There was an export panel at the Manufacturers' Council of the Inland Empire 7th Annual Summit, and it brings to light the vast opportunity of export. Additionally, I had a lunch with a top international attorney and an international research expert recently, and it opened my eyes further on the topic of export. Why do we always think about import but forget to export?
Less than 1% of America's 30 million companies export and less than 39% of US manufacturers export. Of those that export, 58% export to only 1 country. Why? What is going on? In the same breath, the statistics show that Made in the USA is a compelling proposition and there is VAST opportunity to sell products in other countries. You don't even have to go far with Canada and Mexico at our borders.
According to a study published by the Institute for International Economics, U.S. companies that export not only grow faster, but are nearly 8.5 percent less likely to go out of business than non-exporting companies. Are we not interested in profit???? This panel has found success in export.
For example, Kusum Kavia, president of Combustion Associates discussed the success her company has had in exporting to Africa as well as many other countries. They were featured in the cover story in Global Trade Magazine as well as recognized by President Obama at a US-Africa Leaders Summit. She credits many collaboration partners in this success such as the Export-Import Bank and trade specialists at the US Department of Commerce.
Another Inland Empire manufacturer and APICS-IE supporter, Roy Paulson, president of Paulson Manufacturing has achieved great success with exports. They have grown rapidly and significantly through export, and he has served on the president's export council. Why not get a boost to your sales revenues while providing value in other countries?
There is also far-reaching support for global logistics, banking and exchange rates and much more. Why not look into whether your products might be of interest to other global markets? You might just discover a goldmine!