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Blog Category: World Trade Month

Coming Soon: A More Detailed Look at U.S. Trade and International Investment

International data will soon be getting a new look, giving users more detail on the U.S. economy’s relationship with the rest of the world in the most significant restructuring of the Bureau of Economic Analysis’ international data since 1976. The restructured accounts will provide greater and more complete information about the global financial picture and the United States’ place in it.

So when will you start seeing the changes?

• With the June 4 International Trade in Goods and Services report, the number of services categories available monthly will expand from seven to nine. Also, seasonally adjusted trade in goods and services will now be available for selected countries and areas.

• With the June 18 release of the quarterly International Transactions Accounts, users will get additional detail on trade in goods and services in the current account, while the financial account will be reorganized and expanded to include additional detail by instrument, by sector, and by maturity. For trade in services, the number of sub-categories available quarterly will expand from 10 to 20.

• With the June 30 release of the quarterly International Investment Position, users will get additional detail on the maturity of investment. Data on direct investment positions will be reported on an asset and liability basis, like a balance sheet.

These changes will align U.S. data more closely with updated international guidelines, such as the sixth edition of the Balance of Payments and International Investment Position Manual (BPM6). Keeping up with international guidelines makes it easier for users to compare U.S. data with data from our major trade and investment partners. Several industrialized countries have already incorporated these new standards into their international accounts.

More information on the upcoming changes is available here. BEA plans to host a webinar on May 28 starting at 2 p.m. EDT to highlight the biggest changes and answer users’ questions. For more information, click here.

 

Grow Your Business With U.S. Foreign Trade Data

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.

Celebrating World Trade Throughout May

Cross post from Tradeology, the official blog of the International Trade Administration

The following blog post was written by Francisco J. Sánchez, Under Secretary of Commerce for International Trade

May brings warmer weather, longer days, and, most importantly for us at the Department of Commerce, World Trade Month. For years, this has been a special time to reflect on the importance of trade to our nation’s economic well-being.

Over the past few months, we’ve discussed what an important year 2012 was for exports and our  economy: a record-setting $2.2 trillion in overall exports, 10 percent annual growth in tourism-related exports, and 9.8 million U.S. jobs supported by exports.

World Trade Month is an occasion to recognize the past year’s successes while looking ahead to new ways to expand exports and build a stronger economy. It’s a month for us to recognize what we know all year long: that exports are a key to our long-term economic health.

The month of May will provide many opportunities to do just that. Events and observances to look out for include:

  • National Travel and Tourism Week, a celebration of that industry’s contributions to the U.S. economy, will take place from May 4-12.
  • On May 16, the Small Business Administration and Denver U.S. Export Assistance Center will co-sponsor the 40th Annual World Trade Day.
  • May 19 will bring the start of World Trade Week, a tradition dating back to 1927 and marked by a Presidential proclamation.
  • During that week, the President’s annual “E” Awards will be presented to leading U.S. exporters.

Have a question about getting started in exporting? Twitter chats throughout the month will offer chances to learn about exporting and pose questions to government agencies involved in President Obama’s National Export Initiative.

We invite you to check this post or our World Trade Month category for regular updates on these and other events. You can also visit our Facebook page or follow us on Twitter.

As we kick off World Trade Month 2013, our team looks forward to continuing to support our nation’s exporters as they build things here and sell them everywhere.

Job Creation Through Export Development: EDA Commemorates World Trade Month

Logo: World Trade Center of Greater Philadelphia

Guest blog post by Acting Assistant Secretary for Economic Development Matt Erskine

In Commerce Secretary Bryson’s statement to mark World Trade Month, he discussed steps the Obama administration is taking to give “American workers and businesses a fair shot in the global economy by supporting trade agreements that will open up markets to U.S. companies, working to aggressively investigate unfair trade practices taking place anywhere in the world, and continuing to work to ensure that our workers and businesses are competing on a level playing field.” President Obama will issue a proclamation to commemorate World Trade Week, which falls in the third week of May, to expand on this commitment to promote U.S. exports.

Words like “partnering” and “leveraging” might seem abstractions at times, but when it comes to making investments that help U.S. businesses export, they are anything but. One excellent example of the effectiveness of partnering and leveraging the resources of multiple organizations is the “Job Creation through Export Development: Innovative Manufacturing and Service Program” of the World Trade Center of Greater Philadelphia (WTCGP). In 2010, the Commerce Department’s Economic Development Administration (EDA) invested $1 million to bolster the efforts of WTCGP to promote the global presence of the Southeastern Pennsylvania and South Jersey region. The initiative serves as a catalyst for regional economic growth and job creation in four sectors that have been targeted by the program as having high export potential: energy and environment, high technology and nanotechnology, biotech and life sciences, and education.

Secretary Bryson Declares May World Trade Month

Photo of manufacturing materials at Port of Baltimore)

Today, Commerce Secretary Bryson issued a statement in honor of May 2012 World Trade Month, which is marked annually by a series of state and local events across the country to promote U.S. trade relationships and provide resources to U.S. businesses looking to export their goods and services around the world.  World Trade Week, which falls in the third week of May, is recognized by a presidential proclamation annually.

Two years ago, the president set a goal of doubling our nation’s exports in five years through the National Export Initiative (NEI). On the second anniversary of the NEI, we announced that 1.2 million more Americans have export-supported jobs due to U.S. exports increasing by one-third from 2009 to 2011.  This is particularly good news because export-related jobs–like manufacturing jobs–pay higher than average.

To keep this momentum, this administration is committed to giving American workers and businesses a fair shot in the global economy by supporting trade agreements that will open up markets to U.S. companies, working to aggressively investigate unfair trade practices taking place anywhere in the world, and continuing to work to ensure that our workers and businesses are competing on a level playing field.