Hoosier Gasket Corporation Receives Presidential Award for Exports

The following is a release from the U.S. Department of Commerce:

U.S. Secretary of Commerce Wilbur Ross presented Indianapolis-based Hoosier Gasket Corporation with the 2017 President’s “E” Award for Exports at a ceremony in Washington, D.C., on May 22. The President’s “E” Award is the highest recognition any U.S. entity can receive for making a significant contribution to the expansion of U.S. exports.

“Hoosier Gasket has demonstrated a sustained commitment to export expansion. The “E” Award Committee was very impressed with Hoosier Gasket’s growth in employment directly tied to exports,” said Secretary Ross in his congratulatory letter to the company announcing its selection.

Hoosier Gasket Corporation is a designer and manufacturer of high quality gaskets and seals for automotive, construction, agriculture, marine, power generation and other industries.

“Exporting is an important and growing part of our business, with exports now accounting for 15% of our total sales and supporting 15% of the 140 jobs in our Indianapolis headquarters,” said Oleg Gostomelsky, vice president at Hoosier Gasket Corporation. “Buyers and consumers in foreign markets want quality products made in the United States, and we are very honored to receive the ‘E’ Award.”

In total, Secretary Ross honored 32 U.S. companies and organizations from across the country with the President’s “E” Award for their role in strengthening the U.S. economy by sharing American ingenuity outside of our borders.

U.S. companies are nominated for the “E” Awards through the U.S. Commercial Service, part of the Department’s International Trade Administration. With offices across the United States and in embassies and consulates around the world, the International Trade Administration lends its expertise at every state of the exporting process by promoting and facilitating exports and investment into the United States; administering anti-dumping and countervailing duties orders; and removing, reducing or preventing foreign trade barriers.

U.S. exports totaled $2.21 trillion in 2016, accounting for nearly 12% of U.S. gross domestic product. Exports supported an estimated 11.5 million jobs nationwide in 2015, according to the International Trade Administration.

Where We’re Importing and Exporting

A glance at two maps – top import and expert country for each state in 2016 – reveals some interesting observations:

  • On the export side, Canada is the leading destination from 33 states (including Indiana and 25 of the other 31 east of the Mississippi River)
  • Mexico (six states) and China (four states) were next on the list
  • Among the more intriguing partnerships: Nevada’s exports are going to Switzerland
  • On the import side, nine countries are represented with China (23 states) and Canada (14 states) leading the way
  • Indiana and Oregon are the two states in which the lead importer is Ireland (Happy St. Patrick’s Day, by the way!)
  • Of Indiana’s four neighbors, China is tops in Ohio, Kentucky and Illinois, while Mexico (think auto industry) is the top partner with Michigan
  • Hawaii stands alone with its top partners of Indonesia (imports) and Australia (exports)

According to the American Enterprise Institute:

Last year, American companies sold $2.2 trillion worth of goods and services to buyers in other countries, and American companies and consumers purchased $2.7 trillion worth of imports from trading partners all around the world. Seven states – Michigan, Louisiana, South Carolina, Tennessee, Kentucky, Washington and Texas – have their international trade represent more than 30% of their economic output.
Together, that volume of international trading activities represented 26% of the value of America’s $18.5 trillion in GDP in 2016. In terms of employment, more than 27 million American workers, about one in five, have jobs that are directly supported by trade with the rest of the world. Some states like California and Texas have more than two million jobs that are directly supported by international trade.