BDP helps Missouri businesses post record exports
The United States exported a record $194.9 billion in goods and services in November 2013, according to a new report by the Bureau of Economic Analysis of the U.S. Commerce Department.
The Missouri Economic Research and Information Center (MERIC) also recently released a report indicating that Missouri businesses exported $9.74 billion of goods and services through the third quarter of 2013.
“Missouri’s entrepreneurs prove their success in exporting every day,” said Steve Devlin, director of the BDP. “These businesses showcase the vital importance of exports to Missouri’s economy, and the BDP has played a critical role in supporting these Missouri businesses.”
Transportation was the leading export sector in the state, totaling almost $2.2 billion in exports, according to MERIC; the second largest sector was chemicals with more than $1.7 billion in exports; food and food-related products at more than $1.1 billion; and machinery at more than $1 billion.
The largest foreign market for Missouri’s exports continues to be Canada, which purchased more than $3.1 billion in goods and services during the third quarter of 2013, followed by Mexico ($1.4 billion), China ($635 million), Japan ($453 million) Korea ($346 million) and Belgium ($311 million).
The BDP has several programs that can help Missouri exporters boost international sales:
- The International Trade Center, headed by Larry Dill, international trade director based in the Trulaske College of Business on the University of Missouri campus. The International Trade Center helps Missouri businesses in four broad areas:
- International market research
- Management capacity and planning
- Supply chain and logistical support
- Trade finance.
The international team’s mission is to help Missouri small businesses export products. And staff have forged strong partnerships to help companies create export plans, secure export funding, manage logistics and capitalize on networking opportunities. Partners include the U.S. Department of Commerce, SBA export programs, the Missouri Department of Economic Development Office of International Trade and Investment, Missouri Department of Agriculture, the World Trade Centers in Kansas City and St. Louis and other entities.
Here are three companies the team has helped grow internationally: a Harley T-shirt maker, a blood donor chair manufacturer and a food products exporter.
- The Trade Adjustment Assistance for Firms (TAAF) program, hosted by the Mid-America Trade Adjustment Assistance Center (TAAC), a BDP program, provides technical assistance to manufacturers that has resulted in millions of dollars in production improvements, marketing enhancements and increased sales. TAAF is funded by the U.S. Department of Commerce’s Economic Development Administration. Its mission is to boost American manufacturers’ ability to compete in a global market in the face of less expensive foreign competition.
Here are stories of exporters who entered the TAAF program and reaped the benefits: a cable manufacturer, a fireplace cover and other hearth-related products maker, a scale and scale parts maker and a manufacturer of cut-and-sew products supplying the automotive and other industries.
Think your business is too small to compete in the global market?
According to the SBA, 97 percent of all U.S. exporters are small businesses, and 95 percent of the world’s consumers live outside the U.S. This represents an enormous opportunity for small Missouri businesses.
But many small businesses don’t know where to start. According to another SBA export survey, 40 percent of businesses surveyed expressed concern about entering new overseas markets because they didn’t know how to begin.
That’s where the TAAC and the International Trade Center can help.
Our goal is to help you reach the 95 percent.
If you liked this post you might also like: