Exporting Is Good For Your Bottom Line
Learn more about Utah’s State Trade and Export Promotion (STEP) program and find out if your company qualifies to receive a matching grant to offset travel expenses related to participating in foreign trade events that increase your global exports.
Why Consider Exporting?
- Access: today, improvements in trade finance, the Internet, and trade agreements have dramatically increased access to markets worldwide.
- Demand: more than 70 percent of the world’s purchasing power is located outside of the United States. Your competitors are increasing their global market share, and you can too.
- Profitability: exporting can be profitable for businesses of all sizes. On average, sales grow faster, more jobs are created, and employees earn more than non-exporting firms.
- Competitive advantage: the United States is known throughout the world for high quality, innovative goods and services, customer service, and sound business practices.
- Risk mitigation: most companies that export have an easier time riding out fluctuations in the U.S. economy and are more likely to stay in business.
The Economic Impact of Exporting
- U.S. exports of goods and services totaled $2.1 trillion in 2011. Exports are a growing and substantial part of the U.S. economy, accounting for 13.8 percent of our nation’s GDP.
- In 2008, 6.8 million U.S. jobs were supported by U.S. manufactured exports.
- 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.
Smaller Companies Have Vast Untapped Export Potential
According to the Small Business Administration, small businesses have generated the majority of net new jobs over the past decade. Helping these firms grow by selling internationally is important to our economy.
- Less than one percent of America’s 30 million companies export – a percentage that is significantly lower than all other developed countries. And of U.S. companies that do export, 58 percent export to only one country. Many businesses could benefit from learning more about these international opportunities and resources available to help.
- Small and medium-sized companies account for 98 percent of U.S. exporters, but represent less than one-third of the known export value of U.S. goods’ exports. (In 2010, there were over 293,000 identified U.S. exporters (269,269 of which were small or medium-sized)).
Small businesses looking to increase sales and profit are taking their businesses global. SBA provides counseling, training and financing to support small business export opportunities.
- Contact SBA exporting staff at one of Utah’s 27 offices: Find contact information and key staff at SBA’s Office of International Trade.
- Utah State Trade and Export Promotion (STEP) program: Matching funds available for trade event travel reimbursement to help qualifying Utah businesses boost export sales.
- Explore exporting: Doing business internationally may seem overwhelming at first. A number of government programs that offer training and financial assistance to small businesses can help.
- Export business planner: A free, customizable tool for small business owners who want to begin exporting.
- Export loans: SBA provides a number of loan programs specifically designed to help develop or expand trade and export activities.
- Export success story videos: Check out the winners for SBA and Visa’s “My U.S. Export Story” video contest. These videos tell the stories of small business success in exporting.
- U.S. Export Assistance Centers: USEACs provide export assistance and counseling for small businesses.
Many smaller businesses are so busy running their day-to-day operations that they don’t consider their export potential. Oftentimes, companies think exporting is too burdensome, or are not aware of export and financing services offered by the U.S. Government.
- As many U.S. firms seek new opportunities, they find conducting international business offers unique challenges. That’s where the U.S. Commercial Service comes in.
- Every year, the U.S. Commercial Service helps thousands of U.S. companies navigate those challenges to export goods and services worth billions of dollars. Located in 108 cities across the United States and U.S. Embassies and Consulates in more than 70 countries, its global network of trade professionals opens doors that no one else can.
- Whether you’re looking to make your first export sale or expand to additional international markets, the U.S. Commercial Service offers the trade counseling, market intelligence, business matchmaking, and commercial diplomacy you need to connect with lucrative business opportunities.
- Through its Strategic Partnership Program, the U.S. Commercial Service is collaborating with corporate organizations to further streamline the export process and build awareness of exporting opportunities for small businesses through seminars and other outreach efforts. For a complete list of current U.S. Commercial Service partners, please visit the Strategic Partnership Program’s website.
- The U.S. Department of Commerce’s Export Achievement Certificate recognizes companies that have benefited from the Department’s U.S. Commercial Service assistance to make their first export sale or enter new foreign markets.
- In fiscal 2011, the U.S. Commercial Service network generated 14,600 export successes, facilitating 54 billion dollars in U.S. export sales.
- For more information, visit Export.gov, or call the U.S. Commercial Service’s Trade Information Center at 1-800-USA-TRADE (872-8723).