Small Businesses Win under USMCA, According to USITC Report
Apr. 19, 2019
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.”
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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.
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