Exports have become increasingly important to the U.S. economy – job growth has become increasingly dependent on foreign trade. According to estimates, every $180,000 worth of exports equals one U.S. job – and creating more jobs is central to the Obama Administration. Last year, exports accounted for roughly 13 percent of the U.S. GDP – about three times as much as 50 years ago. With increased use of the internet, improved transportation and enhanced trade and investment rules that have been simplified to make it easier for businesses to export, there has never been a better time to grow globally than right now.
In 2008, U.S. exports generated about $2 trillion in revenues and exports supported approximately 6 million U.S. jobs. Nearly 95 percent of the world’s consumers live outside the boundaries of the United States, yet only one percent of American companies export to these consumers. For all of our country’s strengths, we stand out as one of the few developed nations without a focused, comprehensive and agile export strategy. Recently, though, the President laid out the Administration’s National Export Initiative (NEI) to double exports over the next five years and support more than 2 million American jobs.
At MBDA, we know that minority-owned firms are already twice as likely to export compared to non-minority owned firms. This is due, in large part, to cultural competencies, language capabilities, ancestral ties and the fact that minority-owned firms are typically agile enough to adapt to the changing marketplace. To support minority-owned firms in breaking into global markets, MBDA has launched the Global Export Initiative.
Through the Global Export Initiative, MBDA will provide:
High-end technical assistance and training for minority-owned firms through our national network of Minority Business Centers.
- conducting industry and global market research
- indentifying financing opportunities for firms interested in exporting
- providing a capability and capacity building program for minority-owned firms
- International Business-to-Business Matchmaking Forums
- A series of international trade missions specifically for minority-owned firms.
MBDA, through our national network of Minority Business Centers, is ready to help minority businesses create a global strategy for growth. Our role is to help minority-owned firms reach new markets and connect businesses with government resources specifically to grow their businesses and create jobs.
Tips for building your export strategy:
- Look at industry trends and know what your position is within your domestic market prior to establishing an international business strategy.
- Research the global market for your product or service.
- Determine the effects of exporting on your current operations.
- Outline what resources you will need to successfully execute your export strategy.
- Familiarize yourself with various global distribution channels.
- Contact an MBDA Minority Business Development Center for assistance.
MBDA’s Business Development Specialists located at our Minority Business Development centers are ready to assist you and are positioned to be your strategic growth partner.