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Exporting offers numerous advantages for the firm but, unfortunately, many firms have not taken advantage of the incredible opportunities that exist in the worldwide marketplace. The massive restructuring of political boundaries, the collapse of Communism, the opening of new consumer markets, historic trade agreements, and the new World Trade Organization have created unprecedented opportunities for businesses to export. Ours is a global economy, influenced by the worldwide access of manufacturing technology which has created competitive manufacturers able to produce cheaper, faster, and better. Formerly underdeveloped countries have become serious rivals to established economies due to worldwide links to communication systems and the explosion of television, print, and electronic access to information. There has never been a more opportune time for U.S. firms to capitalize on these market shifts. Therefore, it is critical to a country’s and firm’s growth and competitive advantage to export for the following reasons:
Increase Sales and Profits. If the firm is performing well domestically, it is likely that expansion into foreign markets will improve profitability. Recent data from the U.S. Department of Commerce shows that only 3 of 25 businesses export, although they are all capable of it.
Gain Global Market Share. Over 95% percent of the world’s economic activity is outside the United States.
Reduce Dependence on Existing Domestic Markets. By expanding into foreign markets, the firm will increase its marketing base and reduce internal country competition.
Stabilize Market Fluctuations. By expanding into global markets, firms are no longer held captive to economic changes, consumer demands, and seasonal fluctuations within the domestic economy.
Sell Excess Production Capacity. By exporting, production capacity and length of production runs may increase, thereby decreasing average per unit costs and increasing economies of scale.
Enhance Competitiveness. Exporting is proven to enhance competitive advantage. While the firm will benefit from exposure to new technologies, methods, and processes, the country will benefit from an improved balance of trade.
Created Domestic Jobs. In recent years, U.S. exports of goods and services have supported a total of 1.3 million jobs.
Help Reduce the Trade Deficit. Exports represent eight percent of the U.S. Gross Domestic Product (GDP) out of $7,500 billion of annually traded goods and services.
Find Excellent No Cost/Low Cost Experts in Export. For many firms, the decision not to export is based on the fear of the unknown which are often known as the myths, myopia, and misperceptions of exporting. Trade promotion organizations throughout United States have been established to assist companies that are strong domestically but have not contemplated export markets. These organizations help businesses with every step of the export process.
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