FROM THE OFFICE OF PUBLIC AFFAIRS

The Department of Treasury and Department of Commerce today released a state-by-state analysis about the importance of Asian markets to individual states across the United States.

The study reveals the extent to which trade with Asia has become an important component of U.S. economic growth. "Like the United States as a whole, states have viewed exports as critical to economic growth," said Treasury Secretary Robert Rubin. "As a result the financial crisis in Asia is likely to impact the lives of residents and businesses in states across the country."

" This report underscores the degree to which individual states are tied to Asian economies," said Commerce Secretary William Daley. "This is further evidence that Asian economic recovery is not only in our national interest, but in the interest of communities and working people across the country."

The report analyzes the importance of exports to Asia for individual states. In addition, the report looks at specific industries within each state that have a stake in the health of Asian economies. The report is based on data from the Department of Commerce and the Department of Agriculture.

Some of the highlights of this report include:

• Thirty percent of U.S. exports go to Asia, supporting millions of U.S. jobs, and we export more to Asia than Europe. For a number of states, including California, Oregon and Washington, more than 50 percent of exports go to Asian markets.

• Forty percent of all of U.S. agricultural exports go to Asia, more than to any other region.

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

State-by-state data can be obtained on the Treasury web page at www.treas.gov/press/releases/docs/asia51.pdf.