PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Businesses Win With USMCA, According to USITC Report

By at 19 April, 2019, 9:10 am

NEWS

For Immediate Release

Washington, D.C. – On April 18, the United States International Trade Commission (USITC) released the report, “U.S.- Mexico-Canada Trade Agreement: Likely Impact on the U.S. Economy and on Specific Industry Sectors,” which found that the USMCA agreement would increase U.S. GDP by $68.2 billion and add 176,000 jobs. Small Business & Entrepreneurship Council (SBE Council) president & CEO Karen Kerrigan issued the following statement about the USITC report:

“America’s small businesses greatly benefit from trade with Canada and Mexico, and the USITC report shows enhanced value and growth for our economy and all industry sectors under USMCA. The biggest gains noted in the USITC report are for the service sector and manufacturing, which are dominated by small businesses. The findings clearly demonstrate the value of USMCA to workers, small businesses, entrepreneurs and our economy and is another reason why every member of Congress needs to get behind passage of this important agreement.”

Read the full USITC report here.

 

Small Business Trade Data with Canada and Mexico

According to the International Trade Administration small to mid-size businesses dominate trade with Mexico and Canada.

Export Data

Mexico: Of the 57,098 U.S. firms that export to Mexico, 57.7 percent have less than 20 employees, 72.3 percent have less than 50 employees, and 81.4 percent have less than 100 employees.

Canada: Of the 86,526 U.S. firms that export to Canada, 59.9 percent have less than 20 employees, 75.3 percent have less than 50 employees, and 83.7 percent have less than 100 employees.

Import Data

Mexico: In terms of imports, of the 15,481 U.S. firms that import from Mexico, 57.6 percent have less than 20 employees, 67.9 percent have less than 50 employees, and 74.6 percent have less than 100 employees.

Canada: Regarding Canada, there are 17,277 U.S. importers and 43.3 percent have less than 20 employees, 55.7 percent have less than 50 employees, and 65.3 percent have less than 100 employees.

Contact:

Karen Kerrigan

e-mail: kkerrigan@sbecouncil.org

SBE Council is nonpartisan advocacy, research and education organization dedicated to protecting small business and promoting entrepreneurship. For 25 years, SBE Council has worked on and advanced a range of private sector and public policy initiatives to strengthen the ecosystem for strong startup activity and small business growth. Visit www.sbecouncil.org for additional information. Twitter: @SBECouncil

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