Manufacturers are ready for the 4th Industrial Revolution and the policies Timmons discussed at Hannover Messe are critical to making it happen. The NAM will continue to build these relationship overseas because they represent the pathway to growth.


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Global Manufacturing Economic Update – March 21, 2014

Here is the summary for this month’s Global Manufacturing Economic Update:

Headlines around the world have focused on the Russian annexation of the Crimean peninsula from the Ukraine and the mysterious disappearance of a Malaysian Airlines jetliner. Each of these events injects an element of uncertainty in the global dynamic picture. Indeed, so far in 2014, the global economy has not built on the strong momentum that we saw in the second half of 2013. A number of winter storms in the United States, financial struggles in the emerging markets and decelerating growth in China have combined to soften growth in recent months. Yet, we should not lose track of the longer-term trend, as markets in many of our largest trading partners have made significant progress over the course of the past year, with modest growth rates overall.

The JPMorgan Global Manufacturing Purchasing Managers’ Index (PMI) increased from 53.0 in January to 53.3 in February, its highest point since April 2011. New orders, exports and hiring rose. That said, this global measure might also be skewed higher by stronger performance in the United States, with the Markit U.S. Manufacturing PMI jumping from 53.7 to 57.1, its fastest pace in nearly three years. Sales and production both rebounded in February after weather dampened demand and hampered output and shipments in January. Elsewhere, there were signs that manufacturing activity eased somewhat in February in a number of areas, with a definite split between the developed nations and emerging markets. The HSBC Emerging Markets Index dropped from 51.4 to 51.1, influenced by contracting levels of activity in China, Russia and South Korea.

Speaking of China, its manufacturing PMI has now contracted for two straight months, and a number of economic indicators suggest that its economy has continued to decelerate. Industrial production has slowed from 10.4 percent in August to 8.6 percent in February, and fixed asset investment and retail sales have also eased significantly. These data points suggest that real GDP might fall below the 7.7 percent rate seen in the fourth quarter. Still, growth remains strong overall, even if these figures are well below the rates of growth that many businesses have become accustomed to. In other news, the Bank of China has worked to weaken its currency over the past month, with the Chinese yuan depreciating more than 2 percent since mid-February. The Chinese government has engineered this devaluation, it says, to help fend off speculators; yet, it is also important to note that the yuan has generally appreciated against the U.S. dollar since 2005. (See the attached graphic.)

Looking at our largest trading partners, 8 of the top 10 markets for U.S.-manufactured goods had expanding levels of manufacturing activity, with five countries experiencing slightly faster growth in February than in January. For example, the Canadian economy grew marginally faster in the fourth quarter, with real GDP up 2.9 percent in the fourth quarter. Manufacturing capacity utilization and shipments have also picked up recently, and the RBC Canadian Manufacturing PMI increased from 51.7 to 52.9, suggesting modest growth.

Meanwhile, in Europe, sentiment dipped somewhat in February, but the trend since last summer remains positive. New orders, exports and production eased a little for the month, but growth still remained healthy overall. Real GDP increased 0.3 percent in the fourth quarter, but growth is expected to rise to 1.1 percent for 2014 as a whole. While that indicates very slow growth, it is enough to provide a psychological boost to many businesses and consumers. The one issue that we do continue to worry about is possible disinflation, with still-weak demand keeping price growth at a minimum. Consumer prices have risen just 0.7 percent over the past year, for instance.

On the policy front, the Senate Finance Committee boasts a new chairman, as trade legislation from Trade Promotion Authority (TPA) to the Miscellaneous Tariff Bill (MTB) awaits action. Globally, Russia’s activities in Crimea and the Ukraine are prompting action by the Obama Administration and Congress, while trade talks in the Asia-Pacific and with Europe continue. Work has started on a bill to reauthorize the Export-Import (Ex-Im) Bank before the end of September. Manufacturers are also seeking input on which products should be covered by new international negotiations to eliminate tariffs on environmental goods.

Chad Moutray is the chief economist, National Association of Manufacturers.

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A Better Way to Do Business in India: Scrap Discriminatory Policies and Engage on Constructive Solutions

How can India grow its emerging electronics equipment and ICT manufacturing sector? Not with a costly and discriminatory Preferential Market Access (PMA) policy. That’s what Stephen Ezell concludes in a paper released by the Information Technology and Innovation Foundation.

India’s PMA policy mandates local content requirements for as much as much as 30 percent of India’s $20 billion ICT market. By the end of next year, a quarter of the value of mobile phones and computer tablets, desktops, printers, keyboards, servers, memory cards and network equipment must be added in India. That share will rise to 45 percent in 2015 and to 80 percent by 2020.

PMA would block U.S. exporters from a large segment of India’s fast growing ICT market. India boasts the world’s second largest telecommunications network, with a subscriber base that has ballooned from less than 40 million in 2001 to nearly 850 million in 2011. Even without trade distorting preferences, the value of India’s ICT equipment production more than doubled between 2004 and 2009.

But, as Ezell points out, PMA is just as bad for India. Beyond the damage to U.S. and other overseas suppliers, the policy would “impose costs on India’s economy and citizens” without delivering production growth, increased security or better products or services. Overseas investors are already fleeing the sector. FDI in India’s telecommunications sector fell from $2 billion in the period from April 2011-March 2012 to just $300 million from April 2012-March 2013.

Ezell calls on the Indian government to repeal PMA and replace it with measures that can truly drive manufacturing growth and competitiveness. Specifically, he urges India to invest in infrastructure, workforce training and scientific research. He recommends tax and investment incentives to lure overseas firms and an end to an inverted Indian tariff structure that makes it more costly to import component parts than finished equipment.

Manufacturers in the United States are eager to engage on these and other constructive solutions. We continue to seek meaningful dialogue. But to get there, India must end its destructive “talk to the hand” approach to bilateral trade and commercial concerns. The U.S.-India Trade Policy Forum has not met since 2010. No other relevant forum, such as the High Tech Cooperation Group, or the ICT working group has met since 2011.

Early next month, the Indian people will go to the polls to choose new leadership. Manufacturers look forward to working closely with India’s next government. Together, we can find a better way of doing business.

The National Association of Manufacturers is co-chair of the Alliance for Fair Trade with India (AFTI). Click here for more information.

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KORUS Agreement Has Shown Strong Results on Two-Year Anniversary

March 15th marked the two-year anniversary of the Korea-U.S. Free Trade Agreement’s (KORUS FTA) entry into force and the facts are clear. Despite what some trade critics say, exports of U.S. manufactured goods to Korea have increased.  Thanks to KORUS, more than 95 percent of U.S. industrial and consumer goods are entering the Korean market duty-free, and as a result, exports of U.S. manufactured goods to Korea have gone up 3.1 percent or $1 billion since the agreement was implemented. Specifically, exports of electrical equipment, appliances and other components jumped 22.5 percent and exports of pharmaceuticals experienced a huge increase of 52 percent! Moreover, U.S. manufactured goods saw an increase in exports to Korea of 9.2% from January 2013 to January 2014, while manufactured goods exports from Korea to the U.S. only increased 3.1 percent.

The U.S. Trade Representative’s (USTR) Office released a fact sheet on the enhanced opportunities the KORUS agreement has created over the last two years. “In its second year, this landmark agreement continues to provide tangible benefits for American businesses, workers, and farmers exporting to our sixth-largest trading partner,” USTR stated.  As USTR notes, the overall U.S.-Korea trade balance has been negatively impacted by decreases in corn and fossil fuel exports due to the U.S. drought in 2012, but those events are unrelated to the agreement’s implementation. USTR also noted slowed economic growth in Korea over the past two years was associated with decreased demand for all of its imports – not just those from the United States. In addition, the European Union’s free trade agreement with Korea entered into in July 2011, so it is likely that manufacturers in the EU had the advantage of moving their products into Korea’s market first.  As the global economy continues to improve, we hope to see even stronger U.S. exports to Korea.

At the same time, the NAM is working closely with our members, USTR and the Korean government to resolve some key issues with KORUS implementation including customs issues for certain U.S. exports to Korea and an array of non-tariff barriers, especially in the auto sector, which greatly impede manufacturers’ access to the Korean market. Last week, Korean ambassador to the United States Ahn Ho-young expressed a commitment to addressing any outstanding issues with implementation of the KORUS agreement. It is critical that Korea remain focused on resolving these challenges and that the Korean government continue working with the U.S. government to respond to market access concerns from manufacturers in the United States – especially if it is serious about seeking accession to the Trans-Pacific Partnership (TPP) agreement.

Additionally, more work needs to be done to ensure that manufacturers in the United States are aware of the new export opportunities in Korea resulting from the KORUS FTA. Manufacturers can visit FTA Tariff Tool to determine tariff levels for their exports to Korea.

While it’s still too early to determine the full impact of KORUS on U.S. manufactured goods exports, a closer look at the numbers reveal that they are headed in the right direction, and manufacturers believe that continued cooperation with Korea will only strengthen our economic ties and expand the benefits of the KORUS agreement.

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Ex-Im Bank Levels the Global Playing Field for U.S. Manufacturers

In the face of tough competition overseas, the Export-Import Bank (Ex-Im) is a critical tool the U.S. government has to boost U.S. exports and grow manufacturing jobs.

Opponents continue to paint Ex-Im Bank as a costly and unnecessary entity focused solely on providing credit to our nation’s largest exports. That is simply false.

Ex-Im Bank helps U.S. companies, many of them small and medium-sized manufacturers, offset some of the financing support that their foreign competitors receive from their governments. The Bank also helps U.S. companies to secure new customers and increase market share in emerging markets.

In FY2013, nearly 90 percent of Ex-Im Bank’s transactions directly supported small business — providing $5.2 billion in direct support for small business exporters. Small businesses like BTE Technologies in Maryland and Polyguard Products in Texas rely on Ex-Im export financing and insurance to grow their exports and add U.S. jobs. Lion Precision in Minnesota turned to Ex-Im Bank’s single buyer insurance program to bolster exports to countries like China and Japan. A small company with 35 employees, Lion Precision designs, manufactures, tests and ships high-tech sensors. Last year, more than 60 percent of the company’s sales were outside the United States.

Simply put, our foreign competitors use every tool available to aggressively pursue greater market share by offering enticing financing terms. The playing field needs to be level, and Ex-Im Bank is crucial in achieving that. At least 59 other foreign export credit agencies provide significant support to our competitors around the world. And in some cases, foreign customers insist on official export credit agency support for projects.

In the aerospace sector, Ex-Im has helped ensure that the U.S. industry remains competitive, enabling the aerospace sector to produce a positive trade balance of trade of $73.5 billion in 2013. These exports support U.S. jobs at large companies and small, both directly and indirectly. As Ex-Im Bank Chairman Fred Hochberg noted earlier this week, aerospace is the top U.S. export after agriculture. Given the high value and high volume of sales, general aviation and commercial aircraft can — in some years — make up a large portion of Ex-Im Bank’s portfolio.

In the last five years (FY09 to FY13), Ex-Im Bank assisted in financing more than $188 billion of U.S. exports and supported 1.2 million American jobs – in a public-private partnership that actually generates revenue for the taxpayer. The Ex-Im Bank is a self-sustaining agency, generating more than $1 billion for the U.S. Treasury last year — after covering its own operating costs.

In September, the Bank’s charter will expire. Congress should act now to reauthorize Ex-Im Bank. Otherwise, U.S. manufacturers small and large will increasingly find themselves locked out of the competition in global markets, an outcome that would be bad for the economy and for jobs.

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Increased LNG Exports Benefit Manufacturers and the United States

Increasing LNG exports will benefit manufacturers, their workers and the entire American economy. Arguments by opponents to free trade like Sen. Ed Markey (D-MA) that energy exports would do otherwise have been disproven in studies by every credible economist in the country. Again and again, experts find that granting licenses to export LNG would result in a net economic gain, including the official study done by the Department of Energy.

Just last week, NERA Economic Consulting, the firm that performed the analysis for the Department of Energy, updated its original study with the most current data available. It found that “LNG exports provide net economic benefits in all the scenarios investigated, and the greater the level of exports, the greater the benefits.” NERA concluded, “There is no support for the concern that LNG exports, even in the unlimited export case, will obstruct a chemicals or manufacturing renaissance in the United States.”

We are, indeed, in the midst of a manufacturing comeback, fueled by our abundant energy resources. Exporting LNG is a critical part of this comeback, with each $10 billion export facility creating manufacturing jobs across the supply chain during construction and operation. In addition, experts have found not only will we have enough natural gas at stable prices to fuel domestic manufacturing while also supporting LNG exports, but we will also still come out on top.

Furthermore, Sen. Markey’s proposal to restrict U.S. exports is contrary to the international rules that the United States helped establish some 40 years ago. Export restrictions, like those on LNG, are prohibited by World Trade Organization (WTO) rules, and according to a recent report by former WTO Appellate Body Chairman James Bacchus, these delays and restrictions may be running afoul of our treaty obligations.

A New York Times editorial recently made a strong point about the importance of energy in fostering the United States’ national security. We are deeply concerned about recent events overseas as manufacturers have employees across the globe, including in Eastern Europe. We are working closely with policymakers on both sides of the aisle to safeguard manufacturing employees and manufacturers’ investments around the world.

Getting our energy policy right is not just a domestic imperative, but it also has important national security implications. Like the New York Times and many policymakers on Capitol Hill, the NAM believes that it is in our national interest—and in the interest of our allies—that the United States immediately accelerates the review process of pending LNG export terminal applications. With an expedited review, the Administration would send a strong signal to the Russian Federation, our NATO allies, our trading partners and the rest of the world that energy exports matter and are a critical tool of American foreign policy.

Aric Newhouse is Senior Vice President of Policy and Government Relations for the National Association of Manufacturers.

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The U.S. Trade Deficit Edged Marginally Higher in January

The Bureau of Economic Analysis and the Census Bureau said that the U.S. trade deficit edged marginally higher, up from $38.98 billion in December to $39.10 billion in January. Growth in goods imports (up from $191.43 billion to $193.11 billion) slightly outpaced the increase in goods exports (up from $132.74 billion to $133.76 billion), but this was largely offset by a $535 million improvement in the services trade surplus to $20.25 billion.

The petroleum trade deficit widened from $15.52 billion to $19.29 billion on increased imports and decreased exports. Weather could be one factor in helping to explain the higher petroleum deficit, but another could be the jump in crude oil costs, with the average price for West Texas intermediate crude oil increasing from $95.14 per barrel at the beginning of January to $97.55 a barrel by the end of the month. Meanwhile, the non-petroleum trade deficit narrowed from $41.89 billion to $39.21 billion, suggesting some improvements on net goods exports outside of oil. Manufacturers believe a stronger focus on the export of our energy resources including coal and liquefied natural gas (LNG) will have a positive impact on these numbers.  America’s abundance of energy resources is an important export opportunity – but for the fact that the United States is putting its own restrictions on energy exports through slow approval and permitting processes that are limiting U.S. exports of LNG and coal.

Indeed, sectors with higher goods exports in February included industrial supplies and materials (up $1.2 billion), non-automotive capital goods (up $402 million), and consumer goods (up $244 million). Areas with reduced exports for the month included foods, feeds and beverages (down $771 million) and automotive vehicles and parts (down $208 million).

Growth in manufactured goods exports were up somewhat slowly last year, increasing 2.4 percent in 2013. As such, we will be closely following progress in 2014, with optimism that improvements in the global economy should yield better export numbers. In January, manufacturers exported $92.89 billion (not seasonally adjusted), or 1.2 percent more than the $91.77 billion observed in January 2013. So, we are off to another slow start.

Looking at our top exporting partners, there were modest gains observed in most of them so far in January 2014 relative to what was observed in January 2013. For instance, exports to Mexico (up from $17.95 billion to $19.15 billion), China (up from $9.39 billion to $10.36 billion), Japan (up from $5.14 billion to $5.55 billion), and European Union (up from $20.24 billion to $21.50 billion) were all higher this year than last in the first month of the year. With that said, goods exports to our largest trading partner Canada was somewhat lower (down from $23.14 billion to $22.57 billion). But, the year is still early.

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Manufacturers Urge Administration to Include Energy Exports in 2014 Trade Agenda

This week, the Obama Administration released its annual Trade Policy Agenda that highlighted the importance of trade and investment in promoting economic growth in the United States.  This year’s report focused substantial attention on the Administration’s efforts to “open markets for U.S. exports and ensure a level playing field for U.S. producers and workers to compete,” including through seeking new Trade Promotion Authority legislation and negotiating substantial market-opening agreements in the Asia Pacific and with Europe that have the potential to eliminate major barriers to U.S. exports and set in place strong standards of key issues from intellectual property to investment and transparency. Manufacturers’ welcome these initiatives and are working with the Administration to secure successful outcomes that will grow manufacturers’ opportunities around the globe.

Missing from this extensive report on 2014 priorities and 2013 activities, however, is any focus on a growing area of American export strength – the export of our energy resources including coal and liquefied natural gas (LNG).  America’s energy renaissance has changed the equation for manufacturers big and small, providing greater access to our nation’s manufacturers to affordable energy supplies.  America’s abundance of energy resources is also an important export opportunity – but for the fact that the United States is putting its own restrictions on energy exports through slow approval and permitting processes that are limiting U.S. exports of LNG and coal.  Those restrictions are out of line with America’s economic interests and, as detailed in a recent NAM-commissioned report by former WTO Appellate Body Chairman James Bacchus, out of line with the United States’ own international obligations in the World Trade Organization (WTO).

From the Constitutional ban on export taxes to the President’s 2014 Trade Policy Agenda, the value of exports to America is clear. Exports of energy and other goods support American jobs and economic growth. In the case of energy, exports also play a vital role in promoting broader global goals. Manufacturers continue to urge the Administration to stand up for exports – all exports including those from our energy sector – to advance America’s economic and broader interests.

Manufacturers are pleased to see legislation introduced this Congress that would expedite processing of our LNG exports. Such legislation would put America’s actions in line with its international obligations and advance America’s exports and economic interests.

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