FRAMINGHAM (03/13/2000) - U.S. high-tech companies exported a record $181 billion in products last year, but it wasn't enough to erase a trade deficit for the sector, according to a report released today by the American Electronics Association (AEA) and Nasdaq Stock Market Inc.
The 1999 figures said the high-tech shipments accounted for just over a quarter of total U.S. exports. Other items of note in the report included the following:
Canada and Mexico were the largest export markets last year, buying $29 billion and $22 billion in U.S. products, respectively. Other top markets were Japan, the U.K. and South Korea.
Between 1993 and 1999, the fastest-growing export markets were the Philippines, South Korea, Ireland, Brazil and Mexico.
U.S. high-tech manufacturers are increasing their investments in "entrepreneur-friendly" markets such as Ireland, Singapore and the U.K., and investing less in Japan, Germany, France and Italy.
The number of computers in use in the Asia-Pacific region will exceed those in the U.S. and European Union by 2005, but the U.S. will still have the most Internet users.
The report also describes technology companies as economic growth engines.
"High technology has become the driver of successful economies throughout the world," said William T. Archey, AEA president and CEO, in a statement releasing the report.
A summary of the group's 110-page report is available online.