Business Execs Express Strong Optimism on High-Tech Trade Growth, in UPS Survey
U.S. high-tech executives' confidence in the future of global trade and U.S. exports has grown significantly over the past two years, according to a UPS annual survey. It said 85 percent of U.S. high-tech executives believe the Obama administration's National Export Initiative goal to double exports by 2014 is either "very likely" or "somewhat likely" to be achieved, versus 40 percent two years ago.
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Though North America is expected to remain the largest high-tech consumer market over the next three to five years, demand for high-tech products is expected to grow faster in other parts of the world -- at double digit rates elsewhere, vs. 7 percent in North America, UPS said. Demand is expected to grow 22 percent each in India, the Middle East and Africa, and by 18 percent in Brazil, it said. Other South American regions are expected to increase 19 percent, Eastern Europe 15 percent, Korea 13 percent, China and other Asian nations 8 percent.
UPS said the most surprising survey finding is the sizable increase in optimism about meeting the 2014 U.S. export goal. Not only do 85 percent believe the goal is ultimately attainable, but 21 percent believe it is "very likely" to be achieved, it said. About 74 percent of high-tech executives expect to see growth in the individual export of their company's products within the next two years.
About 81 percent of U.S. executives cite free trade agreements in Asia as a key factor in their optimism. They also cited emerging market economies and their growing middle class with an ever increasing appetite for technology products.