America’s 5th annual ‘Imports Week’ begins May 9

A leading group of American business associations and other organizations has announced that the fifth annual "Imports Work" Week will take place on May 9-13, 2016.

Imports Work Week is an effort to draw attention to the essential role that imports play in the US and global economy, the American Apparel and Footwear Association (AAFA) said in a press release.

This year's Imports Work Week takes place in the midst of Congressional debate on a series of trade measures, including the recently concluded Trans-Pacific Partnership (TPP) and ongoing negotiations for trade agreements covering transatlantic commerce, services, and environmental goods. During the week, numerous associations and think tanks will take part by publishing commentaries and blog postings, along with other grassroots and social media activities.

As Roberto Azevêdo, Director-General of the World Trade Organization (WTO), has said: "Imports are a good indicator of economic health - they are a sign both of consumer demand and industrial activity. For many American companies, imports provide essential component parts for their goods, often at prices which help them to remain competitive. By supporting companies to grow and export in this way, imports are a critical component of any vibrant economy."

A study unveiled during Imports Work Week in 2013 found that 16 million US jobs depend on imports. A recent study by HSBC shows that imports save the average US family $13,600 a year. A 2013 study also found that the US value-added for imported apparel equals about 70 per cent, the release said.