In his 2010 State of the Union Address, President Obama announced his administration’s concerted effort to help U.S. companies increase their exports, attain greater market access abroad, and compete for customers around the globe. The key program in this effort, called the National Export Initiative (NEI), has so far helped the United States sustain four consecutive years of record-breaking levels of exports, hitting an all-time high of $2.3 trillion dollars in 2013, but has fallen short of its goal to double exports in five years.
Many American companies remain focused on reaching domestic customers and have not expanded their reach abroad. Merely five percent of firms in the U.S. export, and more than fifty percent of existing exporters only export to one foreign market. The array of federal agencies and private stakeholders involved in implementing NEI have learned many lessons in the past four years, and are implementing those lessons in a revitalized NEI program announced last week, NEI/NEXT. This revitalized initiative is customer-driven, aiming to improve information resources that will ensure American businesses are fully able to capitalize on expanded opportunities to sell their goods and services abroad.
NEI/NEXT is based on a framework of five main strategies to further support U.S. firms in exporting abroad, and aims to create and support well-paid jobs in the United States:
Underlying each of these strategies is the objective to support the creation of improved data and continuously gather feedback from the private sector.
To learn more, read Commerce Secretary Penny Pritzker’s announcement here and read the full report here. If you have questions in planning for your NEXT export shipment, contact TradeMoves. We would love to learn more so we can offer ways to be of assistance.