The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach & Education function engages, empowers and educates the public in the Second District. Our outreach mission furthers the Bank’s commitment to the region by listening to the communities we serve and developing programs, analysis and sponsored conferences and clinics to help meet their needs. Our education mission aims to advance public knowledge about the Federal Reserve System and its role in the economy.
Using more than two decades of industry data, the authors profile the external orientation of manufacturing industries in the United States, Canada, the United Kingdom, and Japan. They use the term external orientation to describe the potential exposure of an industrys revenues and costs to world events through exports, imports, and imported inputs. For each major manufacturing industry, the authors provide histories of the share of total revenues earned in foreign markets, the role of imports in domestic consumption, and the costs of imported inputs in total production. In addition, they construct a measure of net external orientation, which is intended to capture how much an industrys use of imported inputs (a cost factor) can potentially offset exposure to the international economy through exports (a revenue factor).