Wondering where to go next? The answer is easy, Korea. Approaching the top ten largest economies in the world, it is often overlooked because of its physical distance and the close proximity of its big brothers China and Japan. In fact, Korea has recently doubled its GDP and its imports from the United States. So while recent news may be bringing adverse attention to Korea, it is starting to bring to the spotlight an economy that is growing and is expected to soon become a major economic partner of the United States.
The U.S. commercial service is creating yet another incredibly useful tool. The Market Video Presentation is intended to showcase different trade partners of the United States and exporting opportunities for businesses of all sizes in the U.S. Their first showcase is Korea and it is a monster of a growing market. The population of 50 million in a small area is forcing the country to be urban and an importer. With the urban aspect comes an affluent, upscale, youth oriented and diverse population. In addition, the GDP per capita is over $19,000 and there are more U.S. exports to Korea than to either France or Australia. To dig the last hook deep, the United States has just entered into an extremely broad Free Trade Agreement that will remove 90% of tariffs over the next three years, expecting to increase total U.S. exports by one third in the first few years of the FTA.
The United States Commercial Service is offering many helpful tools to companies looking to expand onto the global scene. These tools range from trade events to personally network with individuals and companies in the same industry, to informational tools for analyzing competitive trends. The U.S. Commercial Service also offers personal introductions to prescreened buyers looking to buy what you have to offer. The U.S. Commercial Service is here to turn your ideas of exporting into a fully developed reality.