MAJOR MARKET: Malaysia has emerged a ‘major export market’, a reference used by the US Commerce Department to define an export destination.
MAJOR MARKET: Malaysia has emerged a ‘major export market’, a reference used by the US Commerce Department to define an export destination.
This is evident from the US export profile in the first seven months of 2010 where exports of US goods and services jumped 17.9 per cent, according to the data released by the Bureau of Economic Analysis of the Commerce Department.
Malaysia has emerged a ‘major export market’, a reference used by the US Commerce Department to define an export destination averaging, at least, US$500 million per month in imports of US goods and services.
According to the Commerce Department, Malaysia’s imports from the US during the first seven months of 2010 jumped 47.3 per cent.
Other Asean member countries listed as major export markets were Indonesia, which imported 44.6 per cent more US products during the period, Singapore (plus 40.1 per cent) and the Philippines (plus 36.6 per cent).
However, the two Asian giants, China and India, took a lacklustre ranking, though China’s imports surged 36.2 per cent, while India was not even mentioned despite its huge potential.
“Again we are heartened by the export increase, which shows a growing appetite for US made goods and services, and that translates to more American jobs,” said Export-Import Bank of the United States (Ex-Im Bank) chairman and president Fred P Hochberg.
In absolute terms, US total exports during the January through July period of 2010 amounted to US$1,044 billion, a 17.9 per cent increase over the year-earlier period.
July exports totaled US$153.3 billion.
The US administration is putting extra emphasis on increasing exports as a way to fight recession at home.
President Barack Obama’s National Exports’ Initiative professes to put the US on a path to sustained economic growth by doubling exports and creating two million jobs by 2015. — Bernama
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