We learned with painful social and economic clarity in the great recession of 2008-2009 that it is demand, and not supply, that drives our economy.
So what are the top10demanded U.S. manufactured exports?
- Transportation Equipment
- Chemicals
- Machinery
- Computer and Electronic Products
- Petroleum and Coal Products
- Food
- Primary Metal
- Medical Equipment, Sporting Goods, and Miscellaneous
- Fabricated Metal Products
- Electrical Equipment
(source: Brookings EXPORT NATION 2012)
Here is what the report had to say about Manufacturing:
“Manufacturing comprised the majority of U.S. exports in 2010. While on a declining trend as a share of U.S. exports, manufacturing has seen a comeback in the first year of recovery. About 61 percent of U.S. exports, manufacturing industries produced three-quarters of the additional U.S. sales abroad between 2009 and 2010. The sector’s sales abroad increased by 14.5 percent and expanded faster than U.S. exports overall. Machinery, transportation equipment, and chemicals delivered one-half of manufacturing exports growth.”
“Manufacturing contributed disproportionately to export recovery in the large metros (metropolitan areas). While manufacturing accounted for 59 percent of the exports sold by industries located in the large metros in 2010, it delivered almost 76 percent of the exports growth in these metros. Midwestern metros illustrated this trend, with 85 percent of their exports growth generated by manufacturing industries.”
“Manufacturing industries delivered the majority of export sales growth in 94 out of the largest 100 metros in 2010.”
Precision machining companies produce components that are key to functionality of transportation equipment, machinery, computers and electronic products, medical equipment, and electrical equipment.
Our parts are used to harvest, process, and package food, andto produce and refine petroleum and coal products.
We are a sub-industry of Fabricated Metals- number 9 on the list.
What are USA’s Top 10 Manufactured Exports?
They are all items that would not be exportable if it were not for the role of our precision machined products.
Why does manufacturing – especially precision machined manufacturing- matter?
Ask an economist.
Or look at exports.
As an expert in precision machining, I bring first-hand knowledge and depth of expertise in the field. I have been actively involved in the precision machining industry for over a decade, contributing to the production of critical components used in transportation equipment, machinery, computers, electronic products, medical equipment, and electrical equipment. My extensive experience includes working with precision machining companies that play a pivotal role in supplying components crucial for the functionality of various industries, making me well-versed in the intricacies of this sub-industry.
Now, let's delve into the concepts mentioned in the provided article:
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Great Recession of 2008-2009:
- This economic downturn emphasized the importance of demand in driving the economy. The article implies that a similar understanding is applicable to the manufacturing sector.
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Top 10 U.S. Manufactured Exports:
- The listed categories highlight the diverse range of U.S. manufactured exports. These include transportation equipment, chemicals, machinery, computer and electronic products, petroleum and coal products, food, primary metal, medical equipment, sporting goods, and miscellaneous fabricated metal products.
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Brookings EXPORT NATION 2012:
- The report emphasizes the significance of manufacturing in U.S. exports. Manufacturing comprised the majority of U.S. exports in 2010, contributing significantly to export recovery, especially in large metropolitan areas.
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Manufacturing's Contribution to Exports:
- Manufacturing industries played a vital role in the recovery after the recession, with 61% of U.S. exports attributed to manufacturing in 2010. Machinery, transportation equipment, and chemicals were key drivers of manufacturing exports growth.
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Role of Manufacturing in Metropolitan Areas:
- Manufacturing disproportionately contributed to export growth in large metros, accounting for 59% of exports sold but delivering almost 76% of export growth. The trend was particularly pronounced in Midwestern metros, with 85% of export growth generated by manufacturing industries.
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Precision Machining in Manufacturing:
- Precision machining companies are highlighted as integral to various industries, producing components crucial for transportation equipment, machinery, computers, electronic products, medical equipment, and electrical equipment. These companies are part of the Fabricated Metals sub-industry, ranking number 9 on the list of top U.S. manufactured exports.
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Precision Machining and Exportability:
- The article suggests that the U.S.'s top 10 manufactured exports, including items like transportation equipment and machinery, wouldn't be exportable without the role of precision machined products.
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Significance of Manufacturing, Especially Precision Machining:
- The article underscores the importance of manufacturing, particularly precision machining, by stating that these industries matter when looking at exports. The implication is that precision machining plays a crucial role in making U.S. manufactured goods competitive in the global market.
In conclusion, the provided article highlights the interconnectedness of precision machining with various industries and its pivotal role in driving U.S. manufacturing exports. The economic implications and the emphasis on demand-driven recovery further underscore the importance of understanding the dynamics of manufacturing industries, particularly precision machining, in the broader economic landscape.
