Secretary Clinton Highlights Importance of American Exports to Overseas Markets During Visit to Boeing Maintenance Facility in Shanghai, China
On Sunday, Secretary of State Hillary Rodham Clinton visited the Boeing Maintenance Facility at Shanghai’s Pudong Airport to promote U.S. aviation exports to China. She toured the facility and met with U.S. aviation exporters and other companies to discuss commercial opportunities in China. Participants shared their experiences with the secretary and explained the opportunities and challenges they face in this dynamic market.
Secretary Clinton highlighted the importance of American exports to overseas markets, particularly in Asia, in support of President Obama’s National Export Initiative, a government-wide effort to double U.S. exports over the next five years and support two million U.S. jobs.
- China is one of the fastest growing aviation markets and provides tremendous opportunities for U.S. companies and U.S. exports. Industry forecasts predict a 300 percent increase in passenger traffic, from 230 million passengers in 2009 to 700 million passengers in 2020 – and further doubling to 1.5 billion by 2030. Aviation continues to be the leading U.S. export industry, generating a global surplus of $60 billion in 2008.
- The Boeing Maintenance Facility builds upon the commercial relationship between the United States and China to promote economic development, technological advancement, and prosperity for both nations and the world at large.
- U.S. exports to China are a key market – the U.S.’s third-largest –hitting record levels in the first quarter of 2010, with an increase of approximately 46 percent compared to 2009.
- The growth of imports from the United States in key sectors, such as energy, chemicals, transportation, medical equipment, construction and machinery suggests that China will remain an important and viable market for a wide range of products. With growing numbers of Chinese traveling abroad for education and leisure purposes, China’s contribution to U.S. educational institutions and the tourism industry is increasingly important as well.
- The United States remains the largest single-country market for China’s exports.
Secretary Clinton has committed the Department of State and the U.S. Embassies overseas to support efforts to expand markets, promote American exports, advise businesses wishing to operate overseas, and protect U.S. economic interests. These efforts benefit American workers, businesses and economies and contribute to overall U.S. security and shared global prosperity.
For more information on President Obama’s National Export Initiative, click here.
# # #