Guest blog post by Omari Wooden, Senior Foreign Trade Advisor at U.S Census Bureau
In today's economy, businesses are continually looking for new ways to remain competitive and may not know there are resources available from the Census Bureau and the Commerce Department as a whole to help them understand international markets. Whether you need to evaluate your company's export potential or identify key foreign markets, you can make data-driven decisions through resources available from the Census Bureau.
Did you know that in 2013 American exports totaled $2.3 trillion, surpassing the previous record of $2.2 trillion in 2012? In 2013, our top three trading partners were Canada ($300B), Mexico ($226B) and China ($122B). However, between 2012 and 2013, the following countries had some of the greatest increases in imports from the United States: Monaco (1,818%), Brunei (254%), Equatorial Guinea (225%), and French Guinea (202%). U.S. businesses use our data to find the large markets, but they can also use this data to determine emerging markets.
On a monthly basis we release detailed information on over 9,000 export commodities and 18,000 import commodities. This information can be used to identify the global marketplace for your product and possible opportunities to expand your business. You can find more information here: http://www.census.gov/foreign-trade/Press-Release/current_press_release/
Another great resource is USA Trade Online, where you can easily explore trading trends and market outlook by product and country. You can also evaluate the current and historical trends of U.S. exports and imports. This level of market research can help you determine where there is a market for your product. Currently, we are offering free trials, so I would encourage you to register today at USA Trade Online.