Standard & Poor's, the world's leading index provider, announced today that for fiscal year 2008, S&P 500 companies with full reporting information posted 47.9% of their sales from outside of the United States versus 45.8% in 2007 and 43.6% in 2006. The data is derived from the 253 companies within the S&P 500 that have full reporting information.

"Despite the global recession's impact on local markets, companies are continuing to generate more and more sales from outside of the United States," says Howard Silverblatt, Senior Index Analyst at Standard & Poor's and author of the report. "This trend is expected to continue as an increasing number of U.S. companies continue to shift labor, capital, and resources to foreign countries, where a growing worldwide middle-class is emerging."

Standard & Poor's Index Services findings were based on fiscal year 2008 data for issues with full reporting information. Of the 253 companies with full reporting information, European sales represented 27.7% of their foreign sales, with 9.3% coming from Canada. Asian sales represented 13.2%, which is down from 16.8% in 2007.

Standard & Poor's Index Services also determined that foreign income taxes increased $11.5 billion or 9.3%, while U.S. federal income taxes declined $43.9 billion or 29.1%, in fiscal 2008.

"It's no longer just jobs that we're exporting, it's taxes," adds Silverblatt. "Foreign income taxes paid increased $11.5 billion in 2008, while those paid to the U.S. government declined $43.9 billion. Taxes paid to the United States now represent a minority of the income taxes paid by U.S. companies."