How North Carolina's Economy Benefits from International Trade & Investment
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1 How North Carolina's Economy Benefits from International Trade & Investment With more than 95 percent of the world s population and 80 percent of the world s purchasing power outside the United States, future economic growth and jobs for North Carolina and America increasingly depend on expanding U.S. trade and investment opportunities in the global marketplace. The following pages feature key facts and figures drawn from new Business Roundtable research, U.S. government data, and other data sources that demonstrate the benefits of international trade and investment to economic growth and jobs in North Carolina. Why is International Trade & Investment Important to North Carolina? International trade, including exports and imports, supports 1,076,100 North Carolina jobs nearly one in five. These trade- related jobs grew 4.8 times faster than total employment from 1992 to 2016 and are at large and small companies, on farms, in factories, and at the headquarters of North Carolina's globally engaged firms. (See North Carolina Jobs Depend On Two- Way Trade) North Carolina exported $30.3 billion in goods and $19.6 billion in services in 2016, including pharmaceuticals & medicines, aerospace products & parts, basic chemicals and travel services. Of North Carolina's 10,766 exporters, 87% are small- and medium- sized companies with less than 500 workers. (See North Carolina Businesses Grow With Exports) Customers in 209 countries and territories buy North Carolina- made goods and services, including billions of dollars in annual exports to top markets like Canada, Mexico and China. North Carolina's goods exports have grown about 80 percent faster than state GDP since (See North Carolina Companies Export Throughout The World) Imports lower prices and increase choices for North Carolina companies and families. Lower raw material and input costs help North Carolina companies stay competitive in global markets, while families can stretch paychecks further as trade agreements reduce the cost of products by eliminating costly barriers to trade. (See North Carolina Companies And Workers Use Imports To Compete) Free trade agreements (FTAs) have helped fuel rapid export growth from North Carolina to partner countries. In 2016, $13 billion of North Carolina's goods exports, or 44%, went to FTA partners. This represents an increase of 25% since (See North Carolina Needs Trade Agreements To Grow) Foreign- owned companies invest and build facilities and employ 251,800 workers in North Carolina. (See Foreign Investment In North Carolina Creates Jobs)
2 North Carolina Jobs Depend on Two- Way Trade Creating and preserving quality U.S. jobs is a goal shared by all Americans. With more than 95 percent of the world s population and 80 percent of the world s purchasing power outside of the United States, future American economic growth and job creation depend on open markets abroad. Trade Creates & Supports Jobs in North Carolina Export growth increases jobs by generating new business for North Carolina's manufacturers, service providers and farmers. Imports support jobs and keep costs low, helping North Carolina businesses compete and saving North Carolina families real dollars at the cash register. Nearly one in five North Carolina jobs depends upon international trade. North Carolina's trade- related employment grew 4.8 times faster than total employment from 1992 to Jobs in export- dependent industries pay about 16 percent more than jobs in less export- intensive industries. U.S. exporting plants increase employment 2 to 4 percent faster annually than plants that do not export. Exporting plants also are less likely to go out of business. Trade- supported jobs are not just at companies that export and import. Trade supports higher wages for workers and lower costs for companies and consumers, providing them with more money to spend on other things. This spending supports additional jobs throughout the U.S. economy in sectors like entertainment, education and construction. By the Numbers 1,076,100 Number of Jobs in North Carolina Supported by Trade Share of Jobs Tied to Trade Increased 120 percent from 1992 to % Jobs Tied to Trade Top Sectors, % Trade & Distribution 235,100 Professional, Scientific, Tech. Services 178,400 Personal & Recreational Services 108,500 Manufacturing 56,700 Finance, Insurance 46,200
3 North Carolina Businesses Grow with Exports North Carolina exported an estimated $30.3 billion in goods and $19.6 billion in services in Between 2006 and 2016, North Carolina goods exports have increased by 41 percent and services exports by 131 percent. Large companies now account for 74 percent of the value of North Carolina's goods exports, with the rest provided by small- and medium- sized enterprises (SMEs). Small & Large Employers Partner to Export In addition to exporting directly themselves, thousands of American SMEs export indirectly when they sell goods and services to large U.S. exporters. Based on their direct and indirect export activity combined, SMEs represent more than 40 percent of the value of U.S. exports. Top North Carolina Exports North Carolina ranks among the top 5 state exporters in 16 industries, including first in fibers, yarns & threads ($1.1 billion), second in fabrics ($699 million), second in glass & glass products ($471 million), and second in tobacco products ($274 million). North Carolina is America s 14th largest exporter of agricultural products. It is the second largest exporter of poultry & eggs, the third largest exporter of miscellaneous crops, the third largest exporter of swine, and the fifth largest exporter of greenhouse & nursery products. One of North Carolina's fastest growing export categories is miscellaneous foods, which have increased by 44 percent per year since In 2016, exports of these products reached $301 million. By the Numbers 10,766 Number of North Carolina Businesses that Exported in 2015 Share of North Carolina Exporters that are Small- & Medium- Sized Businesses 87% Top North Carolina Exports, 2016 Goods Pharmaceuticals & Medicines Aerospace Products & Parts Basic Chemicals Fibers, Yarns & Threads Misc. General Purpose Machinery Services Travel Royalties from Industrial Processes R&D & Testing Services $3.4 billion $2.6 billion $1.2 billion $1.1 billion $949 million $3.9 billion $2.8 billion $2.1 billion
4 North Carolina Companies Export throughout the World In 2016, North Carolina companies sold their products in 209 countries and territories. Top export markets include: CANADA Goods Exports: $6.3 billion Services Exports: $1.2 billion UNITED KINGDOM Goods Exports: $1.4 billion Services Exports: $1.6 billion CHINA Goods Exports: $2.4 billion Services Exports: $1.3 billion MEXICO Goods Exports: $3.1 billion Services Exports: $770 million IRELAND Goods Exports: $450 million Services Exports: $1.8 billion JAPAN Goods Exports: $1.6 billion Services Exports: $1.1 billion Fast Facts: How Exports Help the North Carolina Economy Grow Goods and services exports accounted for 9.6 percent of North Carolina's state GDP in North Carolina's exports have grown about 80 percent faster than state GDP since The average annual export growth during this period was 5.5 percent, while the average annual state GDP growth was 3.1 percent. North Carolina's top export markets for goods are Canada, Mexico, and China. Its top market for services is Ireland. North Carolina's goods exports to United Arab Emirates have grown by 27 percent per year since 2006, while North Carolina's services exports to China have grown by 21 percent per year.
5 North Carolina Companies & Workers Use Imports to Make Products and Compete in International Markets In 2016, 56 percent ($1.2 trillion) of the products imported into the United States were inputs and components used by American producers. Lower cost inputs keep U.S. manufacturing competitive in international markets. Imports frequently contain components (like cotton or semiconductors) and services inputs (like design) provided by U.S. companies and farmers, including companies and farmers in North Carolina. Services, especially transportation from North Carolina's ports, finance and insurance, marketing and legal services are needed to bring imported goods to American manufacturers and households. In 2015, about 75 percent of identified U.S. importers were very small businesses with less than 20 employees. Trade and investment liberalization policies save the average North Carolina family of four more than $10,000 per year. Imports help keep prices down for North Carolina families while increasing their choices for goods and services. Prices for imported consumer goods tend to drop year after year. In 2015, about 197,000 U.S. companies (including 8,424 in North Carolina) imported products And roughly three- quarters of U.S. importers were very small businesses with less than 20 employees.
6 North Carolina Needs Trade Agreements to Grow The United States has some of the lowest trade barriers in the world. Overall U.S. trade with our free trade agreement (FTA) partner countries supports millions of American jobs. Trade agreements level the playing field by lowering other nations trade barriers, opening up foreign markets to U.S. exports and setting strong, enforceable rules for trade between the United States and those other countries. North Carolina has increased its exports to FTA partners following implementation of the U.S. FTAs with those countries. In 2016, $13 billion of North Carolina's goods exports, or 44 percent, went to FTA partners. Since 2006, North Carolina's goods exports to countries with FTAs in effect with the United States in 2016 have increased by 25 percent. North Carolina's exports to Canada and Mexico have increased by $6.4 billion (218 percent) since NAFTA went into effect in By the Numbers 25% Increase in North Carolina Goods Exports to FTA Partners Between 2006 and 2016 Per Capita Purchases of North Carolina Goods, 2016 $28.83 North Carolina's exports to Chile have increased by 225 percent since the FTA with Chile took effect in North Carolina's exports to Australia of electrical equipment & components have increased from $4.0 million to $92 million since the FTA with Australia went into effect in DR- CAFTA countries bought 79 percent of North Carolina's exports of fibers, yarns & threads in $2.55 Non- FTA Countries FTA Partner Countries* In 2016, $4.4 billion of North Carolina's services exports, or 22 percent, went to FTA partners. North Carolina's exports to Singapore of royalties from industrial processes have increased from $22 million to $121 million, or by over 444 percent, since 2006 (earliest year available). * U.S. FTAs in effect with countries in In 2016, FTA partners purchased 11.3 times more goods per capita from North Carolina than non- FTA partners.
7 Foreign Investment in North Carolina Creates Jobs Foreign- owned companies invest significant amounts of capital to open or expand facilities in North Carolina every year. Foreign- owned companies from around the world employed hundreds of thousands of workers in North Carolina, including: 33,500 workers employed by companies based in the United Kingdom; 32,900 workers employed by companies based in Germany; 23,400 workers employed by companies based in Japan; 19,000 workers employed by companies based in Switzerland; 15,000 workers employed by companies based in France. Foreign- Owned Companies Employed 251,800 North Carolina Workers Across Many Industries, 2015 Manufacturing 17,900 50,700 43,900 Selected Foreign- Owned Companies Employing Workers in North Carolina 119,600 Company Industry Country ABB Inc. Power Distribution Services & Equip. Switzerland BSH Home Appliances Corp. Electronics Products Manufacturing Germany Clariant Corp. Chemicals Manufacturing Germany Hanwha Group Building Materials Manufacturing Korea Honda Manufacturing Automotive Manufacturing Japan Lee Hecht Harrison Employment Services Switzerland Novartis Services Incorporated Healthcare Products Manufacture Switzerland RSM McGladrey Accounting Services United Kingdom Siemens Energy & Automation Electronics and Engineering Services Germany Toyota Motor Manufacturing Automotive Manufacturing Japan Volvo Group North America Transportation Equipment Manufacturing Sweden Wurth Wood Group Metal Products Manufacturer Germany Other Retail Trade Wholesale Trade Finance & Insurance Prof., Sci. & Tech. Services Informaeon 8,200 7,200 4,300
8 Data Sources NORTH CAROLINA JOBS DEPEND ON TWO- WAY TRADE Jobs- Tied- to- Trade: Baughman and Francois, Terminating NAFTA: The National and State- by- State Impacts on Jobs, Exports and Output (2018) ( releases/new- study- withdrawal- nafta- would- jeopardize- american- jobs- and- hurt- u.s.- economy) Exporting Firm Wages: Riker, Export- Intensive Industries Pay More on Average: An Update (2015) ( Exporting Firm Growth: Bernard and Jensen, Exporting and Productivity in the USA (2004) ( bernard/exprod.pdf) NORTH CAROLINA BUSINESSES GROW WITH EXPORTS Small and Large Firms Partnering to Export (for 2007, the most recent year for which data were available): U.S. International Trade Commission, Small and Medium- Sized Enterprises: Characteristics and Performance, November 2010, ( Exports, Rankings, and Trends: The Trade Partnership, derived from U.S. Census Bureau ( Census ) data ( and- cdxjobs) Exporting Company Information: Census, A Profile of U.S. Importing and Exporting Companies, ( trade/press- Release/edb/2015/) NORTH CAROLINA COMPANIES EXPORT THROUGHOUT THE WORLD Exports, Rankings, and Trends: The Trade Partnership ( and- cdxjobs) Export vs. GDP Growth: Derived from Census export data and U.S. Bureau of Economic Analysis (BEA) GDP by State database ( NORTH CAROLINA COMPANIES & WORKERS USE IMPORTS TO COMPETE IN INTERNATIONAL MARKETS Importing Company Information: Census, A Profile of U.S. Importing and Exporting Companies, ( trade/press- Release/edb/2015/) Imports as Components: Derived from Census end- use import data Savings from Liberalization: Bradford, Grieco, and Hufbauer, The Payoff to America from Global Integration (2005) ( Price Changes: Derived from BLS Consumer Price Index database ( NORTH CAROLINA NEEDS TRADE AGREEMENTS TO GROW Exports and Trends: The Trade Partnership ( and- cdxjobs) Per Capita Purchases of North Carolina Goods: Derived from The Trade Partnership ( and- cdxjobs) and World Bank population estimates FOREIGN INVESTMENT IN NORTH CAROLINA CREATES JOBS Employment Data: BEA Direct Investment & Multinational Companies database ( Foreign Investors: Uniworld BP database of Foreign Firms Operating in the United States (
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