The Commerce Department is expanding a partnership with package delivery giant United Parcel Service
UPS will use shipping data to identify small and medium-sized U.S. companies that export to just one foreign country. It will then suggest new export markets for those companies based on factors such as industry, geography, currency and market access opportunities.
President Barack Obama set a goal of doubling exports to more than $3 trillion over the next five years to help create or support 2 million American jobs.
Less than 1 percent of America's 30 million companies export, which is significantly less than in other developed countries, the Commerce Department said in a statement.
Of those that do export, 58 percent export to only one country, providing what U.S. officials see as a big opportunity to expand exports.
UPS has been a partner with the Commerce Department's export-promotion arm since 2007 and has already counseled more than 18,000 customers on how the U.S. Commercial Service can help them export.
USCS trade experts, stationed in 80 countries around the world, will design targeted export strategies to help U.S. companies find new foreign customers as part of Obama's National Export Initiative, the Commerce Department said.
UPS shares were up 81 cents at $57.98 in midday trading on the New York Stock Exchange.
(Reporting by Doug Palmer; Editing by Derek Caney)