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STUDY REVEALS U.S. TOBACCO EXPORTS ARE KEY FACTOR IN U.S. ECONOMY

 WASHINGTON, Aug. 4 /PRNewswire/ -- Exports of U.S. tobacco leaf and products are a key contributor to the American economy, generating hundreds of thousands of jobs and contributing billions to the nation's trade balance, according to a study released today by the Washington- based Coalition for Open Markets and Expanded Trade (COMET). The study, which was prepared by the accounting firm Price Waterhouse, examined U.S. tobacco exports between 1987 and 1992.
 "In the last five years, U.S. exports have accounted for almost half of our nation's economic growth and are an essential ingredient in our ability to compete in the global marketplace," said Wayne Valis, executive director of COMET, a broad-based coalition dedicated to the promotion of open markets and expanded international trade. "This new study shows the importance of a key export sector -- tobacco -- in the U.S. economy."
 Based on data from the U.S. Department of Agriculture and the U.S. Department of Commerce, the study shows that, between 1987 and 1992, U.S. tobacco exports generated $36.9 billion in compensation for American workers and $10.2 billion in federal, state and local tax revenues. Also during the six-year period, U.S. tobacco trade surpluses contributed a total of $25.8 billion toward the reduction of the U.S. trade deficit.
 The Price Waterhouse study revealed that, in 1992 alone, U.S. tobacco exports:
 -- Supported, directly or indirectly, 299,255 American jobs -- more
 than the entire civilian labor forces of Boston, Washington,
 Atlanta or Miami.
 -- Generated $7.1 billion in compensation for U.S. workers -- more
 than any state paid out in unemployment benefits in 1992.
 -- Contributed $2 billion in federal, state and local tax revenues.
 -- Produced a trade surplus of $4.9 billion. Cigarettes alone
 accounted for $3.9 billion in net exports, and ranked third among
 trade surpluses of U.S. manufactured goods.
 Said Dr. Paul Lawrence of Price Waterhouse: "Tobacco has been one of the few consistent success stories in the U.S. trade picture. Given factors such as its superior quality and the removal of trade barriers, it seems likely that the U.S. tobacco industry will continue to have a strong positive impact on our trade balance."
 The Coalition for Open Markets and Expanded Trade sponsored the Price Waterhouse study with a grant from Philip Morris International Inc.
 -0- 8/4/93
 /CONTACT: Elise Atkins for the Coalition for Open Markets and Expanded Trade, 202-833-5055/


CO: Coalition for Open Markets and Expanded Trade ST: District of Columbia IN: TOB SU: ECO LEG

IH-TW -- DC001 -- 9225 08/04/93 09:11 EDT
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Publication:PR Newswire
Date:Aug 4, 1993
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