New legislation to boost Missouri exports
In August, Missouri Gov. Jay Nixon signed Missouri’s first trade agreement with the province of Alberta to expand exports to Canada.
Canada is the state’s leading export destination, according to the U.S. Census Bureau Foreign Trade Division and WISERTrade. In 2014, Missouri exports to Canada reached more than $4.7 billion, more than a third of total Missouri exports of $14.1 billion.
Alberta is Canada’s leading energy province, with rich deposits of natural gas, conventional oil, coal, minerals and oil sands. In 2014 bi-lateral trade between Missouri and Alberta surpassed $465 million, according to the governor’s office.
It’s the third trade agreement the governor signed with a Canadian province in the past 19 months. In 2014, Nixon announced similar trade agreements with Ontario and Quebec.
Also in August the U. S. Small Business Administration granted Missouri $599,000 to help Missouri businesses export to the growing markets of Colombia, Panama and Peru. The international trade arm of the Missouri Department of Economic Development will administer the grant.
“There’s a market for our businesses outside the United States,” said Larry Dill, director of the BDP’s International Trade Center, in an interview. “Ninety-six percent of the world’s consumers live outside the United States. Over two-thirds of the world’s purchasing power is outside the United States. Where would a company look for new markets? Outside the United States.”
What does all this mean for your business? Greater export opportunities in the Americas.
Have a great product or service but need help getting started in exporting? Contact the BDP International Trade Center.
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