How Massachusetts' Economy Benefits from International Trade & Investment
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1 How Massachusetts' 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 Massachusetts 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 Massachusetts. Why is International Trade & Investment Important to Massachusetts? International trade, including exports and imports, supports 877,500 Massachusetts jobs nearly one in five. These trade- related jobs grew four 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 Massachusetts' globally engaged firms. (See Massachusetts Jobs Depend On Two- Way Trade) Massachusetts exported $25.6 billion in goods and $30.6 billion in services in 2016, including navigational & measuring instruments, medical equipment & supplies, semiconductors & components and travel services. Of Massachusetts' 10,313 exporters, 89 percent are small- and medium- sized companies with less than 500 workers. (See Massachusetts Businesses Grow With Exports) Customers in 203 countries and territories buy Massachusetts- made goods and services, including billions of dollars in annual exports to top markets like Canada, China and the United Kingdom. Massachusetts' goods exports have grown about 20 percent faster than state GDP since (See Massachusetts Companies Export Throughout The World) Imports lower prices and increase choices for Massachusetts companies and families. Lower raw material and input costs help Massachusetts 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 Massachusetts Companies And Workers Use Imports To Compete) Free trade agreements (FTAs) have helped fuel rapid export growth from Massachusetts to partner countries. In 2016, $8.2 billion of Massachusetts' goods exports, or 32 percent, went to FTA partners. This represents an increase of 33 percent since (See Massachusetts Needs Trade Agreements To Grow) Foreign- owned companies invest and build facilities and employ 215,100 workers in Massachusetts. (See Foreign Investment In Massachusetts Creates Jobs)
2 Massachusetts 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 Massachusetts Export growth increases jobs by generating new business for Massachusetts' manufacturers, service providers and farmers. Imports support jobs and keep costs low, helping Massachusetts businesses compete and saving Massachusetts families real dollars at the cash register. Nearly one in five Massachusetts jobs depends upon international trade. Massachusetts' trade- related employment grew four 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 877,500 Number of Jobs in Massachusetts Supported by Trade Share of Jobs Tied to Trade Increased 84 percent from 1992 to % Jobs Tied to Trade Top Sectors, % Trade & Distribution 166,400 Professional, Scientific, Tech. Services 161,600 Personal & Recreational Services 87,600 Finance, Insurance 48,200 Manufacturing 31,800
3 Massachusetts Businesses Grow with Exports Massachusetts exported an estimated $25.6 billion in goods and $30.6 billion in services in Between 2006 and 2016, Massachusetts goods exports have increased by 9 percent and services exports by 105 percent. Large companies now account for 65 percent of the value of Massachusetts' 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 Massachusetts Exports Massachusetts ranks among the top 5 state exporters in 10 industries, including second in scrap products ($2.1 billion), third in marine products ($494 million), third in footwear ($58 million), and third in navigational & meas. Instruments ($3.1 billion). Massachusetts is America s 43rd largest exporter of agricultural products. It is the 17th largest exporter of fruits & tree nuts, the 22nd largest exporter of aquaculture, the 33rd largest exporter of vegetables & melons, and the 40th largest exporter of miscellaneous animal products. One of Massachusetts' fastest growing export categories is household appliances, which have increased by 40 percent per year since In 2016, exports of these products reached $261 million. By the Numbers 10,313 Number of Massachusetts Businesses that Exported in 2015 Share of Massachusetts Exporters that are Small- & Medium- Sized Businesses 89% Top Massachusetts Exports, 2016 Goods Navigational & Meas. Instruments Medical Equipment & Supplies Semiconductors & Components Pharmaceuticals & Medicines Scrap Products Services Travel Mgmt. & Advisory Services Computer Software $3.1 billion $2.3 billion $2.1 billion $2.1 billion $2.1 billion $5.6 billion $5.3 billion $3.9 billion
4 Massachusetts Companies Export throughout the World In 2016, Massachusetts companies sold their products in 203 countries and territories. Top export markets include: CANADA Goods Exports: $3.1 billion Services Exports: $2.0 billion UNITED KINGDOM Goods Exports: $1.6 billion Services Exports: $2.5 billion CHINA Goods Exports: $2.2 billion Services Exports: $2.3 billion MEXICO Goods Exports: $2.5 billion Services Exports: $1.1 billion IRELAND Goods Exports: $946 million Services Exports: $2.7 billion SWITZERLAND Goods Exports: $1.8 billion Services Exports: $1.5 billion Fast Facts: How Exports Help the Massachusetts Economy Grow Goods and services exports accounted for 11.1 percent of Massachusetts' state GDP in Massachusetts' exports have grown about 20 percent faster than state GDP since The average annual export growth during this period was 4.1 percent, while the average annual state GDP growth was 3.5 percent. Massachusetts' top export markets for goods are Canada, China, and Mexico. Its top market for services is Ireland. Massachusetts' goods exports to Vietnam have grown by 20 percent per year since 2006, while Massachusetts' services exports to China have grown by 20 percent per year.
5 Massachusetts 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 Massachusetts. Services, especially transportation from Massachusetts' 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 Massachusetts family of four more than $10,000 per year. Imports help keep prices down for Massachusetts 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 7,939 in Massachusetts) imported products And roughly three- quarters of U.S. importers were very small businesses with less than 20 employees.
6 Massachusetts 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. Massachusetts has increased its exports to FTA partners following implementation of the U.S. FTAs with those countries. In 2016, $8.2 billion of Massachusetts' goods exports, or 32 percent, went to FTA partners. Since 2006, Massachusetts' goods exports to countries with FTAs in effect with the United States in 2016 have increased by 33 percent. Massachusetts' exports to Canada and Mexico have increased by $2.7 billion (94 percent) since NAFTA went into effect in By the Numbers 33% Increase in Massachusetts Goods Exports to FTA Partners Between 2006 and 2016 Per Capita Purchases of Massachusetts Goods, 2016 $17.74 Massachusetts' exports to Oman have increased by 951 percent since the FTA with Oman took effect in Massachusetts' exports to Australia of aerospace products & parts have increased from $1.2 million to $29 million since the FTA with Australia went into effect in Korea bought 20 percent of Massachusetts' exports of industrial machinery in $2.61 Non- FTA Countries FTA Partner Countries* In 2016, $6.6 billion of Massachusetts' services exports, or 22 percent, went to FTA partners. Massachusetts' exports to Singapore of R&D & testing services have increased from $12 million to $363 million, or by over 2,888 percent, since 2006 (earliest year available). * U.S. FTAs in effect with countries in In 2016, FTA partners purchased 6.8 times more goods per capita from Massachusetts than non- FTA partners.
7 Foreign Investment in Massachusetts Creates Jobs Foreign- owned companies invest significant amounts of capital to open or expand facilities in Massachusetts every year. Foreign- owned companies from around the world employed hundreds of thousands of workers in Massachusetts, including: 37,300 workers employed by companies based in the United Kingdom; 34,500 workers employed by companies based in the Netherlands; 28,200 workers employed by companies based in France; 21,900 workers employed by companies based in Canada; 17,700 workers employed by companies based in Germany. Foreign- Owned Companies Employed 215,100 Massachusetts Workers Across Many Industries, 2015 Manufacturing 22,400 17,300 14,000 33,900 Selected Foreign- Owned Companies Employing Workers in Massachusetts 59,500 59,500 Company Industry Country ABB Inc. Electrical Equipment Manufacturing Switzerland BAE Electronic Systems Inc. Defense/Security/Aerospace Services United Kingdom Clicksoftware, Inc. Software Development Israel Dalkia North America Energy Services France Einfochips IT Services India GHD Engineering, Architectural Services Australia KPMG LLP Accounting Services Netherlands Munksjo Paper LLC Paper Manufacturing Sweden Qinetiq North America, Inc. Scientific Research United Kingdom Sophos Inc. Software Development United Kingdom Stop & Shop Supermarket Co. Retailing Netherlands TD Bank Banking Services Canada Other Retail Trade Finance & Insurance Wholesale Trade Prof., Sci. & Tech. Services Informaeon 8,600
8 Data Sources MASSACHUSETTS 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) MASSACHUSETTS 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/) MASSACHUSETTS 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 ( MASSACHUSETTS 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 ( MASSACHUSETTS NEEDS TRADE AGREEMENTS TO GROW Exports and Trends: The Trade Partnership ( and- cdxjobs) Per Capita Purchases of Massachusetts Goods: Derived from The Trade Partnership ( and- cdxjobs) and World Bank population estimates FOREIGN INVESTMENT IN MASSACHUSETTS 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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