A recent study from the National Retail Federation and several other trade groups found that imported merchandise has significantly lowered the price of goods for American consumers and has created millions of jobs for workers.
The study found imports improve the standard of living by ensuring a wide variety of budget-friendly goods. Imports also cut prices on a wide number of consumer products, including toys, televisions, computers and dishes.
“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 support more than 16 million jobs in the U.S., approximately nine percent of employment, a large number of which are union jobs held by minorities and women.
More than 50 percent of importing companies are small businesses that employ fewer than 50 people. Manufacturers rely on the importation of raw materials and intermediate goods to cut production costs and remain competitive. Factories and farms purchase more than 60 percent of all U.S. imports.