FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department on Tuesday released a state-by-state analysis detailing declines in exports and specific industry effects in individual states from the global financial situation.

"The study demonstrates the importance of international trade with both Asia and the world's developing nations to each state," Secretary Rubin said. "Clearly events in Asia, Russia and Latin America are having a direct impact on the prosperity of America's farmers, workers and businesses. The United States has a very real interest in stemming the tide of global economic turmoil."

"One important way we can act to deal with these threats is to fulfill our responsibility -- and provide the funding that the President has requested for the IMF," Secretary Rubin said. "The international community must have the resources that it needs to deal with this crisis that has spread to so many emerging economies and threatens the economic well being of the American people."

The report analyzes the importance of individual state's exports to foreign markets. In addition, the report examines specific industries within each state with a significant stake in the health of the global economy.

Some of the highlights of the report include:

• Thirty percent of U.S. exports go to Asia, supporting millions of U.S. jobs. For a number of states, including Alabama, Florida, New Mexico, Texas and Virginia, more than 40% of exports go to developing countries.

• Forty percent of all of U.S. agricultural exports go to Asia, more than to any other region. In the past year, total U.S. exports to Asia have decreased by 11%.

• More American exports mean higher paying American jobs. Studies have shown that export-related jobs in the U.S. pay an average of 15 % more than other jobs.

• An important danger of the financial crisis is the contagion effect. Russia's economic difficulties and the recent market pressures in Latin America are in part due to contagion. The further deterioration of those economies and others in Asia could have an even more significant impact on the U.S. economy.

State-by-state data can be obtained at www.treas.gov/press/docs/global.pdf.