A new study from Business Roundtable finds that international trade supported 326,200 jobs in Mississippi in 2018, having represented 1 out of every 5 jobs in the state before the pandemic. These trade-related jobs grew seven times faster than total employment from 1992 to 2018 and are at large and small companies, on farms, in factories, and at the headquarters of Mississippi's globally engaged firms.
Since 1992, before the implementation of the North American Free Trade Agreement (NAFTA), the share of jobs tied to trade in Mississippi has increased by 137 percent. Additionally, the Magnolia State's trade-related employment grew seven times faster than total state employment from 1992 to 2018.
Although the COVID-19 pandemic resulted in significant economic disruption to U.S. workers and businesses, the data show that opening markets to American goods and services around the world through rules-based trade is critical to U.S. economic recovery and helping American workers and families get back on their feet.
“Defeating the COVID-19 pandemic, accelerating economic recovery and expanding opportunities for all Americans depend on opening foreign markets to American goods and services, removing barriers to trade and investment and strengthening supply chain resilience,” said Lance Fritz, Chairman, President and Chief Executive Officer of Union Pacific and Chair of the Business Roundtable Trade & International Committee. “Free and fair trade supports U.S. manufacturing, farmers and service providers by reaching more customers, strengthening U.S. innovation leadership and creating good-paying American jobs. With tens of millions of American jobs at stake, Business Roundtable CEOs will continue to work with policymakers and key trading partners to promote rules-based trade that opens new markets and levels the playing field for American workers, farmers and businesses.”
The study – prepared by Trade Partnership Worldwide – analyzes the latest-available employment and trade data from 2018 and examines the net impacts of both exports and imports of goods and services on American jobs.
Highlights include:
• North America: Trade with Canada and Mexico supported 100,500 Mississippi jobs, underscoring the importance of fully implementing the newly enacted United States-Mexico-Canada Agreement (USMCA) to strengthen North American competitiveness.
• China: Trade with China supported 64,000 Mississippi jobs in 2018, highlighting the importance of fully implementing the Phase One trade agreement, expeditiously negotiating additional structural reforms in China and removing additional tariffs and barriers to trade between the two largest economies in the world.
• Exports: Mississippi exported $12.1 billion in goods and $2.3 billion in services in 2018, including petroleum and coal products, medical equipment and supplies, basic chemicals and travel services. Of Mississippi's 2,028 exporters, 76 percent are small- and medium-sized companies with less than 500 workers.
• Small Businesses: Of Mississippi's 2,028 exporters, 76 percent are small- and medium-sized companies with less than 500 workers.
• Customers in 181 countries and territories buy Mississippi-made goods and services, including billions of dollars in annual exports to top markets like Canada, Mexico and Panama. Mississippi's goods exports have grown nearly three times faster than state GDP since 2009. Policies that help Mississippi businesses, workers, and farmers once again reach the growing number of customers around the world can help lead an economic and jobs recovery.
• Free trade agreements (FTAs) have helped fuel rapid export growth from Mississippi to partner countries. In 2018, $6.6 billion of Mississippi's goods exports, or 55 percent, went to FTA partners. This represents an increase of 106 percent since 2009.
• Foreign-owned companies invest and build facilities and employ 39,900 workers in Mississippi.
• Mississippi ranks among the top 10 state exporters in six industries, including fifth in petroleum and coal products ($3.0 billion), seventh in miscellaneous crops ($635 million), eighth in ships and boats ($81 million), and 10th in medical equipment and supplies ($1.0 billion).
• Mississippi is America’s 18th largest exporter of agricultural products. It is the seventh largest exporter of miscellaneous crops, the 19th largest exporter of oilseeds and grains, the 24th largest exporter of poultry and eggs, and the 24th largest exporter of vegetables and melons.
• One of Mississippi's fastest growing export categories is medical equipment and supplies, which increased by 131 percent since 2009. In 2018, exports of these products reached $1.0 billion.
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October 06, 2020 at 10:52PM
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Study shows international trade supports 326000 jobs in Mississippi - Northeast Mississippi Daily Journal
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