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Blog Category: International Trade Administration

U.S. Secretary of Commerce Penny Pritzker Begins Trade Mission to Middle East

U.S. Secretary of Commerce Penny Pritzker leaves today for the Middle East for her second trade mission. She will lead 21 U.S. companies on the trade mission, which is focused on export opportunities for U.S. businesses in the infrastructure sector.  This trade mission will mark the first time in 15 years a U.S. Commerce Secretary has taken a trade mission to the Persian Gulf.  The delegation will make three stops over the next week including the United Arab Emirates, the Kingdom of Saudi Arabia, and Qatar.

In addition to export opportunities for U.S. businesses in the infrastructure sector, this trade mission will focus on areas such as project management and engineering (including construction, architecture and design), renewable energy (solar, wind, and waste-to-energy), smart grid and energy efficiency, and environmental technologies (including water/wastewater, air pollution control, and waste management). Each of these areas is critically important to growing and expanding U.S. business opportunities in the region.

Last week, Secretary Pritzker delivered remarks to the U.S.-U.A.E. Business Council, the U.S.-Qatar Business Council, and the U.S.-Saudi Arabian Business Council where she discussed the decades-long security and commercial relationship between the United States and the Middle East and the growing opportunities for expanding business in the region. She stressed the importance of this trade mission as a demonstration of the United States’ commitment to a sustained economic partnership in the Gulf region.

Secretary Pritzker recently returned from her first trade mission to Mexico which provided 17 U.S. companies with opportunities to establish relationships and promote their technologies and services in Mexico’s advanced manufacturing, information and communications technology, health IT and medical device sectors. The mission also allowed Secretary Pritzker to focus on a key pillar of the Department's "Open for Business" agenda, helping U.S. businesses export goods and services and expanding investment opportunities in the U.S.

Van Nuys-Based Louroe Electronics Travels with U.S. Secretary of Commerce to Mexico for First Trade Mission

Richard Brent, CEO of Louroe Electronics

Guest blog post by Richard Brent, CEO of Louroe Electronics

I remember getting the call from U.S. Department of Commerce extending an invite to my company, Louroe Electronics, to accompany Commerce Secretary Penny Pritzker on her first-ever trade mission to Mexico. I was truly humbled and enthusiastic about this unique opportunity.

I’ve served as the CEO of Van Nuys-based Louroe Electronics, the world leader in audio monitoring technology, for more than 5 years now and was thrilled to receive the call. I was beyond excited to learn that Louroe was handpicked by the Department of Commerce - the only Southern California and sole security company- along with 16 other export-ready companies, to be a part of The Secretary’s historic trade mission. The mission specifically focused on promoting U.S. exports in key industry sectors including advanced manufacturing, information and communications technology, and security products.

From February 3-7, I personally traveled with Secretary Pritzker to Mexico City and Monterrey alongside other leading companies including: IBM Corporation, Motorola Solutions, Inc., Oracle Corporation, LexisNexis Risk Solutions, and Deloitte Consulting LLP.  Our mutual goal was to promote U.S exports. This trade mission helped facilitate introductions to key government and private sector decision makers in Mexico who shared with us key initiatives and how US companies can assist with development and growth.

As a result of my participation in the trade mission, I was able to successfully identify five new pilot projects for Louroe that will focus on improving public safety throughout Mexico City and Monterrey. This is great news not only for Louroe but also for the Los Angeles economy as the pilot programs will require us to increase our current staffing by approximately 10 percent, ultimately creating more jobs.

U.S. Exports Set Records in 2013

U.S. Exports Set Records in 2013 infographic

The United States is the world’s largest exporter and importer of goods and services, and the world’s largest recipient of foreign direct investment (FDI). Trade and investment are critical to the prosperity of the world’s largest economy. They fuel our economic growth, support good jobs—and spread the delivery of ideas, innovation, and American values. Trade and investment are an important engine for U.S. economic growth and jobs. With nearly 14% of U.S. GDP in 2013 accounted for by exports, and 95% of potential consumers living  broad, promoting trade and investment helps more U.S. companies compete in the global marketplace.

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U.S. Secretary of Commerce Penny Pritzker Tours Research and Technology Park In Monterrey, Mexico

Secretary Pritzker is joined by Secretary of Economic Development Rolando Zubiran and Institute for Innovation and Technology CEO Jaime Parada at  Monterrey’s Research and Technology Park

Yesterday, U.S. Department of Commerce Secretary Penny Pritzker toured Monterrey’s Research and Technology Park (Parque de Investigación e Innovación Tecnológica; PIIT in Spanish), a project that seeks to build competitiveness in the state of Nuevo Leon and northern Mexico by leading the transformation into an innovation and knowledge-based economy. 

PIIT is based on a model that aligns the government, universities, and the private sector to achieve economic growth through innovation. To that end, the PIIT serves both as a R&D Center and incubator, focusing on 10 industry clusters considered strategic by the state of Nuevo Leon – including IT and software, medical services, biotechnology, automotive and auto parts and advanced manufacturing among others.

Accompanied by Secretary of Economic Development Rolando Zubiran and Institute for Innovation and Technology CEO Jaime Parada, Secretary Pritzker praised PIIT and its staff for encouraging public and private partnerships and spurring innovation in Mexico.

Innovation is a major pillar of the Commerce Department’s “Open for Business Agenda,” and Secretary Pritzker saw how Monterrey utilizes R&D dollars and cutting-edge sites such as PIIT to  create dynamic clusters that accelerate economic growth and international competitiveness.

In fact, PIIT also includes university and public research centers, private research centers and incubators. Specific entities at PIIT include the University of Texas’ Global Center for Innovation and Entrepreneurship, as well as PepsiCo, General Electric and Motorola – each maintaining a facility in collaboration with a Mexican partner.

Another Year, Another Export Record

Editor's note:  This has been cross-posted from Tradeology, the Official Blog of the Internatational Trade Administration

Guest Blog Post by Ken Hyatt, Acting Under Secretary of Commerce for International Trade and Mark Doms, Under Secretary of Commerce for Economic Affairs

Four years ago, President Obama made export promotion a national priority, launching the National Export Initiative to renew and revitalize American exports.

That initiative is working.  Today, the Department of Commerce announced that for the fourth year in a row, the United States has set a record for annual exports. Total U.S. exports for 2013 reached $2.3 trillion.

There were record highs in both goods and services exports. Goods exports totaled 1.58 trillion, with records in a number of important sectors, including industrial supplies, consumer goods, and capital goods.

Service exports hit an all-time high of $682 billion, with records in several major service sectors. Travel and tourism was one record sector, as international visitors contributed $139 billion to the American economy.

Mexico was a particularly bright spot for U.S. exporters, as we saw a 4.7 percent increase to $226 billion in exports to our southern neighbor. Commerce Secretary Pritzker is currently leading a business development mission in Mexico, helping even more American companies find new opportunities and qualified business partners in one of our most important export markets.

U.S. Secretary of Commerce Penny Pritzker Highlights Entrepreneurship, Innovation, and Growth in U.S.-Mexico Relationship

Secretary Penny Pritzker Highlights Entrepreneurship, Innovation, and Growth in U.S.-Mexico Relationship

As part of her first trade mission, U.S. Secretary of Commerce Penny Pritzker spoke at a breakfast event focused on entrepreneurship, innovation, and overall growth in the U.S.-Mexico commercial and economic relationship.  The event was hosted by the American Chamber of Commerce and the Mexico-United States Entrepreneurship and Innovation Council (MUSEIC).  She was joined by Enrique Jacob Rocha, President of the Mexican National Entrepreneurship Institute (INADEM).

MUSEIC builds on the long history of U.S.-Mexico economic cooperation.  Founded shortly after President Obama’s visit to Mexico in May 2013, MUSEIC brings together stakeholders from both countries to strengthen regional economic competitiveness and support entrepreneurship. In 2013, MUSEIC sponsored a number of entrepreneurship-related activities, including an angel investment conference, a startup boot camp for young Mexican entrepreneurs, and an international forum on women’s entrepreneurship.

In her remarks, Secretary Pritkzer discussed the Commerce Department’s involvement in MUSEIC. For example, the Department is helping to map out the commercial and educational assets in the border regions of Tijuana-San Diego and Monterrey-Texas.  Also, in April, the Commerce Department will host government, business, and university leaders from Mexico and other countries to tour research, innovation, and entrepreneurship hubs in the Southern United States.  The event will spotlight public-private partnerships that accelerate new technologies, attract foreign direct investment, and more. Secretary Pritzker also announced that the next MUSEIC meeting will take place in April in San Antonio, Texas.

As the Chair of the President’s Committee on Global Entrepreneurship (PCGE), Secretary Pritzker is committed to working with leaders from around the world to help create an economic environment that encourages entrepreneurship in North America and around the world.  She said, "The United States and Mexico can set the stage for entrepreneurs on both sides of the border to come together, make breakthroughs, launch new firms, and strengthen our economic competitiveness."

U.S. Secretary of Commerce Penny Pritzker Begins First Official Trade Mission in Mexico

International Trade Between U.S. and Mexico. Trade in goods is eight times 1990 levels.

U.S. Secretary of Commerce Penny Pritzker officially began her five-day trade mission to Mexico today, starting the trip in Mexico City. She is joined by representatives from 17 U.S. companies looking to expand partnerships and develop effective strategies for accessing and doing business in the Mexican market.

The focus of this trade mission is to promote U.S. exports to Mexico by helping export-ready U.S. companies launch or increase their business in a number of key industry sectors including advanced manufacturing, information and communications technology, and health IT and medical devices. The companies joining the Secretary address the demand of these growing industries in Mexico.

“The 17 companies who have joined me on this important mission represent the best of American business. These outstanding and innovative companies understand that selling American products overseas is a crucial component to growing and creating jobs,” U.S. Secretary of Commerce Penny Pritzker said.  “I am delighted we can help these companies expand their presence in Mexico through this business development mission.”

The U.S.-Mexico bilateral relationship is among the United States’ closest and most extensive in the world and one of the reasons it was selected by Secretary Pritzker as the destination for her first trade mission. Mexico is the United States’ third-largest trading partner, and approximately $1.3 billion of merchandise trade and one million people cross the 2,000 mile shared border daily. In addition, deeply integrated supply chains in North America and an established free trade agreement make it easy for Mexico and the U.S. to do business with one another.

America is Open for Investment

SelectUSA logo

Guest post by Vinai Thummalapally, Executive Director, SelectUSA, International Trade Administration

In 2011, President Obama launched SelectUSA, the first-ever U.S. government-wide initiative to attract foreign direct investment (FDI) in the United States, with the hopes that the Department of Commerce would help facilitate both foreign and domestic business relationships and make FDI a diplomatic and foreign policy priority.

We took an enormous step forward three months ago, when the Commerce Department hosted the first-ever SelectUSA Investment Summit in Washington, DC. The summit was such a success that it sold out, and more than 1,300 business and government leaders from nearly 60 countries and economic development organizations from 48 states, the District of Columbia and three territories gathered to learn about the advantages of doing business in the United States and to explore investment opportunities. Perhaps most importantly, the Summit helped match potential investors with economic development organizations to help revitalize American communities and create new job opportunities.

Thankfully, we can continue to build upon the success of the Summit, now that the budget deal has been approved.  The agreement will allow up to $7 million to expand and enhance the program, and we at the Commerce Department are pleased to have this extra support to bring more companies to our shores.

In fact, the U.S. has welcomed investment to our shores for centuries. Our market has provided long-term stability and unmatched returns for investors. Today, the United States is the largest recipient of FDI in the world, and in 2012 alone, more than $160 billion dollars of FDI flowed here. Total foreign stock and assets are measured not in billions, but in the trillions of dollars. Clearly, FDI is an important contributor to our economy.

Looking South for Your Next Business Opportunities

Look South logo

Guest blog post by Michael Masserman, Executive Director for Export Policy, Promotion, and Strategy, International Trade Administration, U.S. Department of Commerce

This week Commerce Secretary Penny Pritzker announced the Look South Initiative, a movement to help American businesses leverage the Free Trade Agreements the United States shares with 11 countries in Latin America.

The Initiative is an important new part of the Commerce Department’s Open for Business Agenda, supporting American companies looking to increase their global presence.

More and more businesses are exporting, which is leading to record levels of exports for the country. That supports the U.S. economy, and it helps create jobs here at home.

However, most companies that currently export are only taking advantage of one market. Companies exporting to one market average roughly $375,000 in export sales. For a company exporting to two-to-four export markets, that average nearly triples to $1 million in sales. It's clear that exporting to additional markets improves a business's bottom line.

For businesses looking to expand their export markets, "Looking South" is a simple way to start. More than half of our free trade agreements are in Latin America, which generally equates to greater easer in entering those markets. Tariffs are low if they exist at all, which can mean a lower cost of doing business. 

Big Turnout in NYC Puts Spotlight on Exporting Anniversary

Image of mayor's proclamation

Cross-post, ITA's blog Tradeology by Curt Cultice, Senior Communications Specialist

The Alexander Hamilton U.S. Custom House in New York City was the setting on a wintery Monday, December 16, as more than 250 businesspeople and other participants turned out for the 100th anniversary celebration of the opening of the New York U.S. Export Assistance Center. Mayor Michael Bloomberg also proclaimed December 16 as “NY U.S. Export Assistance Center Day,” further recognizing the impressive milestone.

Acting Assistant Secretary for Global Markets and Director General of the U.S. and Foreign Commercial Service Judy Reinke keynoted the event, saying, “New York businesses recognized 100 years ago what we know holds true today: The world is full of consumers who highly value U.S.-made products.”

Last year, the New York City metro area exported $102.3 billion in merchandise exports to world markets, making it the 2nd largest metropolitan export source in the United States.  Read ITA's full blog