The differences between the differential value of exports to imports for a country is termed its balance of trade or trade deficit or trade surplus. Countries generally want to bring in more income from its exports than it spends on its imports, hence favoring the trade surplus.
The U.S. Census Bureau reported that the U.S.’s international trade deficit in goods and services increased to $46.3 billion in August from $42.6 billion in July. U.S. imports have increased more than exports for a number of years. Is there anything good in this for the U.S.-based entrepreneur?
Federal and state agencies have increased U.S. export trade initiatives that generally mean increased assistance and cost savings for entrepreneurs. For instance, the Obama administration’s National Export Initiative executive order was signed in 2010 and aims to support polices that can double U.S. exports in five years. Trade firms who seek to grow their export sales will benefit from these types of incentives that encourage U.S. export trade.
Below are a number of additional resources for new U.S. export traders to consider.
The U.S. Department of Commerce (DOC)
The U.S. Department of Commerce (DOC), also called the Commerce Department, is a federal agency that operates 47 district offices throughout the country. The DOC provides significant counsel to U.S. exporters, aiding and assisting entrepreneurs in making import and export trade deals happen. Their website at DOC.gov offers a number of resources, including government market reports for business men, economist and legal counsel performing due diligence in assisting in international trade transactions.
International Trade Administration (ITA)
The ITA is part of the DOC, but focuses on U.S. exports. Contact the ITA for economic and commercial information related to international export trade to a specific country. This agency coordinates and draws upon market research from other national and international agencies, such as the reports of the World Bank .
National Association of State Departments of Agriculture (NASDA)
The National Association of State Departments of Agriculture, or NASDA, is an association of U.S. state departments charged with promoting the safety and trade viability of U.S. agricultural industry products. Contact NASDA to find out about resources available to agricultural exporters on the state level in your state of business operations.
Regional U.S. Trade Organizations
There are also a number of regional business association that provide support to specific industries involved in export trade. For instance, the Pacific Lumber Exporters Association is but one of many trade organizations that publish vital market research information and networking opportunities for its members specific industry.
Government and Industry Association Help with Your Export Business
Export trade offers many advantages to U.S. businesses. It is also a terrain with rules and parties a domestic firm will be unfamiliar with without calling upon expert resources. Of central importance to new firms in export trade is to be aware of the political, economic and regulatory terrain of a potential export market to avoid costly mistakes and misunderstandings. Take advantage of the free resources provided from governmental agencies and the low cost help often available through industry associations.