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The Look South Slice of the Export Pie Continues to Grow

Blogged By: 
John Larsen is the Deputy Director
Created on June 2, 2014
 

This post originally appeared on the Tradeology, the ITA Blog

John Larsen is the Deputy Director of the Trade Promotion Coordinating Committee Secretariat.

The Look South campaign is encouraging companies to seek export opportunities in Latin America.Department of Commerce data show that U.S. goods and services exports set a record for the fourth consecutive year, reaching $2.3 trillion in 2013.

U.S. companies that export to our 11 free trade agreement partner countries in Latin America played a major role in this success. Through the Look South campaign, federal trade-promotion agencies hope to help more companies find success by taking advantage of these free trade agreements.

In 2013, U.S. goods exports to Look South markets increased $12.5 billion to $312.6 billion – more than double the 1.7 percent rate of growth for goods exports to the rest of the world.

This isn’t just a blip; we see a clear growth trend as market liberalization, growing middle class consumption, and diversifying industrialization by Latin American markets fuels healthy economic growth and import demand.

As U.S. exporters respond, the Look South markets’ share of total U.S. goods exports has steadily grown from 17 percent in 2009 to 20 percent in 2013.

Maryland’s Governor’s Office of Minority Affairs Host Conference, Expo Empowering Minority Entrepreneurs

Blogged By: 
Alberto Betancourt, MBDA Public Affairs Specialist/Media Relations
Created on May 20, 2014
 

Joann Hill Maryland’s Governor’s Office of Minority Affairs hosted their 5th Annual MBE University Conference and Expo at the Reginald F. Lewis Museum in Baltimore on May 20.

The event was a unique forum, combining educational workshops with business development and networking opportunities that meet the unique needs of small, minority and women-owned businesses.

“The workshops, exhibitors and matchmakers who participated in this conference were all chosen with the intent of adding great value to our small, minority and women-owned entrepreneurs,” said Zenita Wickham Hurley, Special Secretary, Governor’s Office of Minority Affairs.

Several federal government representatives addressed more than 200 attendees during the opening session. The speakers included Congressman Elijah Cummings, U.S. Representative for Maryland’s 7th Congressional District, Sharon R. Pinder, Director, Baltimore Mayor’s Office of Minority and Women-Owned Business Development, and Joann Hill, Chief, Office of Business Development, Minority Business Development Agency.

“Each minority business enterprise attending today’s conference represents job creation and economic growth,” said Hill. “Through your businesses, each of you keeps your community, city and state thriving and moving forward economically. That is an invaluable contribution and is to be applauded.”

After the opening session, the crowd dispersed into one of the three designated areas that included workshops, exposition hall and the matchmaking seminar.

Simple Steps to Expanding Your Business through Exports

Blogged By: 
MBDA
Created on May 20, 2014
 

This post originally appeared on the Commerce.gov Blog

Warehouse - ExportingAt the Department of Commerce and the Minority Business Development Agency we are dedicated to helping more minority-owned business leverage their competitive advantage and expand their business through exports. The most recent data from the U.S. Census Bureau reveals how minority-owned firms employ nearly six million American workers and contribute one trillion dollars in annual economic output to the U.S. economy. This economic output includes significant exporting contributions. In fact, minority-owned firms are export leaders in 14 key industry sectors.

To celebrate World Trade Month we are kicking off a blog series to highlight valuable resources and information for minority businesses looking at exporting for the first time and firms looking to expand their existing exporting efforts. 

Here are six steps to start exporting:

Complete an export readiness self-assessment: Find out if you have what it takes to market your products or services into the global marketplace. Provide answers to nine questions and receive advice on your exporting potential.

Training and counseling: use online resources like webinars and training courses to learn the basics of exporting and increase your understanding of the exporting process. Access webinars and online courses from the International Trade Agency (ITA), U.S. Census Bureau Go Global Webinars, and the Small Business Administration (SBA).

SBA Proposes Revisions to Size Standards for Wholesale Trade and Retail Trade Industries

Blogged By: 
SBA News
Created on May 20, 2014
 

Wholesale Trade IndustryThe U.S. Small Business Administration has proposed increasing small business size standards affecting businesses in 46 industries in North American Industry Classification System (NAICS) Sector 42, Wholesale Trade, and in one industry in Sector 44-45, Retail Trade.  If they are adopted, nearly 4,000 more firms will become eligible for SBA’s loan programs.  The proposed rule was published in the Federal Register today.  

The proposed size standards would define the maximum number of employees a firm in these industries could have and still be a small business.  The proposed revisions reflect changes in marketplace conditions.

SBA proposed to retain the current size standards for the remaining industries in those sectors.  SBA reviewed all of the employee-based size standards for both sectors to determine whether the size standards should be revised or retained. 

The SBA has also proposed to retain the current 500-employee size standard for federal procurement of supplies under its non-manufacturer rule because Wholesale Trade and Retail Trade NAICS codes and their small business size standards cannot be used for procurement of supplies.  These proposed revisions primarily affect eligibility for SBA’s financial assistance programs. 

Cash Flow Strategies to Make Your Exports More Competitive

Blogged By: 
Jonathan Rees is the Managing Director of Western Union Business Solutions
Created on May 16, 2014
 

This post originally appeared on the Tradeology, the ITA Blog

Jonathan Rees is the Managing Director of Western Union Business Solutions in North America. Western Union Business Solutions is an International Trade Administration Strategic Partner.

Monthly U.S. Goods and Services Exports - January 2009 - March 2014A healthy U.S. economy includes strong exports. In an age of ever-increasing global trade, these exports indicate the demand for U.S. products and services, particularly in countries with an expanding middle class.Since 2010, the government has committed to help U.S. businesses find buyers worldwide, win more contracts, and learn new ways to sell products and services overseas. This commitment highlights the importance of small and medium-sized enterprises (SMEs) in propelling the American economy.

However, after a sharp appreciation, over the last two years U.S. exports have been showing signs of hitting a plateau.

The good news is this: U.S. exports have abundant room to grow. In fact, compared to other industrialized countries, there are signs that the United States is only beginning to tap into its export potential.

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