International trade is one of the driving forces in the American economy which creates jobs and wealth and accounts for a significant percentage of our economic growth. 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.
The U.S. Department of Commerce (DOC) is at the center of the federal government's efforts to promote exports. Secretary of Commerce Gary Locke will lead a High Technology Business Development Mission to New Delhi, Bangalore, and Mumbai that will highlight export opportunities for U.S. businesses in a broad range of advanced industrial sectors: civil-nuclear trade, defense and security, civil aviation, and information and communications. This trade mission will assist U.S. businesses in initiating or expanding exports to India by making business-to-business introductions, providing market access information, and facilitating access to government decision makers.
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.
Doug Barry is a Senior International Trade Specialist within ITA’s Commercial Service. He has helped hundreds of U.S. companies of all sizes find success in overseas markets and produced a number of instructional videos and webinars that help firms navigate the path to successful sales.
Do you have to be a big company to be a successful exporter? No. In fact, the majority of exporters have fewer than 100 employees, and many have fewer than five.
Brazilis one of the largest economies in the world, growing at its fastest rate in at least a decade in just the first quarter of 2010. Much of Brazil’s economy is driven by consumer demand with nearly 50 percent of its population under 20 years old. Most of Brazil’s population is concentrated along the East Coast of the country with nearly 50 million people living in its densely packed cities. While Brazil is still considered a developing country, many business opportunities exist. The rising affluence of Brazil’s middle-class consumers provide a new market for minority-owned firms in the United States to consider.
The Caribbean is much more than a vacation destination with blue water and warm sand, it’s actually a steadily growing market with tremendous business opportunities for minority-owned firms. In fact, the Caribbean is the 3rd largest market for U.S. exports in Latin America – behind only Mexico and Brazil – with $18.5 billion in U.S. goods and services.
For U.S. minority-owned businesses interested in exporting but not sure where to start, the Caribbean offers close proximity to the United States and offers free trade agreements already in place.
Companies providing the following products and services should consider an export strategy: