TREASURY REPORTS ASIAN CRISIS’ IMPACT ON CALIFORNIA
by Paul Williams
The Department of Treasury and Department of Commerce recenltly released a state-by-state analysis about the importance of Asian markets to California.
The study reveals the extent to which trade with Asia has become an important component of California’s economic growth. “Like the United States as a whole, California has viewed exports as critical to economic growth,” said Treasury Secretary Robert Rubin. “As a result the financial crisis in Asia is likely to impact the lives of residents and businesses in California.”
“This report underscores the degree to which individual states such as California are tied to Asian economies,” said Commerce Secretary William Daley. “This is further evidence that Asian economic recovery is not only in our national interest, but in the interest of communities and working people in California and across the entire country.”
The report analyzes the importance of exports to Asia for individual states. In addition, the report looks at specific industries within each state that have a stake in the health of Asian economies. The report is based on data from the Department of Commerce and the Department of Agriculture.
Some of the highlights of this report include:
-Thirty percent of U.S. exports go to Asia, supporting millions of U.S. jobs, and we export more to Asia than Europe. For a number of states, including California, Oregon and Washington, more than 50 percent of exports go to Asian markets.
-Forty percent of all of U.S. agricultural exports go to Asia, more than to any other region.
-More American exports mean higher paying American jobs. Studies have shown that export-related jobs in the U.S. pay an average of 15 percent more than other jobs.
Paul Williams is Supplements Editor for the Los Angeles Business Journal.