Now that figure is 30 percent. The United States once again has become the world's number one exporter, the world's largest manufacturer of automobiles, the world's premier agricultural exporter, and the world's leading producer of semiconductors. From coast to coast business is growing, real wages are rising and inflation is under control. Truly, the American economy has become the envy of countries around the globe. While this stunning success is attributable to many factors, American participation in an increasingly rule-based global trading system is among the most important.
International trade is a vital component of our economic strength at home and abroad.
Since 1993, more than a third of our economic growth has come directly from exports. Much of this growth in exports is due to the performance of states like Maryland. The Port of Baltimore is the gateway to the global market place for exports and imports to and from Maryland any the entire country. Our prosperity as a nation depends on our ability to compete in international markets. Ninety-six percent of the world's consumer live outside of the U.S., many of them in dynamic, emerging markets in Latin America and Asia that are growing much faster than our traditional export markets.