I often encourage U.S. business owners to consider the growing number of consumers with greater purchasing power in developing countries as an additional market for their goods and services. Well, the impact of consumer demand in emerging markets, such as China, Brazil and Mexico, illustrate the benefits to some U.S. agricultural sectors, as in the case of beef production.
Check out CBS News contributor and analyst Mellody Hobson’s explanation of this trend on CBS This Morning, which aired today. Find out what this trend also means to U.S. consumers.
Usually, when I discuss the impact of international trade on consumers, I highlight the lower prices due to less costly imports. In the case of U.S. beef, the greater exports to countries with a high demand and the ability to purchase U.S. products have resulted in increased prices for U.S. beef consumers. At the same time, U.S. producers benefit from continuing to generate revenue and eventually turn a profit from the high demand in emerging markets.
Today is the last day of Reverend Jesse Jackson’s trade mission to Japan. Sixteen African American business owners within the automobile industry, according to news reports, have been meeting with representatives from Toyota, Hyundai and Nissan. The goal is to identify future business opportunities for U.S. businesses, especially African American businesses along the automotive supply chain.
This trip is timely as the United States continues to forge a trade deal with Japan as a part of the Trans-Pacific Partnership negotiations.
Why are trade missions important for U.S. business owners, including small and medium-sized companies? What do they need to know about these trade missions? I provide answers to these important questions.
A trade mission is one in which a delegation travels to another country to gather first-hand information about specific export markets. That knowledge is gained through meeting with potential business partners, such as company CEOs, buyers and distributors, in the particular countries.
These trade missions can be organized by U.S. Department of Commerce officials, state and local government officials, industry trade associations, universities and a business group.
Who goes on trade missions?
Government officials, business owners, private sector representatives
How much does a trade mission cost?
The prices vary per trip and based on the company size. Nevertheless, a trade mission can cost around $3,000 to $4,000.
How do I go on a trade mission?
You have to complete an application. The next application deadline for a trade mission organized by the U.S. Department of Commerce in June 20, 2014 (Click here for the application). The trade mission is for the safety and security industry representatives to travel to Panama and Colombia.
What are my options if I cannot afford to go on a trade mission?
Reverse Trade Missions (RTMs) – where you can meet government and business representatives from other markets that visit the United States (Click here for a schedule of upcoming RTMs)
These trade missions save time, resources and money while allowing business owners to gather the proper information that they need before exporting to specific markets.
If you have been on a trade mission, please share your experience with us.
International Trade Examiner (ITE) invites its readers to become active participants in the content that appears on the blog. You will be able to offer your own perspective on issues relating to international trade. (ITE does not pay for guest blog posts.)
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The news continues to report on the loss of jobs in the U.S. manufacturing industry due to fierce competition overseas. Did you know that right here in Los Angeles County, we are the number one manufacturing center in the United States? Some local manufacturers have still been able to keep production in LA County, increase the number of jobs and their profits even during the recession.
You, too, can increase your profits by making one simple decision today.
For those who are business owners and want to sell overseas, find out how one simple decision today can increase your profits tomorrow. Subscribe to the Global Research Institute of International Trade (GRIIT) newsletter to learn more – www.griit.org.
Welcome to the International Trade Examiner. As the world becomes more interconnected, our daily lives are impacted greatly by the global economy. For example, consumers benefit from the ability to import less expensive products while local workers may lose their jobs to foreign competition. These changes are driven by the trade policies that are put in place.
International Trade Examiner is designed to educate its readers about current free trade policies and promote debate about their impact on domestic economies, workers and consumers around the world.
Please forward this blog to other interested readers, use in your classroom and participate in the debates presented in the International Trade Examiner.