International Trade Administration Highlights 2024 Achievements to Strengthen U.S. Competitiveness and Economic Security

FOR IMMEDIATE RELEASE
Wednesday, January 8, 2025
Contact: Office of Public Affairs
Email: publicaffairs@trade.gov
Phone: 202-482-3809

WASHINGTON, D.C. - The U.S. Department of Commerce’s International Trade Administration (ITA) is proud to announce its 2024 achievements, highlighting key efforts to enhance the competitiveness of U.S. businesses and workers, strengthen supply chains, and drive innovation in international trade.

“2024 was yet another impressive year for U.S. competitiveness across international markets,” said Under Secretary for International Trade Marisa Lago. “From strengthening supply chains to sustaining U.S. leadership in technology and innovation, ITA continues to enhance U.S. economic security and promote inclusive prosperity for all Americans.”

Key highlights include:

Strengthening American Supply Chains to Advance U.S. Competitiveness

The Supply Chain Center developed innovative tools to assess and help mitigate supply chain risks, focusing on critical and emerging technologies such as AI data centers, quantum computing, and hydrogen. The Supply Chain Center worked across the U.S. Government and with industry, academia, labor, and civil society leaders to enhance supply chain resilience, improve disruption preparedness, and foster strategic policies on supply chains.

A. Launched First-of-Its-Kind Supply Chain Risk Assessment Tool

B. Hosted Inaugural Supply Chain Summit

• ITA organized the first-ever Supply Chain Summit in September 2024 with the Council on Foreign Relations, bringing together over 200 in-person leaders and 3,500 online participants to explore proactive strategies for enhancing supply chain resilience.

C. Partnering with 13 Indo-Pacific Nations to Secure Supply Chains

• ITA secured commitments under the Indo-Pacific Economic Framework for Prosperity (IPEF) Supply Chain Agreement to strengthen semiconductor, chemical, critical mineral, and healthcare supply chains.

• The IPEF Supply Chain Council, chaired by the U.S. Commerce Department, advanced multilateral cooperation on logistics and analysis.

D. Charting an Innovative Approach to Tackling Critical Mineral Supply Chains

Promoting Strong Trade Enforcement for U.S. Workers and Businesses

A. Record-Breaking Enforcement

B. Groundbreaking Regulations

• ITA finalized major new trade enforcement regulations, expanding the range of unfair trade practices that ITA is taking action against. These unfair practices span from transnational subsidies to weak labor, environmental, human rights and intellectual property protections.

C. State-of-the-Art Monitoring

Strengthening Economic Cooperation with Indo-Pacific Nations

• At the inaugural Clean Economy Investor Forum in June 2024, the 14 IPEF partner nations identified $23 billion in investment opportunities for sustainable infrastructure projects in the Indo-Pacific.

• The IPEF partner nations continued to deliver benefits for businesses and workers through landmark agreements to strengthen supply chain resilience, catalyze investments in sustainable infrastructure and climate technologies, and promote fair and predictable business environments.

Modernizing Advocacy, Export and Investment Promotion Services

A. Developed New Tools to Support U.S. Exporters

B. Served a Wide Array of U.S. Businesses

• ITA assisted approximately 93,000 U.S. clients, over 80% of which were micro, small or medium-sized companies. Over 20% of these clients were women-owned businesses, minority-owned businesses, or businesses from rural communities.

• ITA facilitated $109 billion in U.S. exports and $52 billion in inbound investment with a focus on priority sectors including semiconductors and clean energy — altogether supporting over 519,000 U.S. jobs. 

• ITA helped U.S. exporters secure foreign procurements valued at over $72 billion, supporting an estimated 320,000 U.S. jobs.

• ITA’s Foreign-Trade Zones program supported 550,000 jobs and facilitated $149 billion in exports, strengthening U.S. manufacturing and employment.

Strengthening Outbound Investment Security

• ITA played a key role in establishing the Outbound Investment Security Program to respond to threats posed by countries of concern attempting to develop sensitive technologies. ITA led stakeholder outreach, including significant input from U.S. investors, to help formulate a targeted policy framework.

Surpassing Travel and Tourism Goals

• One year early, the U.S. surpassed its five-year goal of 90 million international visitors, under the National Travel and Tourism Strategy. These international visitors are expected to spend $297 billion on the U.S. economy annually.

Looking Ahead: ITA will continue to empower U.S. businesses and workers to compete and succeed globally, while fostering innovation and ensuring a level playing field in international trade.

###

About the International Trade Administration
The International Trade Administration (ITA) at the U.S. Department of Commerce is the premier U.S. Government resource for American companies competing in the global marketplace. Operating in more than 100 U.S. locations and 80 markets worldwide, ITA promotes trade and investment, assists U.S. businesses and workers to export and expand globally, and ensures fair trade and compliance by enforcing U.S. trade laws and agreements. For more information on ITA, visit www.trade.gov.