Home / Knowledge / News / Apparel/Garments / Imports lower consumer prices & create US jobs- Study
Imports lower consumer prices & create US jobs- Study
07
May '13
A new study commissioned by the National Retail Federation and other trade associations shows that imported merchandise has considerably lowered the price of consumer goods for American families while creating millions of jobs for American workers.

“Imports provide American families with products they need at prices they can afford, and also create jobs that keep those families prosperous,” NRF President and CEO Matthew Shay said. “Retailers sell millions of imported items while U.S. manufacturers rely heavily on imported parts and raw materials to create the exports they ship around the world. Imports are a win for every segment of our nation’s economy, from the factory floor to the checkout line.”

The “Imports Work for America” study found that imports improve American families’ standard of living by ensuring a wide selection of budget-friendly goods from clothing and footwear to consumer electronics. Imports reduced prices of a wide range of consumer products in the past decade – television sets by 87 percent, computers 75 percent, toys 43 percent, and dishes and flatware 33 percent. Among other key findings:

- Imports could lower prices for consumers even more if not for protectionist U.S. tariffs. Shoes, for example, carry tariffs as high as 48 percent, apparel 32 percent, drinking glasses 29 percent, porcelain or China dinnerware sets 26 percent, and bed linens 21 percent.

- At $138.7 billion annually, home furnishings are the second-largest category of imported consumer goods after automobiles, followed by apparel at $99.8 billion. Computers, consumer electronics, toys and footwear are all in the top 10.

- Imports support more than 16 million American jobs, or 9 percent of U.S. employment. A large number of these import-related jobs are union jobs, and many are held by minorities and women. Included are 1.8 million retail jobs, or 10 percent of direct retail employment.

- More than half the firms that import directly are small businesses, employing fewer than 50 workers.

-American manufacturers rely on imports of raw materials and intermediate goods to lower their production costs and stay competitive in domestic and international markets. Factories and farms purchase more than 60 percent of U.S. imports.

-  Imports generate exports. The United States is integrated into international supply chains so that even U.S. imports contain U.S. exports, particularly those generated in high-skilled and capital-intensive stages of production such as R&D and design.

The study was prepared by economists Laura M. Baughman and Joseph F. Francois of the Trade Partnership Worldwide for NRF, the U.S. Chamber of Commerce, the Consumer Electronics Association, and the American Apparel and Footwear Association. It was released as dozens of companies and business associations mark “Imports Work Week” May 6-10 to draw attention to the role imports play in the U.S. and global economy as part of “World Trade Month.”

As the world’s largest retail trade association and the voice of retail worldwide, NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy.

National Retail Federation

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X