Release from the USBIC
From the United States Business and Industry Council
We are pleased to announce that the U.S. Business and Industry Council has released its latest report on import penetration in advanced U.S. manufacturing markets.
The study, authored by USBIC Research Fellow Alan Tonelson, shows that the collective import share of U.S. consumption for 106 high value manufacturing sectors hit a record high of nearly 38 percent in 2011 — the last year for which the necessary calculations can be performed. This increase represents a roughly 1.3 percent increase over 2010, and a more than 50 percent increase over the level in 1997– when the needed U.S. government data first became available.
Moreover, according to the study, preliminary figures indicate that another new record will be hit in 2012.
The study, including an Executive Summary, can be accessed by clicking on this link.
A series of statistical appendices can be accessed by clicking on this link.
USBIC’s import penetration study strongly challenges recent claims by President Obama and others that U.S. domestic manufacturing is currently or about to stage an historic comeback — especially versus foreign competitors. As Alan points out, industries losing major shares of their own home markets are no more deserving of plaudits than companies suffering the same setbacks.
Further, Alan contends, these continuing losses by most of the nation’s industrial and technological crown jewels plainly signal that U.S. government policies — especially on the trade front — will need a thoroughgoing overhaul to spur the real manufacturing revival so urgently needed by the economy.