Throughout the world, the U.S. manufacturing industry is known for its excellence. Products sporting a “Made in the USA” label have a well-earned reputation of being high quality, and the global demand for these products is growing. In fact, according to the Bureau of Economic Analysis, the U.S. manufactures more products than any other country, producing 18.2% of the world’s goods.
With international demand on the rise, domestic manufacturers are presented with the exciting possibility of expanding their business through export. However, although the world of export is overflowing with opportunities, it’s also a complicated landscape.
To successfully launch your product into international markets, you’ll need a fully stocked arsenal of tools and resources. Luckily, there are a vast number of tools and resources provided by the government to help bolster American companies as they expand their global presences.
Readiness Assessment and Export Planning
Whether your company has never exported before, has limited experience with exporting, or is a seasoned exporter, it’s important to assess export readiness whenever starting a new international trade endeavor.
To assist you in determining whether your company or product is ready for export, the U.S. Department of Commerce has developed a series of export assessments, which provide questions for exporters of all levels, including novices. The U.S. Department of Commerce also offers export counseling via the International Trade Administration (ITA).
Determining your company’s readiness and your product’s market viability is part of a larger export planning process. This plan involves strategizing various factors, including market research, financing, marketing, and more.
To help companies draft these strategies, the U.S. government offers a few planning tools, including the ITA’s sample export plan and the U.S. Small Business Administration’s export planning guide.
Financing
While exporting products and services can often result in a lucrative enterprise, it often has a high upfront investment cost. However, this should not be a deterrent, for there are several financing options and resources available for companies of all sizes.
Export.gov, which is supported by the U.S. Department of Commerce in conjunction with 19 other U.S. government agencies, offers a wide variety of programs and options, including the export working capital program, export loan guarantees, and specific financing options for small and medium enterprises (SME).
There is also the Export-Import Bank of the United States (EXIM), which offers loans, financial tools, and learning resources. They also hold an annual conference that helps companies interested in exploring their exporting opportunities network with potential partners and develop a deeper understanding of the exporting landscape.
Market Research and Matching
Identifying target export markets is arguably the most important part of creating a strong export strategy. Without choosing the right markets for your product, you run the risk of a serious loss on investment. In order to make the best choice, in-depth research is absolutely necessary.
To assist companies with this research, the U.S. government maintains several tools and resources, including market matching tools, industry-specific market intelligence, country commercial guides, market assessment reports, trade leads, and market diversification tools. These platforms and reports can vastly improve your product’s international market performance.
Exploring Exporting
Exporting has the power to open the door to an entire world of opportunities — but like most big opportunities, launching an export program requires a lot of work and planning. Utilize all available resources to educate yourself and your colleagues, develop a strong export approach, and increase your chances for success.