Global Manufacturing Economic Update: May 2017

A Publication of the National Association of Manufacturers

MONDAY ECONOMIC REPORTNAM/IndustryWeek Survey of Manufactures Business Outlook by Quarter, 2012-2014

Even before the results of the French election were known, there was a sense that Europe had turned a corner and was moving in the right direction, albeit with some pesky economic and political qualms that continue to linger in the markets (e.g., Italy and Greece’s financial situations, upcoming elections in the United Kingdom and Germany). For the most part, manufacturing leaders have brushed those concerns away. Indeed, the Markit Eurozone Manufacturing PMI edged up to a 72-month high, boosted by improved activity across the board. Helping to buoy the headline number, Austria, France, Germany and Italy were at or near six-year highs in April, with activity in the Netherlands also not far from its recent multiyear high. Beyond sentiment surveys, Eurozone real GDP increased 1.7 percent year-over-year in the first quarter, and retail sales rose for the third consecutive month, up 0.3 percent in March and 2.3 percent over the past 12 months. At the same time, the unemployment rate in March stayed the same at 9.5 percent, remaining at the lowest level since January 2009.

Strong data in Europe and elsewhere have helped to keep global manufacturing expanding at a decent pace so far this year, with notable improvements over the past year, even with some easing in several April sentiment surveys. The J.P. Morgan Global Manufacturing PMI declined from 53.0 in March—its fastest rate since May 2011—to 52.8 in April. In fact, all but one of the top-15 markets for U.S.-manufactured goods exports experienced growth in their manufacturing sectors in April. This was progress from March, which had three markets contracting, and last August, there were seven nations with sub-50 PMI manufacturing readings. South Korea—a country that continues to grapple with political challenges—was the lone nation with declining manufacturing activity in April. South Korea’s new president, Moon Jae-in, was just sworn in, however. On the positive side, Brazil and Hong Kong both expanded in the latest data after contracting for much of the past two years.

Canada—our largest trading partner—has also been a bright spot. The Markit Canada Manufacturing PMI for April rose to its highest level since April 2011, continuing to improve after nearly stalling last September. Real GDP grew 0.6 percent in the fourth quarter, with year-over-year growth of 2.6 percent at the annual rate. With that said, manufacturing sales in Canada declined 0.2 percent in February, easing on reduced motor vehicles and parts and petroleum and coal products demand. More favorably, however, manufacturing sales grew a quite robust 6.8 percent year-over-year. Retail sales saw a similar trend, down 0.6 percent in February but with year-over-year growth of 4.7 percent. Moreover, the unemployment rate dropped to 6.5 percent in April, its lowest level since October 2008.

One year ago, one of the biggest global headwinds came from China, with many analysts worried that weakness in that country might send the worldwide economy into recession. Instead, manufacturing activity has stabilized, with growth no longer the risk that it posed then. The Caixin China General Manufacturing PMI has now expanded for 10 straight months, albeit with some notable easing in the latest survey. At the same time, the Chinese economy grew 6.9 percent year-over-year in the first quarter, accelerating from 6.7 percent in the third quarter and 6.8 percent in the fourth quarter. In addition, the most recent indicators for March also reflect some strengthening in China. For instance, industrial production increased 7.6 percent year-over-year in March, up from 6.3 percent in January/February and its fastest growth since December 2014.

Meanwhile, the manufactured goods exports picture appears to have improved through the first three months of 2017. This is a welcome development after the declines in each of the past two years. Using non-seasonally adjusted data, U.S.-manufactured goods exports totaled $263.83 billion year to date in March, up 3.67 percent from $254.49 billion in the same time period one year ago. This reflects better year-to-date figures in five of the top-six markets for U.S.-manufactured goods, with a slight decline in exports to the United Kingdom being the lone exception. For its part, the U.S. trade deficit declined from $43.76 billion in February to $43.71 billion in March.

The confirmation of the lead U.S. trade negotiator is expected shortly, after which the Trump administration is expected to notify Congress of the renegotiation of the North American Free Trade Agreement (NAFTA). President Donald Trump issued new executive orders on a trade violation report and the new White House Office of Trade and Manufacturing Policy, while input was filed on the administration’s trade deficit report. The president also announced his support for the Export-Import (Ex-Im) Bank and named two expected nominees. An NAM-led coalition—Engaging America’s Global Leadership (EAGL)—which seeks to improve accountability and mission-focused activities of global institutions, raised its profile with letters to the administration and Congress and through other activities.

Chad Moutray, Ph.D., CBE
Chief Economist
National Association of Manufacturers

Global Economic and Trade Trends

Global manufacturing continued to expand at a decent pace.
The J.P. Morgan Global Manufacturing PMI declined from 53.0 in March—its fastest rate since May 2011—to 52.8 in April. As such, even with some easing, the international economic environment continues to grow modestly, with notable improvements over the past 12 months. One year ago, for instance, the headline number was essentially stagnant (50.2). The underlying data in April were mixed. New orders (down from 54.2 to 53.7) and output (down from 54.2 to 53.7) both slowed somewhat, but exports (up from 52.4 to 52.6) and employment (up from 51.4 to 51.5) increased marginally. In addition, the index for future output remained quite elevated, even while declining from 64.6 in February—a two-year high—to 63.8 in both March and April. This would seem to indicate healthy gains moving forward.

All but one of the top-15 markets for U.S.-manufactured goods exports experienced growth in their manufacturing sectors in April. This was progress from March, which had three markets contracting, and last August, there were seven nations with sub-50 PMI manufacturing readings. (There is no manufacturing PMI for comparison purposes for Belgium, which is our 10th-largest trading partner.) South Korea—a country that continues to grapple with political challenges—was the lone nation with declining manufacturing activity in April (up from 48.4 to 49.4). On the positive side, Brazil (up from 49.6 to 50.1) and Hong Kong (up from 49.9 to 51.1) both expanded in the latest data after contracting for much of the past two years.

Meanwhile, the strongest manufacturing growth among our top trading partners in April included Germany (down from 58.3 to 58.2), the Netherlands (unchanged at 57.8), the United Kingdom (up from 54.2 to 57.3), the United Arab Emirates (down from 56.2 to 56.1), Canada (up from 55.5 to 55.9) and France (up from 53.3 to 55.1). The United Kingdom’s measure was the highest since April 2014, a sign that manufacturing respondents were brushing off Brexit concerns, even with a called election slated now for June 8. In addition, several nations had manufacturing activity levels not seen in six years, including Canada, France and Germany.

Manufacturers in the Eurozone reported their best growth rates since April 2011.
The Markit Eurozone Manufacturing PMI edged up from 56.2 in March to 56.7 in April—a 72-month high—boosted by improved activity across the board. This included strong growth for new orders (up from 57.1 to 57.7), output (up from 57.5 to 57.9), exports (up from 56.7 to 57.4) and employment (up from 55.1 to 55.5), each of which achieved multiyear highs. Likewise, survey respondents remained upbeat about output over the next six months (up from 66.6 to 66.8).  

As noted earlier, many of the best PMI readings globally occurred in Europe, showing just how much the continent’s economies have turned a corner. Helping to buoy the headline number, Austria (up from 56.8 to 58.1), France (up from 53.3 to 55.1), Germany (down from 58.3 to 58.2) and Italy (up from 55.7 to 56.2) were at or near six-year highs in April, with activity in the Netherlands (unchanged at 57.8) also not far from its recent multiyear high. Beyond those markets, Ireland (up from 53.6 to 55.0), Spain (up from 53.9 to 54.5) and the United Kingdom (up from 54.2 to 57.3) all saw decent growth. In contrast to those markets, Greece contracted for the eighth straight month (up from 46.7 to 48.2).

Eurozone real GDP grew 0.5 percent in the first quarter, unchanged from the fourth quarter. That translated to 1.7 percent growth year-over-year. We will get new industrial production data for March on May 12, which we hope will show a rebound from the 0.3 percent decline seen in February. The prior release found that industrial production grew 1.2 percent over the past 12 months. At the same time, manufacturing production ticked up 0.2 percent in February and increased 0.9 percent year-over-year. For its part, retail sales rose for the third consecutive month, up 0.3 percent in March. Over the past 12 months, spending has risen 2.3 percent, continuing an accelerating trend. Meanwhile, the unemployment rate in March stayed the same at 9.5 percent, remaining at the lowest level since January 2009.

Manufacturing activity in Canada—our largest trading partner—expanded at levels not seen since April 2011.
The Markit Canada Manufacturing PMI increased from 55.5 in March to 55.9 in April. That represents continued progress after activity nearly stalled in September (50.3), with seven consecutive improvements in the headline number since then. In April, the pace of expansions for new orders (up from 56.4 to 57.6), exports (up from 51.0 to 52.6) and hiring (up from 54.6 to 56.1) each accelerated, with output continuing to grow at a decent pace (down from 56.7 to 55.0). Increased strength in Ontario (up from 53.5 to 54.1), Quebec (up from 53.6 to 55.9) and the rest of Canada (up from 52.8 to 55.0) boosted the headline number. At the same time, growth—while still encouraging—pulled back slightly in Alberta and British Columbia (down from 58.7 to 57.3).

Real GDP grew 0.6 percent in the fourth quarter, extending the 0.9 percent gain in the third quarter. That translated into 2.6 percent growth at the annual rate in the fourth quarter, with the Canadian economy boosted by consumer spending but slowed by drags from business investment and net exports. With that said, manufacturing sales in Canada declined 0.2 percent in February, easing on reduced motor vehicles and parts and petroleum and coal products demand. More favorably, however, manufacturing sales grew a quite robust 6.8 percent year-over-year. Retail sales saw a similar trend, down 0.6 percent in February but with year-over-year growth of 4.7 percent.

The unemployment rate dropped to 6.5 percent in April, its lowest level since October 2008. For their part, manufacturers lost 600 workers in April, with a year-over-year increase of 800 employees. In essence, employment in the sector changed little over the past 12 months.

Mexican activity slipped again in April.
The Markit Mexico Manufacturing PMI dropped from 51.5 in March—its best reading since October—to 50.7 in April. That is close to the average over the past six months (50.8) and a continued sign that manufacturing activity in Mexico remains subpar with very modest expansions in demand and production. Along those lines, new orders slowed in April (down from 52.8 to 51.8), and output contracted slightly (down from 51.1 to 49.7). On the positive side, exports (up from 51.0 to 51.8) and hiring (up from 50.4 to 50.6) picked up a little. Future output was another bright spot (up from 64.5 to 70.1), with that measure predicting strong gains in the next six months and notable progress since January’s more cautious reading (61.6).

Real GDP increased 2.4 percent year-over-year in the fourth quarter, an improvement from the 2.1 percent growth rate during the third quarter but below the 2.6 percent pace in the second quarter. Manufacturing grew 1.9 percent in the fourth quarter, but the primary driver of growth was the agricultural sector, up 6.4 percent. We will get new industrial production data for March on May 12. In February, Mexican industrial production declined for the fifth time in the past six months, down 1.7 percent year-over-year. Manufacturing output also slowed, down from 4.3 percent growth in January to 1.1 percent in February, even as it expanded year-over-year for the fourth straight month. Meanwhile, the unemployment rate has trended lower, down from 4.1 percent in September to 3.2 percent in March.

Chinese growth eased to its slowest pace since September.
The Caixin China General Manufacturing PMI declined from 51.2 in March to 50.3 in April, but more importantly, it was the 10th straight month in which the headline number was 50 or greater. It is clear the Chinese economy does not present the risk that it did at this time last year, even with weaker-than-desired figures in this latest report. Indeed, all of the key indicators decelerated in April, including new orders (down from 52.7 to 50.9), output (down from 52.1 to 51.0) and exports (down from 51.9 to 50.7). Employment, which has contracted in every month since October 2013, fell at a faster rate in April (down from 49.2 to 47.8). In addition, the index for future output (down from 59.2 to 56.9) pulled back for the second consecutive month, down from February’s fastest pace since May 2015 (60.3).

The Chinese economy grew 6.9 percent year-over-year in the first quarter, accelerating from 6.7 percent in the third quarter and 6.8 percent in the fourth quarter. This is further proof that its economy has turned the corner somewhat, even as we continue to see decelerated activity in China from more robust expansions in prior years. The most recent indicators for March also reflect some strengthening in China. For instance, industrial production increased 7.6 percent year-over-year in March, up from 6.3 percent in January/February and its fastest growth since December 2014. Likewise, fixed-asset investment (up from 8.9 percent year-over-year to 9.2 percent) and retail sales (up from 9.5 percent year-over-year to 10.9 percent) also grew stronger in March.

Japanese manufacturing continued to expand modestly in April.
The Nikkei Japan Manufacturing PMI rose from 52.4 in March to 52.7 in April, the eighth consecutive expansion. Output (up from 53.4 to 53.6) and exports (up from 52.7 to 53.9) helped to lift the headline number, but new orders eased slightly for the month (down from 52.9 to 52.5). Employment continued to expand modestly (unchanged at 53.7). Looking ahead, the index of future output continues to reflect a mostly upbeat assessment of the coming months (up from 57.7 to 60.7), with that measure equaling its average over the past four months, up from an average of 53.8 for 2016 as a whole.

We will get first quarter real GDP data on May 17. In the fourth quarter, the Japanese economy grew 0.3 percent, or 1.2 percent year-over-year. We would expect a similar number for the first quarter. With that said, industrial production decreased 2.1 percent in March, pulling back after a robust gain of 3.2 percent in February. The longer-term trend remained favorable, with industrial production up 3.3 percent since March 2016.

Manufacturing activity in the emerging markets eased in April after expanding at its fastest pace since July 2014 in March.
The Markit Emerging Markets Manufacturing Index declined from 51.6 in March to 50.8 in April but expanded for the 10th consecutive month. As such, conditions in the emerging markets softened slightly even as the overall trend reflects some stabilization and general improvements from a year ago. In April, growth decelerated for new orders (down from 53.0 to 51.6), output (down from 52.9 to 51.6) and exports (down from 51.4 to 50.8). At the same time, employment (down from 49.6 to 48.8) continued to contract. Meanwhile, the forward-looking index for future output (down from 63.6 to 61.8) eased once again from February’s two-year high (64.2) but remained elevated.

The country-by-country data were mixed. Nigeria (up from 53.0 to 53.6), Poland (up from 53.5 to 54.1) and Saudi Arabia (up from 56.4 to 56.5) each accelerated in April with modest expansions, whereas several markets eased from recent multiyear highs, including Myanmar (down from 53.1 to 52.9), the Philippines (down from 53.8 to 53.3), Taiwan (down from 56.2 to 54.4), the United Arab Emirates (down from 56.2 to 56.1) and Vietnam (down from 54.6 to 54.1). Both the Czech Republic (unchanged at 57.5) and India (unchanged at 52.5) saw flat manufacturing PMI readings for the month, but output in the former rose at nearly a three-year high. At the same time, growth in China (down from 51.2 to 50.3), Russia (down from 52.4 to 50.8) and South Africa (down from 50.7 to 50.3) slowed to very small expansions in their latest releases.

As noted earlier, Brazil (up from 49.6 to 50.1) and Hong Kong (up from 49.9 to 51.1) had positive readings for the first time in more than two years, with Kenya (up from 48.5 to 50.3) and Malaysia (up from 49.5 to 50.7) also expanding once again. In contrast, Egypt (down from 47.4 to 45.9), Lebanon (up from 46.9 to 47.5) and South Korea (up from 48.4 to 49.4) remained mired in contraction.

U.S.-manufactured goods exports improved in the first quarter.
The manufactured goods exports picture appears to have improved through the first three months of 2017. This is a welcome development after the declines in each of the past two years. Using non-seasonally adjusted data, U.S.-manufactured goods exports totaled $263.83 billion year to date in March, up 3.67 percent from $254.49 billion in the same time period one year ago.

This reflects better year-to-date figures in five of the top-six markets for U.S.-manufactured goods: Canada (up from $63.62 billion to $66.93 billion), Mexico (up from $55.63 billion to $58.70 billion), China (up from $25.21 billion to $29.50 billion), Japan (up from $15.06 billion to $16.03 billion) and Germany (up from $12.31 billion to $12.95 billion). The exception was the United Kingdom—our fifth-largest trading partner—with year-to-date exports slipping from $13.38 billion to $13.08 billion.

The U.S. trade deficit edged marginally lower in March.
The U.S. trade deficit declined from $43.76 billion in February to $43.71 billion in March. In the first quarter of 2017, the trade deficit averaged $45.21 billion, buoyed by January’s $48.17 billion figure, which had been the highest level in nearly five years. This was higher than the average deficit of $41.71 billion in 2016 as a whole. In March, goods exports (down from $128.34 billion to $126.28 billion) and goods imports (down from $193.49 billion to $191.79 billion) were both lower, essentially offsetting one another. Goods imports were at their slowest pace since November. In addition, the service-sector surplus rose from $21.39 billion to $21.80 billion.

The underlying goods exports data were mixed. Exports increased in March for capital goods, except automotive (up $696 million) and foods, feeds and beverages (up $290 million). However, declines in exports for industrial supplies and materials (down $1.78 billion), automotive vehicles, parts and engines (down $851 million) and consumer goods (down $588 million) counterbalanced those gains. Meanwhile, the goods imports data were mostly lower, including capital goods, except automotive (down $920 million), industrial supplies and materials (down $709 million), consumer goods (down $517 million) and foods, feeds and beverages (down $510 million). In contrast, imports for automotive vehicles, parts and engines rose by $1.15 billion for the month.

International Trade Policy Trends

Senate makes progress on nomination of Ambassador Lighthizer to be next U.S. Trade Representative (USTR).
Following the April 25 unanimous vote of the Senate Committee on Finance to approve the nomination of Ambassador Robert Lighthizer to be USTR, the Senate is seeking to schedule a vote to confirm him as early as this week. On May 8, more than 60 manufacturing industries joined the NAM in sending this letter to all Senate offices urging swift action to confirm Ambassador Lighthizer.

President Trump issues new executive orders on trade agreements, new trade office.
On April 29, the White House issued two new executive orders on trade. The Trade Agreement Violations and Abuses Executive Order initiates a performance review of all bilateral, plurilateral and multilateral trade agreements and investment agreements to which the United States is a party, including World Trade Organization (WTO) agreements. USTR and the Commerce Department are mandated to provide a report to the president within 180 days of the date of the executive order to examine multiple factors, such as trade abuses or violation of agreements, or unfair treatment by trade and investment partners; instances where trade arrangements failed to create predicted new jobs, improve the trade balance, expand market access, lower barriers or increase U.S. exports; and actions to remedy deficiencies. Findings are intended to help guide U.S. trade policy and negotiations as well as efforts to address agreement violations and instances of unfair treatment. The second executive order establishes the new White House Office of Trade and Manufacturing Policy to advise President Trump on strategies and promote trade policies consistent with his goals; serve as a liaison between the White House and Commerce Department and undertake trade-related projects; and improve the executive branch’s domestic procurement and hiring policies, including through the implementation of the president’s Buy American and Hire American Executive Order. Peter Navarro will lead the office.

NAM-led coalition presses Congress, administration on global institution activities that harm U.S. competitiveness and jobs.
The NAM called on the U.S. government to stand up for manufacturing by leading efforts to halt misguided and non-accountable initiatives at global institutions—including the United Nations and the Organisation for Economic Co-operation and Development—that impact U.S. manufacturing jobs and exports, pushing an op-ed and joining a coalition letter to the White House and Congress. While recognizing the value of these institutions and activities that include stakeholders that are mission focused, NAM Vice President of International Economic Affairs Linda Dempsey urged in an op-ed in The Hill greater accountability at international organizations, including smart, coordinated engagement by U.S. government officials to defend U.S. economic and other interests. At the same time, the NAM joined 14 other industry association members of the Engaging America’s Global Leadership (EAGL) coalition on a letter and advertisement calling for action on these issues. EAGL’s letter was sent to multiple Cabinet-level officials, targeted congressional leadership and U.S. leadership at the United Nations. Moving forward, EAGL will continue to seek robust U.S. leadership in these institutions, including through work with the Trump administration and Congress to hold these institutions accountable, improve U.S. oversight and coordination and expand the efforts of the U.S. and other governments to speak with one voice. For more information about EAGL and the NAM’s work on global institutions, contact NAM Director of International Business Policy Ryan Ong.

The NAM provides major submission to inform the administration’s trade deficit review.
The NAM provides major submission to inform the administration’s trade deficit review.
On May 10, the NAM provided this detailed submission to the USTR and Commerce Department in response to the administration’s review of trade deficits as required by President Trump’s March 31 executive order. The NAM’s submission provides an analysis of the state of U.S. manufacturing in the global economy, the role of exports, imports and investment and the sources and impacts of trade deficits as well as an economy-specific analysis of the European Union and the 12 countries that the administration is examining. The NAM offers its perspective for growing manufacturing success through international trade and investment policies that open markets, improve U.S. competitiveness tools and provide stronger enforcement. For further information, contact NAM Vice President of International Economic Affairs Linda Dempsey.

President Trump agrees to not terminate NAFTA; May announcement to renegotiate expected.
On April 26, President Trump considered issuing a NAFTA withdrawal notice, but ultimately, the White House issued a press release following conversations with Mexican President Enrique Peña Nieto and Canadian Prime Minister Justin Trudeau, in which “President Trump agreed not to terminate NAFTA at this time and the leaders agreed to proceed swiftly, according to their required internal procedures, to enable the renegotiation of the NAFTA deal to the benefit of all three countries.” It is expected that the administration will complete the required consultations with Congress shortly after Ambassador Robert Lighthizer is confirmed as USTR. After those consultations are completed, the administration is expected to send a notification letter to Congress that will start a 90-day period after which negotiations can formally begin. That letter is expected later this month and would likely be followed by a request for stakeholder input to the administration. Building on the NAM’s work on NAFTA, NAM Vice President of International Economic Affairs Linda Dempsey delivered remarks at a Farm Foundation forum on the future of NAFTA at the National Press Club in Washington, D.C. The NAM continues to work with NAM members, administration officials and Capitol Hill to grow the North American economy as a source of opportunity for manufacturers in the United States. For more information and to become involved in the NAM’s NAFTA work, contact Linda or NAM Director of International Trade Policy Ken Monahan.

President Trump confirms support for Ex-Im Bank.
Because the Ex-Im Board of Directors requires a quorum—or three of its five members—to approve transactions greater than $10 million and enact policy changes, the NAM continues to push strongly for action on this issue. The fiscal 2017 omnibus spending bill that will fund the government through September did not include the language previously approved by the House and Senate appropriations committees, so the Senate must act to ensure a quorum for the Ex-Im Board of Directors. Last month, President Trump confirmed his support for the export credit agency and announced he was planning to nominate former New Jersey Congressman Scott Garrett (R) as president of the Ex-Im Bank and former Alabama Congressman Spencer Bachus (R) as a board member. Garrett spoke out against the Ex-Im Bank and voted against its reauthorization in 2012 and 2015, while Bachus supported the previous reauthorization. To learn more about the NAM’s advocacy efforts on this issue, visit www.nam.org/exim or contact NAM Director of Trade Facilitation Policy Lauren Wilk.

Miscellaneous Tariff Bill (MTB) process moves ahead with April submission of Commerce report.
Following the Commerce Department’s April 10 submission of a report to the U.S. International Trade Commission (ITC) and the Senate Finance and House Ways and Means committees on each of the 2,598 pending MTB petitions, the ITC is now working to submit a preliminary report to these committees by the second week of June. This ITC report will include determinations on whether or not domestic production of petitioned articles exists and, if such production exists, whether or not a domestic producer of the petitioned articles objects to the duty suspension or reduction. Also, the ITC’s preliminary report will include any technical changes to article descriptions that is the subject of the petition that are necessary for purposes of administration when the article is presented for importation. The ITC and Commerce reports are required under the American Manufacturing Competitiveness Act of 2016, which established the MTB process. If you have any questions about the MTB process, contact NAM Director of International Trade Policy Ken Monahan.

USTR releases new report on global intellectual property (IP) challenges where NAM seeks concrete solutions.
On April 28, USTR issued a press release and full text for this year’s Special 301 report, an annual review that addresses the significant challenges manufacturers in the United States face around the world in protecting their IP and a report for which the NAM had submitted detailed comments in February. The report analyzes global challenges, such as counterfeiting and piracy and geographical indications, as well as weak trade secret protection, counterfeiting and piracy and inadequate protection of patents in detail. In addition, the report classifies targeted countries into categories—“priority watch list” and “watch list”—based on the severity of the challenges facing American businesses. Like last year’s report, this year’s report lists 11 countries on the priority watch list (including NAM priorities China, India, Indonesia and Russia) and an additional 23 countries on the watch list (including Brazil, Canada and Colombia), with more detailed out-of-cycle reviews (OCRs) for Colombia and Pakistan as well as a new OCR for Tajikistan. The NAM put out this blog on the Special 301 report highlighting key manufacturing issues. For more information on the NAM’s work on IP issues, contact NAM Director of International Business Policy Ryan Ong.

The NAM, UK manufacturers sign agreement to promote collaboration.
NAM President and CEO Jay Timmons and Terry Scuoler, CEO at EEF, the UK-based manufacturers’ organisation, signed a Memorandum of Understanding on April 25 to promote greater collaboration and partnerships between the two groups. The agreement sets forth a number of activities, including information exchanges on policy, economics, business trends and government regulations, as well as potential joint work on international trade, skills development and other issues. Timmons said in an NAM Shopfloor blog, “As the United Kingdom gears up for Brexit negotiations with the European Union and the United States and United Kingdom lay the groundwork for a potential bilateral free trade agreement, close ties between manufacturers in our two countries are vital.” Scuoler said, “I am delighted to sign this agreement with our U.S. counterpart, which will hopefully provide mutually beneficial opportunities for manufacturers in both countries.” The agreement was reported in The Telegraph and British Plastics & Rubber, a monthly industry magazine. For further information, please contact NAM Director of International Trade Policy Ken Monahan.

Exports in Action

Smart Cities Trade Mission to Poland and the Czech Republic
September 10–15
Contact Gemal Brangman for more information. Application deadline is June 1.

Cyber-Security Trade Mission to Canada
September 11–14
Contact Gemal Brangman for more information. Application deadline is June 30.

Sustainable Building and Construction Trade Mission to Mexico
October 16–20
Contact Jeffrey Odum for more information. Application deadline is September 1. 

Trade Mission to Romania, Bulgaria, Croatia, Serbia and Greece in Conjunction with Trade Winds—Southeastern Europe Business Forum
October 16–24
Contact Diego Gattesco for more information. Application deadline is August 18.

Healthcare Trade Mission to South Africa and Kenya
October 22–27
Contact Michelle Ouellette for more information. Application deadline is June 30.

Renewable Energy Integration Trade Mission to Canada
October 30 – November 2
Contact Ethel Glen for more information. Application deadline is July 28.

For a listing of other upcoming Commerce Department trade missions, click here.

Questions or Comments?

Contact Chief Economist Chad Moutray at cmoutray@nam.org.

Related Tags: