Minority-owned Business Export Activity Spans 41 Countries across the Globe
Minority business export activity spanned 41 countries over six continents, North America, South America, Europe, Asia, Africa and Australia, between 1992 and 2009. Mexico, Brazil and Dominican Republic are the top three markets for minority firms export activity, accounting for 52 percent of all financing transactions authorized for these firms when foreign markets were identified.
Minority firms in the United States are primed for exporting and are twice as likely to generate sales from exporting as non-minority-owned firms. Some of the reasons are due in large part to language capabilities, cultural compatibility and business agility.
“Minority entrepreneurs are uniquely equipped to expand into foreign markets and contribute to the President’s National Export Initiative that will double U.S. exports within the next five years,” said MBDA National Director David Hinson.
On January 27, 2010, President Obama announced the National Export Initiative (NEI), a critical new effort that will lead to long-term, sustainable economic growth for the United States. The President has a goal of doubling exports over the next five years, an increase that will support two million American jobs. For the first time, the United States will have a government-wide export-promotion strategy with focused attention from the President and his Cabinet.
Under NEI, $140 million dollars in additional funding – across federal agencies – will be provided to help meet the President’s goal. The Administration’s efforts are focused on three key areas: improving access to credit, especially for small- and medium-sized businesses; expanding the Administration’s trade advocacy efforts; and increasing the government's focus on barriers that prevent U.S. companies from getting free and fair access to foreign markets.
What will the National Export Initiative do?
The NEI is comprised of five components:
- Improve advocacy and trade promotion efforts on behalf of U.S. exporters, so trade missions can introduce the world to American products and advocacy centers can help U.S. exporters pursue opportunities.
- Increase access to export financing, so quality opportunities do not fall through due to the inability to finance an export.
- Reinforce our efforts to remove barriers to trade, so as many markets as possible are open to our products.
- Enforce our trade rules; to make sure our trade partners live up to their obligations.
- And, pursue policies at the global level to promote strong, sustainable, and balanced growth, so the world economy grows and our exports have robust markets.
These are crucial tasks for the Government to pursue so America’s exporters can succeed around the globe.
Minority Exporters: A Resource Guide