Posts Tagged ‘TPP’

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U.S. Machinery Exports: Discovering the Benefits of TPP

February 3, 2016

Padraic Sweeney is the Acting Machinery Team Leader for ITA’s Industry and Analysis Division

The United States is the world’s largest market for machinery, as well as the third-largest machinery supplier. In 2014, products such as machine tools, hydraulic excavators, combine harvesters, engines, motors, pumps, water-filtration and purification equipment and much more accounted for six percent of manufacturing production in the United States. The following year, exports grew significantly, particularly to Trans-Pacific Partnership (TPP) partner countries. In fact, more than 45 percent of machinery exports in 2014 went to countries in the TPP region, alone!

Construction Equipment

American exporters of high-quality construction equipment will benefit from TPP once the agreement is implemented.

With a high percentage of U.S. machinery being exported, the International Trade Administration’s Industry and Analysis team has prepared a TPP sector report that captures what machinery exporters can expect as a result of the recently negotiated trade agreement.

The TPP, once it takes effect, will reduce the cost of exporting, increase the competitiveness of U.S. goods, and promote fairness and transparency in trade among the participating countries. In addition, many tariffs will be reduced or completely eliminated. Japan will eliminate import taxes on all U.S. machinery exports immediately. Both Malaysia and New Zealand will eliminate taxes on nearly 94 percent of machinery exports imports immediately, upon implementation of the agreement.

Until the TPP takes effect, machinery equipment exporters face tariffs of up to 59 percent in some TPP countries, which make American products more expensive. This puts the United States’ mostly small- and medium-sized (SME) machinery manufacturers at a significant competitive disadvantage. This matters: in 2014, U.S. machinery manufacturing sector employed 1.4 million American workers in virtually every state. Machinery manufacturing also supports the jobs of thousands of Americans in a variety of other manufacturing and service industries.

For example, U.S. agricultural equipment manufacturers reported domestic and foreign sales totaling $38.6 billion in 2014. Of that amount, U.S. exports to the world were worth $11.1 billion. (This figure is calculated from 2014 U.S. total exports of products classified by the relevant 10-digit codes from the Harmonized Tariff Schedule of the United States (HTS).) Despite intense global competition, the United States enjoys a strong trade surplus in agricultural equipment. Under TPP, 100 percent of U.S. exports to New Zealand will be duty free immediately upon implementation, removing the last tariff barriers to this important regional market.

American exporters of high-quality construction equipment will also benefit from TPP once the agreement is implemented. Exporters currently face tariffs as high as 59 percent in Vietnam and 30 percent in Malaysia. At the same time, Chinese-made construction equipment faces much lower tariffs in those markets. TPP will level the playing field for U.S. producers by immediately eliminating Vietnamese tariffs on 97 percent of U.S exports of these products. Similarly, within four years, Malaysia will eliminate tariffs on 95 percent of imports of U.S. construction equipment exports.

U.S. manufactures’ commitment to produce high-quality equipment is key to our continued leadership in a highly competitive marketplace. In 2014, the industry exported $123.5 billion in products to the world.  TPP will help expose more countries to our quality machinery products.

To learn more about how TPP benefits U.S. workers and businesses visit trade.gov/TPP. For more information on this historic agreement and opportunities for U.S. machinery exporters, contact one of our local offices.

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Automotive Products: Expanding a Key Industry to TPP Countries

January 27, 2016

Scott Kennedy is ITA’s Acting Deputy Assistant Secretary for Manufacturing

The auto industry is the largest manufacturing sector in the United States.  In 2014, $142 billion in U.S. automotive products, such as vehicles, engines, transmissions and tires were exported to the world.  These exports provide 928,000 jobs here in the U.S.  It’s no secret that this industry is booming and the United States is leading the way in exports.

Tires

In the last five years, the U.S. auto industry has nearly doubled its exports of products, such as vehicles, engines, transmissions and tires.

Over the years, the sector has evolved into a global industry with automakers from Europe, Japan, India, Russia, Korea and other countries all providing state-of-the-art equipment for consumers. While auto production occurs in nearly every corner of the world, consumers across the globe have become increasingly fond of cars and trucks made in the United States, creating great opportunities to sell U.S. products overseas.  In the last five years, the U.S. auto industry has nearly doubled its exports, with growth forecast to continue. In order to meet the demands of consumers while leveling the playing field for American workers, trade ministers from 12 nations recently completed negotiations for the Trans-Pacific Partnership (TPP). This historic agreement is one of a kind. The TPP will reduce the cost of exporting, increase the competitiveness of U.S. firms, and promote fairness and transparency. Why is this important for the automotive industry? Prior to TPP, United States automotive product exporters faced an estimated $22 million in duties with exports to TPP countries every year. The International Trade Administration’s (ITA) Industry and Analysis division has developed a TPP sector report that captures what exporters in the industry can expect as a result from the new partnership.

The United States exports nearly $1.3 billion in auto parts to new TPP markets each year. These exports face tariffs as high as 40 percent in Malaysia and 32 percent in Vietnam. At the same time, competing auto parts made in China face lower—or even zero—tariffs in Malaysia and Vietnam as a result of trade agreements that China has with those countries. Under TPP, 98.1 percent of U.S. auto products exports will be eligible for immediate duty-free treatment into the new TPP markets, and all remaining tariffs will be eliminated over time.

Let’s not forget, American-made motorcycles are in high demand throughout the TPP region for their quality and craftsmanship. Yet, American-made motorcycles exports face prohibitive tariffs in new TPP markets: Vietnam applies tariffs as high as 75 percent, while Malaysia applies tariffs ranging up to 30 percent. Under TPP, United States motorcycles will see deep annual cuts to the tariffs before they are phased out entirely. These significant cuts, combined with the rising middle class in the Asia-Pacific region, will provide new export opportunities to America’s motorcycle manufacturers.

Additionally, did you know that the United States is the world’s largest remanufacturer? TPP contains provisions that will provide benefits for America’s competitive remanufacturing industry. Remanufacturing is a complex, high-value, and labor-intensive production process.  TPP ensures that recovered materials derived in the region and used in remanufactured goods count as TPP materials, allowing more goods to count as TPP originating. These commitments reduce the need for companies to import materials and components from outside the TPP region and incentivize domestic production, benefitting U.S. and other TPP workers.

ITA is here to provide companies with the tools to reach these emerging markets. We recently produced a series of Top Markets Reports that provides U.S. auto parts manufacturers an assessment of opportunities and challenges needed to successfully export to various markets throughout the world. For more information on this historic agreement and export opportunities for U.S. auto exporters, contact one of our local offices.

Visit us on the web to learn more about TPP and how it benefits America’s workers and businesses.

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The Future of Renewable Energy to TPP Countries

January 20, 2016

Adam O’Malley is ITA’s Director of the Office of Energy and Environmental Industries

The renewable energy industry remains one of the most dynamic, fast-changing and transformative sectors of the global economy. Bloomberg New Energy Finance predicts that renewables will account for about 60 percent of new generating capacity installed over the next 25 years. This market penetration—along with technology advances and reduced production costs that are quickly moving the sector toward grid parity—underscores the important contribution of renewables to economic growth. Presently, we are seeing an intense demand for these technologies in overseas markets, particularly in the Asia Pacific region.

solar panels and windmill power plant

U.S. energy product exports to the world grew by seven percent between 2009-2014

Overall, U.S. energy product exports to the world grew by seven percent between 2009-2014. This number could be even higher, but the daunting reality of tariffs and service barriers have dampened demand for products such as turbines, solar cells, static convertors, civil nuclear equipment, and high-voltage electric conductors. In some markets, many energy products currently face tariffs as high as 30 percent. In 2014, 36 percent of U.S. energy products exports went to countries in the Trans-Pacific Partnership (TPP) region.

Thanks to the recently completed negotiations of the Trans-Pacific Partnership, once its enacted, exporters will no longer face many of these barriers when doing business in the 11 partner countries. The TPP will reduce the cost of exporting, increase competitiveness of U.S. firms, and promote fairness and transparency. For example, the renewable energy industry will save $24 million each year as countries such as Japan, New Zealand, Vietnam, and Brunei will eliminate import taxes on nearly all of U.S. energy products exports immediately once the agreement is enacted. The implementation of strong intellectual property rights protection and enforceable labor and environmental obligations will also bolster U.S. competitiveness in the TPP region.

Our partner countries are calling on U.S. businesses to support new renewable energy projects with innovative products and services. As a result, the International Trade Administration (ITA) is providing American exporters with the tools they need to meet this demand.

ITA’s Industry and Analysis division recently produced the Renewable Energy Top Markets Report, a market assessment tool designed to help U.S. companies identify markets of opportunity and inform their export strategies related to renewable energy products and services. The report ranks top export markets, features case studies on key markets and identifies areas of opportunity and challenges faced when exporting to TPP partner countries including Canada, Japan, Chile, and Mexico.

Canada

Canada ranks No. 1 on ITA’s list of top renewable energy export markets for the second year in a row. During the next two years, Canada will account for nearly one-fourth of all U.S. exports in the sector. Canada’s national commitment to greenhouse gas reduction suggests significant clean energy investment through at least 2020. This means more opportunities for U.S. exporters. This TPP partner has undergone dramatic changes in its energy sector during the past few years, and is expected to rank sixth in installed renewable energy capacity through 2016.

Chile

Chile is one of the few markets that should support exports in each renewable energy technology, although solar is expected to dominate the export opportunity landscape, including both photvoltaic and concentrated solar power. Chile urgently needs to increase its energy output to meet expected demand growth. Luckily, Chile enjoys one of the world’s strongest resource bases for renewable energy and Chilean policymakers have made a firm commitment to support clean energy investment. Chiles’s open economy combined with its lack of domestic manufacturing capacity for renewable energy goods indicate that as development occurs, U.S. exporters will find considerable opportunity.

Japan

Japan ranks first on ITA’s list of top solar export markets. The market does not impose any local content policies or import tariffs and thus, U.S. exporters benefit from a market in which they can compete fairly with foreign and domestic suppliers. Licensing solar technologies to Japanese companies or providing equipment to manufacture solar panels are two market segments with potential export opportunity. A further opportunity may result from the sharing of best practices associated with financing off-grid solar. In particular, solar leasing arrangements may find a ready market in Japan thanks to the country’s well-established financial sector and growing demand for roof-mounted photovoltaic.

Mexico

Ongoing energy sector reforms make projecting renewable energy exports to Mexico challenging. However, perhaps no market offers as much potential for future U.S. renewable energy exports as Mexico. Mexico’s proximity to the United States and  its abundant renewable energy resource base indicate the potential for significant U.S. exports. Wind projects continue to command a large portion of clean energy investment in Mexico, attracting over $1 billion alone in 2014, nearly half of total clean energy investment within the country. As Mexico currently lacks a full wind supply chain, U.S. suppliers are well positioned to participate in this future growth. U.S. firms are encouraged to participate in the Mexican market, working with local colleagues to both shape the new regulatory environment and benefit from an important first-mover advantage.

For more information on exporting opportunities, reach out to your local trade specialist.

For more information on this historic trade agreement and the future of renewable energy and energy products exports, please download ITA’s energy products sector report and visit our TPP site.

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U.S. Transportation Equipment – Emerging Opportunities With TPP Countries

January 15, 2016

Scott Kennedy is ITA’s Acting Deputy Assistant Secretary for Manufacturing

During the past few years, U.S. producers of transportation related goods and equipment have experienced an increase in demand for their products at home and overseas.  Products such as U.S.-built commercial aircraft, aircraft engines, miscellaneous aircraft parts, and parts of railway rolling stock, have become critical components to other countries’ transportation infrastructure system.

Commercial aircraft

U.S. exporters of commercial aircraft and aircraft engines will now have new opportunities in the TPP region.

Recently, leaders across the Pacific Rim signed the Trans-Pacific Partnership (TPP). The new agreement will eliminate tariffs, lower service barriers, and increase transparency while also increasing competitiveness by instituting stronger intellectual property rights protection, and establishing enforceable labor and environmental obligations.  The TPP will lead to an overall increase in economic activity and trade for the region.  As economies grow there will be a natural, corresponding rise in demand for transportation related products.

It may come as no surprise that in 2014, there were more than 680,000 U.S. transportation equipment manufacturing workers, accounting for four percent of total manufacturing production. To remain competitive, U.S. firms need duty-free access to overseas markets. Currently, some exporters face high tariffs and a host of other obstacles when conducting business in some of the TPP countries. This historic agreement will reduce the cost of exporting, increase competitiveness of U.S. firms, and promote fairness for transportation equipment manufacturers.

ITA’s Industry and Analysis division recently released a transportation equipment sector report that highlights the benefits of TPP related to some key players in the transportation industry. Thanks to TPP, Japan, Malaysia, Brunei, and New Zealand will eliminate import taxes on all U.S. transportation exports immediately. TPP is critical because 26 percent of U.S. transportation equipment exports to the world went to TPP countries.

For example, U.S. exporters of aircraft and aerospace equipment will now have new opportunities in the TPP region. TPP’s streamlined customs provisions will cut red tape and facilitate trade throughout the region, further enhancing the U.S. industry’s competitiveness.  Many TPP partners have already been identified as being Top Markets for U.S. aerospace parts producers, including Singapore, Canada, Japan, Australia, Mexico, New Zealand and Malaysia.  Singapore is already a transportation linchpin for the region and a hub for aircraft maintenance.  Singapore is consistently a top market for U.S. aerospace parts exports, and parts exports averaged over $5 billion between 2004 and 2013.  As trade in the region expands manufacturers could expect this demand to grow.

Similar to aerospace exports- the United States is a competitive producer in railway equipment including railway rolling stock, switching equipment, and signaling and safety equipment. However, U.S. exports of railway equipment face tariffs of five percent in Malaysia and New Zealand, making those products less competitive compared to Chinese goods which face low or zero tariffs in those markets. Under TPP, both countries will eliminate tariffs on all U.S. exports of railway equipment.

Internationally, the demand for transportation equipment is expanding.  By offering stronger opportunities for U.S. exporters to compete abroad, we will enhance innovation and job growth at home.  To learn more about this historic agreement and access our market assessment tools for U.S. exporters, visit trade.gov or contact one of our local offices.

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2015: A Year of Achievement for Trade and Investment

January 13, 2016

Stefan M. Selig is the Under Secretary of Commerce for International Trade.This post originally appeared on the Department of Commerce blog.

At the beginning of 2015, the President declared during the State of the Union that “the shadow of crisis has passed and the State of our Union is strong.”  Trade and foreign investment play an important role in making our nation strong. The successes we achieved last year to advance our trade and investment agenda prove that very point.  And for many of the successes that occurred in 2015, the International Trade Administration played a critical role.

Under Secretary Selig meets with the Council of the Americas in Mexico to discuss US-Mexico commercial partnership and the Trans-Pacific Partnership

Under Secretary Selig meets with the Council of the Americas in Mexico to discuss US-Mexico commercial partnership and the Trans-Pacific Partnership.

One headline accomplishment from 2015 was our leadership in securing the first Trade Promotion Authority in 13 years, which will enable the President to conclude important trade agreements. One of these agreements represents another headline achievement: successfully completing negotiations for the largest trade deal in history in the Trans-Pacific Partnership, which will increase access for U.S. businesses to 11 Pacific Rim markets representing 40% of global GDP.

Last year’s achievements also include the first ever U.S.-India Strategic and Commercial Dialogue, which will serve as the signature bilateral forum for our two countries. We carried out the second “reimagined” U.S.-China Joint Commission on Commerce and Trade(JCCT), where we brought private sector stakeholders into our talks and worked throughout the year to secure real commercial gains. The second ever SelectUSA Summit took place, which convened 2,600 participants from 70 countries to highlight investment opportunities in the U.S. We assisted in concluding the first international tariff liberalizing agreement in nearly 20 years, which will reduce tariffs on U.S. information and communications technology exports valued at $130 billion annually. Finally, after the second cabinet-level meeting of the U.S.-Mexico High Level Economic Dialogue, several border infrastructure projects that will enhance our collective commercial and security interests were completed or nearly completed.

But by focusing solely on these and other major achievements, we run the risk of overlooking how ITA accomplished its day-to-day responsibilities: advancing the trade and investment interests of the American business community and supporting American jobs. In this case, the numbers alone tell the story.

Last year, ITA assisted more than 25,000 companies with their exporting needs. We supported 42 overseas trade missions to 28 countries, which included the participation of over 500 companies. ITA supported 35 domestic trade shows that brought in 13,500 foreign buyers, while arranging 8,000 meetings during those shows. We initiated a record 62 anti-dumping/counter-vailing duty investigations helping to secure a level playing field for American businesses. Clients of our SelectUSA program—which works to attract foreign direct investment into the U.S.—announced nearly 120 “greenfield” or new investment projects totaling an estimated $7.5 billion and accounting for tens of thousands of jobs. Because of our advocacy efforts on behalf of U.S. businesses, we successfully won 79 public-sector contracts with overseas governments, with those projects valued at $45.5 billion with $31.2 billion of U.S. export content. Clients who were directly assisted by ITA saw their exports increase by an average of 23%.

These successes contributed to a U.S. economy that saw a record number of jobs supported by exports (11.7 million as of 2014), which pay 18% higher wages on average, while 6.1 million Americans work for foreign-owned affiliates. All of these successes definitively prove why trade and investment continues to matter to our economy.

So as we look back at 2015, I believe we will see it as our inflection point; the year our country took that dramatic step towards embracing trade and investment as an enduring part of our economic agenda. Perhaps more important than what we accomplished last year, however, was how we accomplished it.

At the same time that we delivered these gains, we maintained our focus on providing best-in-class client service to American exporters: whether it is providing counseling and business matchmaking services, creating top-class commercial intelligence that businesses can access at no cost, leading trade missions, advocating to win projects in foreign markets, or maintaining a level playing field for American businesses here and abroad. Advancing the interests of American workers and businesses is and will remain central to ITA’s mission, and we looking forward to building on our success and working in service of that mission in 2016 and beyond.

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Health IT – Exporting Critical Services to TPP Countries and Beyond

January 7, 2016

Marcus Jadotte is ITA’s Assistant Secretary for Industry and Analysis.

Health Information Technology (Health IT) has the potential to be one of the world’s most transformative industries over the next few years. The use of electronic health records to comprehensively collect and organize patient information, remote monitoring and telemedicine services to treat patients, and the use of statistical and analytical tools to determine the best course of treatment for both individual patients and entire populations of citizens, represent a few examples of how Health IT can have a significant impact on the health care sector in the future.

Trans-Pacific Partnership (TPP) countries face challenges similar to those in the United States regarding delivery of health care, such as adequately and efficiently addressing a patient’s health condition, while maximizing cost effectiveness. Given that many TPP countries have health care systems at a relatively early stage of development, U.S. exports of Health IT product and service solutions provide a tremendous opportunity for these countries to quickly deliver improved health care to their citizens. Provisions in the TPP regarding pharmaceuticals, medical devices, and medical supplies, in conjunction with increased deployment of Health IT, will lead to critical improvements in the health care sector among all TPP countries, saving thousands of lives daily.

In addition, TPP will reduce the cost of exporting medical supplies, pharmaceuticals and medical devices; increase competitiveness of U.S. firms; and promote fairness. The agreement will eliminate tariffs, lower service barriers, and increase transparency while also increasing competitiveness by instituting stronger intellectual property rights protection and establishing enforceable labor and environmental obligations. In addition, TPP sets up new high-standard global trade rules, updating 20-year-old WTO rules for the modern economy.

When a level playing field exists, American companies and workers can effectively compete against anyone in the world; therefore, TPP will ensure that the rules of trade and investment are fair. With 646,000 U.S. health product workers in 2014, it is important that the new agreement protects made-in-America products.

Within the agreement, Japan and Malaysia will eliminate import taxes on 100 percent of U.S. health products exports immediately. Also, 99.9 percent of U.S. health products exports to TPP markets will enjoy duty-free access immediately.

In summer 2015, ITA released a Health IT market sector report that shows many export market opportunities for the industry. An updated report is scheduled to be released later this year.

TPP partner countries such as Japan, Mexico, and Singapore have great opportunities for U.S. exporters. Check out findings from our Top Markets reports on projected outcomes for the industry.

  • Japan represents an attractive export market for U.S.-made Health IT products and services, primarily for established companies. In fact, Japan ranked as the top country in the Health IT Top Markets Report, with a favorable demographic profile, the third highest GDP level globally, a largely urbanized population, a tech-friendly society, and sizable current market, coupled with significant ICT and health care investments already in place.
  • Mexico represents an important medium-sized Health IT market opportunity for U.S. companies, as evidenced by the strong trading relationship between the two countries. Several factors contribute to this opportunity, including Mexico’s recognition of the quality of U.S. products and services, the absence of regulations inhibiting innovation and expansion, and the ongoing investment in Mexico’s health care system. Several recent trade missions organized by ITA have demonstrated Mexico’s interest in U.S. products and services. In fact, the Mexican Health IT market is currently estimated at more than $200 million!Though the country’s Health IT market is not as large as other countries, it is one with significant potential for U.S. small- and medium-sized companies. More specifically, TPP addresses trade barriers that pose disproportionate challenges to our small- and medium-sized businesses such as high foreign taxes, overly complex trade paperwork, customs red tape, restrictions on Internet data flows, and weak logistics services. These challenges severely harm the ability of small- and medium-sized businesses to create American jobs.
  • Singapore represents a significant market opportunity for U.S. Health IT companies. Opportunities exist for U.S. companies in this sector, particularly for care coordination for private insurers and physicians, and possible deployment of new mobile applications. Using ITA’s Health IT market report’s methodology, the reasonably high-level of mobile phone subscriptions, strong score on physician density, and its highly urban population, are noteworthy market characteristics.

If you are interested in learning more about this growing industry, contact Matthew Hein (Matthew.Hein@trade.gov), Health IT industry analyst at ITA, or reach out to one of ITA’s local offices.

Note: Matt Hein will attend the largest Health IT trade show next month (Healthcare Information and Management Systems Society conference and exhibition, February 29-March 4 in Las Vegas). He’d love to meet you at the event and discuss your company’s exporting goals.

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Textiles & Apparel – A Global Industry

December 10, 2015

Joshua Teitelbaum is ITA’s Deputy Assistant Secretary for Textiles, Consumer Goods, and Materials.

With the Trans-Pacific Partnership (TPP) eliminating more than 18,000 foreign taxes on Made-in-America exports, it’s no secret that the TPP will bring major opportunities for American manufacturers. This includes one of the most important U.S. export industries: Textiles and Apparel.

In fact, in 2014, the United States exported more than $8.5 billion globally in technical textiles, which are textile products used primarily for their performance qualities rather than their appearance. Technical textiles include seat belts, surgical gowns, and industrial filters, among many other items.

Under the TPP, Japan—which maintains duties on our technical textiles exports as high as 8.2 percent and is our fifth largest export market for these products—will eliminate nearly all of their duties on our technical textiles exports immediately. Eliminating these foreign taxes on U.S. products is how we boost U.S. manufacturing and support American textile workers.

In addition, by setting new, high-standard global trade rules, TPP puts American workers first. These high standards include the strongest enforceable labor standards of any trade agreement in history. The new agreement also supports U.S. manufacturing, especially by small- and medium-size enterprises (SMEs), by streamlining customs processes, facilitating greater transparency in rules, and preventing unfair competition from state-owned enterprises.

While 98 percent of U.S. exporters are small businesses, less than five percent of U.S. businesses sell their goods and services to markets overseas. Thankfully, the new agreement is an opportunity to boost exports and make it easier for more SMEs to do business abroad. For the first time in any trade agreement, TPP includes a dedicated chapter on small- and medium-sized businesses that focuses on how these companies can benefit from trade.

Recently, the Industry & Analysis division in the International Trade Administration produced a series of market assessment tools for U.S. exporters called Top Markets Reports. As we prepared these reports, our research revealed that competition in the global market for technical textiles is very strong. In the reports, some industry highlights for TPP partner countries include:

  • Canada continues to be an attractive export market for U.S.-made technical textiles, especially for companies that are new-to-export and/or new-to-market. The Canadian market is the second largest market for U.S. exports of textiles and apparel. Due to proximity, similar business cultures, and a high receptivity for U.S.-made products, there is a high volume of bilateral trade between the United States and Canada.Similar to the United States, Canada has experienced an economic shift in its textile industry. This shift has moved away from manufacturing traditional high-volume commodity textile products to developing and manufacturing technical textiles.
  • Mexico is the United States’ largest market for textiles and apparel. The size of Mexico’s textile and apparel sector coupled with its proximity to the United States and the flexibilities afforded to U.S. exporters through NAFTA, ITA expects continued investment in all four technical textile sectors— non-woven, medical, protective, and specific/industrial —and continued growth into the future.
  • Vietnam’s textile and apparel industry is growing faster than that of many of its regional competitors. The Vietnamese textile industry has more than 3,800 companies. Foreign companies are starting to pour more money into Vietnam to take advantage of potential economic opportunities from future free trade agreements. Over the past several years, Vietnam’s textile and apparel industry has benefitted from increased foreign investment. Because of this consistent growth, U.S. companies will have the chance to increase their exports of technical textiles to more consumers and businesses in Vietnam.

To learn more about this growing industry, the impact TPP will have on it and how to take your business global, please contact one of our local offices.

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