US administration pushing higher US exports, Commerce secretary says
WASHINGTON – The Obama administration's goal of doubling U.S. exports over the next five years will rely mainly on federal promotional efforts rather than lowering the value of the dollar or hammering the Chinese to lift their currency, Commerce Secretary Gary Locke said Thursday.
In a speech at the National Press Club, Locke said President Barack Obama wants a sustained, governmentwide effort to help American companies push exports past $3 trillion and reduce the economy's reliance on consumers.
"In the past, our economy has been fed by consumer spending based on debt," Locke said after the speech. "But we can't look to consumer debt to drive the economy... And other countries can't, either."
Texas already leads all states in exports, with sales abroad hitting $192.2 billion in 2008. Commerce Department figures show exports of Texas chemicals, computers, machinery and other goods grew by $74.8 billion between 2004 and 2008.
While business groups and trade economists have praised the administration's export goal, several have been skeptical since Obama announced it during last week's State of the Union address.
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