By Paul Ploumis (ScrapMonster Author)
May 18, 2016 08:01:17 AM
SPOKANE (Scrap Monster): The Institute of Scrap Recycling Industries (ISRI) has joined to celebrate the World Trade Week 2016. The world recycling body has decided to focus on the critical role played by international trade in strengthening the US economy and the entire commodity-based industry sector, including the scrap recycling sector. Incidentally, ISRI World Trade Week is celebrated during the third week of May every year.
The World Trade Week emphasizes on the importance of the role played by international trade on global economy. When it comes to the US, the scrap recycling industry is a major contributor to the US economy. As per estimates, nearly 30% of the scrap processed within the country is exported. The US exports scrap to as many as 150 countries across the world. The scrap export sector supports hundreds of thousands of jobs and brings in billions of dollars in revenue to the US economy. Moreover, the recycling industry plays a prominent role, being the first link in the manufacturing supply chain.
According to Robin Wiener, ISRI president, the US-based recycling industry is excessively dependent on global trade. The industry growth is directly linked to global economic growth and various trade barriers imposed by importing countries from time to time. The tax policies by the administration also play a significant role in helping the US industry participants to indulge in a healthy competition with exporters from other countries.
Scrap export sales
The most recent figures released by the US Census Bureau and the US International Trade Commission indicate that the country’s scrap exports were valued at $17.6 billion during the entire year 2015. The country exported more than 37 million tons of scrap during the year. The US scrap recycling industry is believed to generate $28.34 billion in economic benefits. In addition, the industry has made significant to the country’s balance of trade. The scrap export industry has made huge contribution by diverting tonnes of materials from US landfills, noted Weiner.
The US scrap export activity has created over 125,000 jobs, thereby accounting for more than one-fourth of the US scrap recycling industry’s economic activity. The export-related activities by the US recycling sector supported over 39,000 jobs in 2015 at an average wage of $78,984.
The ISRI reminded the efforts made by it in past several years in facilitating trade relations between the US and other scrap importing countries including China, Turkey and India. The Institute had played a significant role in educating its members about the new licensing requirements implemented by the General Administration on Quality Supervision, Inspection, and Quarantine of the People’s Republic of China (AQSIQ). The ISRI had also done an active role in assisting US scrap exporting firms to obtain initial license and updating the members about changes to the law. ISRI has also been proactive in developing and maintaining smooth relations with the Indian Directorate General of Foreign Trade (DGFT) and the Turkish Steel Association.
The Institute of Scrap Recycling Industries, Inc. (ISRI) is the Voice of the Recycling Industry. ISRI represents more than 1,600 companies in 21 chapters nationwide that process, broker and industrially consume scrap commodities, including metals, paper, plastics, glass, rubber, electronics and textiles. With headquarters in Washington, DC, the Institute provides safety, education, advocacy, and compliance training, and promotes public awareness of the vital role recycling plays in the U.S. economy, global trade, the environment and sustainable development.