With National Small Business Week as a backdrop and lawmakers deciding whether to give President Barack Obama Trade Promotion Authority (TPA), a new report details what type of trading activity takes place among states exchanging goods with foreign countries.
Of all the products and services that small and large businesses export, aircraft tops them all, according to a new study conducted by cost-estimating website Fixr.com. In 13 states – including California, Arizona, Connecticut, Washington, Louisiana, Oklahoma and North Carolina – airplanes are the top export. Though its official name is the Tarheel State, North Carolina is also often referred to as "First in Flight," being where the Wright brothers became the first people to manufacture and successfully use an aircraft. Ohio's top export is also airplanes, fittingly, given its distinction as "Birthplace of Aviation."
Petroleum is Texas' biggest export.Petroleum top export for Texas, Mississippi
Using data from the U.S. Census Bureau to determine each state's main export, Fixr.com's findings were largely unsurprising given what's already known about their geographical locations. For instance, the Gulf Coast is a major outlet for oil refineries thus explaining why Texas and Mississippi's top export is petroleum. In 2014 alone, the Lone Star State exported $33 billion worth of petroleum products, the report found.
"Though nicknamed 'The Silver State,' Nevada's top export is gold."
There were some findings, however, that might raise a few eyebrows. For instance, Nevada's nickname is the Silver State, but it's largest export is gold, Fixr.com found. Nearly 80 percent of the U.S.' supply of mined gold comes from Nevada. It's neighboring state of Utah also exports more gold than any other product, as well as in Massachusetts.
Dan Danner, president and CEO of the National Federation for Independent Business (NFIB), indicated that much of what states contribute to the economy wouldn't be possible without small businesses, which represent the vast majority of companies that export.
"Small businesses are the backbone of the American economy," said Danner. "They create more jobs than any other sector and represent half of the nation's economic output."
Millions of job opportunities created through trade
Trade supports 38 million American jobs each year, according to statistics from the Office of the U.S. Trade Representative. Additionally, more than 97 percent of the estimated 300,000 companies that export are small- and medium-sized. Over 95 percent of its consumers are outside of the U.S. borders.
Organizations like the National Association of Manufacturers (NAM), U.S. Chamber of Commerce and numerous editorial boards have aired their support for TPA. It's also been championed by economists, including Wayne Winegarden, a senior fellow at the Pacific Research Institute.
"Free trade has been a cornerstone of U.S. policy across the political spectrum," said Winegarden in an opinion piece for the American Spectator. "Indeed, the free trade debate has frequently proven to be an area of rare bipartisan agreement going as far back as NAFTA."
He added that to the small number of legislators who are opposed to TPA, there's no reason for it, because Congress maintains its Constitutional authority to strike down a trade proposal if it's deemed not to be in the country's interest.