By: Leandro Solorzano, US Commercial Service
What countries will make it onto your international business plan for 2014?
During the recent recession, companies who were selling to foreign markets fared better than those who only sold domestically. Is exporting part of your business strategy? If not, you should look closer into the benefits of exporting and how it can help your business grow and become more resilient to changes in the economy. If you are already exporting, to what new countries will you be introducing your products in 2014?
You don’t have to look far to find promising export markets for your products/services. With an increasing number of Free Trade Agreements between the United States and South/Central American countries in the past few years, trade between the U.S. and Colombia, Panama, Chile, Ecuador, and Peru is booming. These countries now constitute some of the largest markets for U.S. exports. In 2012, Colombia was the 3rd largest market in Latin America and 22nd largest market globally. Additionally, these five Latin American countries alone account for at least US $60 billion dollars’ worth of exports from the United States, with a wide range of exports varying from the services sector to machinery and agricultural goods.
Colombia, Peru, and Chile are some of the fastest growing economies in the region, integrating well within the global economy by opening up their markets to many countries and maintaining a stable political and business environment. Competition of foreign products in these countries however is low, with a high degree of acceptance of U.S. products. The United States has the dominant share of the import markets of these countries, and the projected growth of trade and investment in this region is unlimited.
If these countries seem like good options for your 2014 export plan then join Trade Winds – The Americas, a premier trade mission and trade conference hosted by the U.S. Department of Commerce. It will take place in Bogota, Colombia, with optional stops in Panama, Ecuador, Peru, and Chile, from May 15 through May 23, 2014.
Participating companies will be able to schedule business to business meetings with potential partners as well as be a part of a dynamic trade conference featuring business leaders who are successfully doing business in the region. Companies will also have a chance to meet one-on-one with Senior Commercial Officers from U.S. Embassies from across the Americas who will provide feedback on market potential to help develop each company’s international business plan. Don’t miss out on this great opportunity. Learn more here or contact your local U.S. Export Assistance Center.
The U.S. Commercial Service is the trade promotion arm of the U.S. Department of Commerce’s International Trade Administration. Specialists from the Commercial Service can help you overcome challenges in the market and reach specific goals.