Washington: The United States remains the world's largest manufacturing nation even as China gains ground, according to a new study.
The survey released yesterday by the US-based
Manufacturing Institute with the Manufacturers Alliance showed
that the US share of global manufacturing value has held at 22
per cent in 2008, roughly the same level for nearly 30 years.
China's share last year was 14 per cent, continuing a
surge from its 1980 level of just two per cent, according to
the study using data from the United Nations, International
Monetary Fund and other sources.
The US manufacturing generated 1.64 trillion worth of
goods in 2008. Although the value has been rising, industrial
output's share of gross domestic product has fallen from 20
per cent in 1980 to 11.5 per cent in 2008, the report showed.
"A common misconception is making the rounds: that
domestic manufacturing is vanishing," the report stated.
"This misperception is based on consumers' daily
observation of foreign-made products visible on store shelves
and the media's focus on the loss of jobs in the sector. But
the facts do not support this pessimistic view.
Manufacturing in the United States remains vital and
important to the US economy and is globally competitive."
"The facts clearly illustrate that manufacturing is
central to America's economic future," said Emily Stover
DeRocco, president of The Manufacturing Institute.
"The United States has the largest manufacturing economy
in the world, producing 1.6 trillion dollars in goods
annually."
Bureau Report
First Published: Wednesday, October 07, 2009, 23:37