Given the sluggish U.S. economy, small businesses may have little choice these days but to look abroad for growth and start exporting their products. In many ways some feel it’s the only way to grow. We have to start getting to know more about the world.
The good news: International opportunities are growing, with the U.S. Export-Import Bank having increased small business financing by more than 70% since 2008. But breaking into the global marketplace takes careful planning. There are 3 hot export regions for small businesses to consider if looking for opportunities outside the U.S.
Brazil has the largest population in South America with its economy growing at 3.11 percent. Promising include agricultural processing equipment, consumer products, computers, IT product and services.
Over the past 15 years, the third largest South American economy has transitioned from being highly regulated to a free market. With the free trade agreement signed back in 2011, has increased their trade missions on finding new ways to do business with the U.S. companies. Promising markets in Colombia are security services and equipment, transportation consulting and technology, data processing equipment and services.
India is a growing market for U.S. goods and services. With their young population with the median age of 25, India has a middle class that the U.S. Department estimates will increase tenfold by 2025. Their challenges are high tariffs, multiple languages and cultures and poor transportation infrastructure. India’s promising markets are educational services, industrial textiles, food processing and cold storage equipment, electronics and clean energy as related to pollution control equipment.
Should you wish to have more information on exporting, please contact the South Central ISBDC office in Bloomington.