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UPDATE 1-US Commerce Secy-not relying on low dlr to export

Published 01/29/2010, 11:13 AM
Updated 01/29/2010, 11:15 AM

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WASHINGTON, Jan 29 (Reuters) - U.S. Commerce Secretary Gary Locke said on Friday the Obama administration was not counting on a cheap dollar to meet a promised goal of boosting exports.

"The President's goal of doubling exports over the next five years is a goal that's independent of the value of the dollar," Locke said in an interview on Reuters Insider.

"We are not counting on the low value of the dollar in order to achieve this goal; we really believe that American companies have such great products and services and we need to help them sell that," he said.

Obama said in his State of the Union address on Wednesday he wanted to double exports over five years and said that could create two million jobs.

Representatives from trade groups welcomed the promise though some wondered whether it was overly ambitious. Generally, it is easier to sell American-made goods abroad when the dollar is cheaper relative to foreign currencies because it costs overseas buyers less to import.

"Our strategies do not look at the value of the dollar at all," Locke said. (Reporting by Glenn Somerville; Editing by James Dalgleish)

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