U.S. - China Trade Deficit Being Positively Impacted by Record Exports of Scrap Metal to China from the U.S.

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Apr 14, 2014, 12:42 ET

RALEIGH, N.C., April 14, 2014 /PRNewswire/ -- Raleigh Metal Recycling and its sister company Goldsboro Metal Recycling have completed their year-end financial review. In 2013 they exported a record $9 Million of scrap metal to China, making these North Carolina companies among the largest exporters to China in the State, using both Wilmington, NC and Norfolk, VA ports. "With China being a global base of electronics manufacturing and exporting products such as Apple's iPad and GOOGLE's Android phones, we can say with certainty that portions of the copper and aluminum in Chinese products shipped to the U.S. are coming from recycling companies here in North Carolina and from throughout the U.S.", said Greg Brown, CEO of Raleigh Metal Recycling. Related, last year President Obama and Chinese Vice President Xi Jinping met at the White House to discuss the trade imbalance. Nationally, recycling companies exported $9.5 Billion of all scrap commodities to China in 2012, as published in the Institute of Scrap Recycling Industries', ISRI Scrap Yearbook 2013. Brown continued; "With the U.S. Department of Commerce stating the trade deficit with China hit a new high of over $318 Billion in 2013, scrap metal and other scrap commodities are part of the solution to a balanced trade economy." Additionally, Hillary Clinton in a speech at the national ISRI meeting, April 10, 2014, highlighted the doubling of exports as an Obama administration target, to help create high wage jobs.

The scrap recycling industry is one of the largest U.S. employers, supporting directly and indirectly 463,000 jobs, including 15,200+ jobs in NC with a statewide economic impact of $2.4 Billion, as calculated in a 2013 John Dunham and Associates study. "As the largest metal recycling companies in Raleigh and Goldsboro, we are helping grow the local economy by creating good paying jobs with Healthcare, 401K, etc.," continued Brown. "It is great to know that our teams are part of helping reduce the trade deficit," concluded Brown.

Raleigh Metal Recycling and Goldsboro Metal Recycling are major Wake and Wayne County Recycling Centers, buying scrap metal, cardboard, batteries, electronics and computers. The Raleigh center has been named the 4^th fastest growing company in the Triangle, by Triangle Business Journal after an analysis by Price, Waterhouse and Coopers (PwC).

For more see www.raleighscrapmetalrecycling.com

SOURCE Raleigh Metal Recycling