The U.S. motor vehicle industry is coming back, with production at its highest levels since October 2005, and with over 156,000 new jobs [1] added since President Obama’s rescue of the industry in June 2009. An important and little known driver of this expansion is increased exports of U.S. made cars and trucks to record levels.
Exports of U.S. made cars and trucks have surged, from a total of $36 billion in 2009 to an all-time high of nearly $59 billion in 2011-- a 63% percent increase. And motor vehicle exports in the first half of this year are 14% higher than the same period last year.
Exports of U.S. made cars and trucks have been steadily increasing in our largest markets (see Figure 1).
The Asian market has seen the greatest growth in our car and truck exports, more than doubling since 2009, and is on track to reach $20 billion in 2012. As shown in Figure 2, China was the largest Asian importer of U.S. made cars and trucks in 2011, purchasing more than $5 billion worth of motor vehicles.
Moreover, U.S. auto exports are also increasing to other Asian countries, as shown in Figure 2 below.
Fig 2: Select U.S. Exports to Asian Countries
2009-2012(est.), Millions of U.S. Dollars
Motor vehicle parts exports are also growing. Since 2009, U.S. exports of auto parts have increased from $30 billion to nearly $47 billion in 2011.
In sum, beginning with President Obama’s investment in the important American automobile industry in 2009, U.S. vehicles are back -- and exports have been steadily growing, with 2012 seeing continued record-setting expansion. These increased exports help boost U.S. jobs, especially in manufacturing [2], an important industry for the middle class.
Mark Doms, Chief Economist, U.S. Department of Commerce
September 7, 2012
