Many U.S. companies are heavily involved in multinational trade and commerce. Some of the largest U.S. multinationals include Microsoft, Intel, IBM and General Electric. The U.S. Government encourages U.S. companies to enlarge their revenues overseas. The United States is, in fact, a major exporting country in terms of absolute dollar volume. Yet other measures indicate that our degree of commitment to international marketing is relatively low.
American exports amount to less that (13-percent) of our gross national product (GNP) compared to trading nations such as Japan (15-percent), German (47-percent), the United Kingdom (30-percent), Canada (29-percent) and France (25-percent).
According to American language certified translation workers, “The explanation for this small percentage is, in part, the result of the large and developing market in the United States.” No other country has such an extensive, well developed domestic marketplace. Therefore, other nations have had to become involved in international marketing activities and this has limited the size of U.S. translation companies.
There is also a major impact on the domestic economy of any nation as the volume of multinational trade activity increases. Of course, the demand for translators rapidly increases as the volume of exports increase to other parts of the world. In the United States, foreign products are imported because the United States cannot supply all of its needs. For example, since the United States requires more oil than it can produce, it must import oil from other nations. In this sense, imported products are a necessary way of life. World trade does help some countries meet certain needs. With continued growth world trade can be expected to raise the standard of living in many parts of the world.
However, world trade can stimulate and help improve domestic competition. Consumers have complained that American automotive manufacturers are unconcerned about quality and inattentive to market needs. Partly because Japanese, Korean and European cars have gained such a large share of the U.S. auto market, American producers have recently begun to remedy deficiencies. Such improvements in domestic competition can spur increased exports which help increase the demand for translation services in the United States.
By encouraging domestic companies to increase their involvement in world trade, a nation can develop its own economy. Capital investments in domestic production and the inflow of revenues from the sale of products to other nations certainly can trigger domestic economic growth and fuel the demand for translation services.