WASHINGTON (AP) — Back in 2010, President Barack Obama set a lofty goal of doubling U.S. exports in five years. With just 18 months to go to 2015, that target seems to be slipping beyond reach and has vanished from White House talking points.
Blame tepid U.S. manufacturing growth, the lingering weak global economy, and a stronger U.S. dollar, which makes it harder to sell American goods and services overseas.
Monthly export numbers have been mostly stagnant this year, and manufacturing hiring was essentially unchanged in July. In fact, the number of manufacturing jobs overall has changed little over the past 12 months.
Contributing to the pressure on American exports are the sluggish economic performances of major trading partners and the strengthening of the dollar against a broad range of foreign currencies.