In the latest globalEDGE Business Beat, MSU’s International Business Center Director Tomas Hult discusses U.S. international trade opportunities with Stefan Selig, who is the Under Secretary for International Trade at the U.S. Department of Commerce’s International Trade Administration. Their conversation focuses on three different U.S. trade initiatives, as well as the great potential for U.S. export growth.
According to Selig, only 1-3% of American companies export their goods and services internationally, despite the fact that 95% of potential customers reside outside of the United States. He stated that many business owners in the U.S. are unaware of export opportunities and the tremendous growth that can be obtained from exporting products and services. In addition, the U.S. has ample opportunities to encourage more foreign direct investment. The U.S. is an attractive destination for foreign investors due to its decreasing energy costs, advanced capital markets, and productive workforce.
The U.S. has grown its exports in recent years, and exports now account for 14% of the total U.S. economy. However, there is the potential for more export growth, especially among small and medium-sized businesses. Be sure to check out this month’s globalEDGE Business Beat!