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Created on August 15, 2013
The Department of Commerce’s International Trade Administration recently released U.S. metropolitan area trade data for 2012, which shows that overall exports are up for the third consecutive year. Specifically, exports are up in 31 of the top 50 metropolitan areas, 29 of which reached record exports between 2011 and 2012. Among the top 25, Washington, DC, recorded the highest growth between 2011 and 2012, increasing exports by nearly 43 percent. Exports from San Antonio, Texas, which has an MBDA Global Business Center, grew by 33 percent during the same period.
The Department of Commerce offers a wealth of tools and information for businesses to make choices about exporting to international markets. For example, did you know that U.S. companies sold $8 billion in transportation equipment and food products to South Korea last year? U.S. companies also exported $1.4 billion in agricultural products to Turkey.
These are just two examples of the kind of information available through the International Trade Administration’s TradeStats Express. Here’s another. Let’s say your company sells office furniture. Using TradeStats Express, you can very quickly determine that furniture sales to Saudi Arabia have grown 153 percent from 2007 levels and that they are currently purchasing over $140 million in furniture and fixtures from the U.S.
|Created on August 15, 2013|
State of Connecticut Invests $2M for Minority Business Assistance Program
On July 24, 2013, Connecticut Governor Dannel P. Malloy announced that the State of Connecticut will provide $2 million to support minority contractors through the Hartford Economic Development Corporation (HEDCo).
The program will be designed to help businesses obtain surety bonds for capital construction. It will also provide a revolving loan fund to help minority contractors cover costs incurred while awaiting payment during the construction phase of projects. HEDCo already administers a similar bonding guaranty program that was created in 2006. Under the program, 110 bonds totaling $12.4 million have been guaranteed.
Created on August 8, 2013
With the President’s recent trip to Senegal, Tanzania and South Africa, as well as the announcement of two new trade initiatives, the spotlight is on Africa – and with good reason.
While speaking at the Business Leaders Forum in Tanzania, President Obama spoke of beginning a new level of economic engagement with Africa. The Doing Business in Africa Campaign (DBIA) is part of the president’s strategy, and the International Trade Administration (ITA) is proud to join other government agencies to support DBIA initiatives that are helping U.S. businesses compete on the continent.
Trade Africa aims to facilitate expanded trade on the continent. Its initial focus will be on the East African Community (EAC), a market with increasingly stable and pro-business regulations. The plan will support increased U.S.-EAC trade and investment, EAC trade competitiveness, and regional integration. The United States seeks to expand this initiative to other regional economic communities on the continent.
Sub-Saharan Africa Agribusiness Reverse Trade Mission
Dates: August 18-28, 2013
Locations: Omaha, NE; Fargo, ND; Jackson, MN; Ames, IA
United States Trade and Development Agency is sponsoring a Reverse Trade Mission (RTM) to the United States for a delegation of senior representatives from sub-Saharan Africa’s agribusiness sector, including key decision makers from leading agribusinesses and government entities in Kenya, South Africa, Botswana, Nigeria, Zambia, and other markets.
Posted on August 2, 2013
Since I was confirmed as Secretary of Commerce, I’ve been meeting with business leaders, entrepreneurs, and foreign leaders to let them know that America is “open for business.” The United States is one of the most desirable places to do business; our $16 trillion economy, with its productive workforce and diverse consumer base, could not do what it does without domestic as well as foreign investment. Yesterday, I participated in the White House Forum (Forum) on Global Investment to highlight the administration’s support for, and benefits of, foreign direct investment (FDI) in the United States.
For the meeting, I was joined by Acting Deputy Secretary of Commerce Pat Gallagher, Under Secretary of Commerce for International Trade Francisco Sánchez, Assistant Secretary of State for Economic and Business Affairs Jose Fernandez, and 21 foreign ambassadors and representatives to highlight the United States’ whole-of-government approach to attracting foreign direct investment.