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U.S. Commercial Service U.S. Department of Commerce US Exports to South Korea Grand Rapids Export Assistance Center.

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Presentation on theme: "U.S. Commercial Service U.S. Department of Commerce US Exports to South Korea Grand Rapids Export Assistance Center."— Presentation transcript:

1 U.S. Commercial Service U.S. Department of Commerce US Exports to South Korea Grand Rapids Export Assistance Center

2 U.S. Commercial Service Our mission:  The U.S. Commercial Service promotes and protects U.S. commercial interests abroad and delivers customized solutions to ensure that U.S. businesses compete and win in the global marketplace.  Operates a seamless worldwide network of offices in 109 U.S. cities and at U.S. embassies and consulates in 80 countries. The U.S. Commercial Service is part of the U.S. Department of Commerce, an agency of the United States government.

3 Why Export? Exports mean jobs. About one of every five factory jobs in America– depends on exports. During the past 25 years, U.S. exports increased five-fold from $224 billion to more than $1.4 trillion in Exports mean new customers. More than 70 percent of the world’s purchasing power and 90% of the world’s population live outside of the United States.

4 Our Network & What It Can Do For You We can... Locate international buyers, distributors & agents Provide help at every stage of the export process Help you to enter new markets faster

5 Why Korea? The 13th largest economy in the world and is an outstanding trading partner for the United States.

6 Michigan Top Export Countries Canada 25,631,000,000 Mexico 5,206,000,000 China 1,313,000,000 Japan 1,308,000,000 Germany 1,267,000,000 United Kingdom 743,000 Venezuela 693,000 France 679,000 South Korea 627,000 Saudi Arabia 545,000 Total Worldwide = $44,371,000,000 Provided by the Office of Trade and Industry Information, Manufacturing and Services, International Trade Administration, U.S. Department of Commerce

7 NAICS Total All Merchandise Exports from Michigan to South Korea in thousands ($ USD) Transportation Eq. Chemical Manufactures Machinery Manufactures Primary Metal Manufactures Processed Foods Non-Metallic Mineral Mfgs Computers & Electronic Prod Fabricated Metal Products Elec. Eq., Appliances & Parts Furniture & Related Products

8 Leading Sectors for Exports to South Korea Automotive Parts and Accessories CNC Machine Tools Computer Software Cosmetics Defense Industry Equipment Drugs and Pharmaceuticals Education and Training Services Engineering Services Medical Equipment & Devices Pollution Control Equipment Security Services and Products Specialty Chemicals Travel and Tourism Wireless Broadband Equip.

9 Getting Started Ask Tough Questions Do Your Homework Use Resources

10 Commercial Service Can Provide Companies Export Counseling Gold Key Service International Market Research Training Programs

11 Market Research Library Country Commercial Guides Industry Overviews Market Updates Multilateral Dev. Bank Reports

12 Market Research

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16 Free Trade Agreements Current Agreements: Israel, Jordan, Chile, Singapore, Australia, Morocco, Bahrain, CAFTA and NAFTACurrent Agreements: Israel, Jordan, Chile, Singapore, Australia, Morocco, Bahrain, CAFTA and NAFTA Pending Congressional Approval: Peru, Panama, Republic of Korea, and ColombiaPending Congressional Approval: Peru, Panama, Republic of Korea, and Colombia Pending Implementation: OmanPending Implementation: Oman Other Negotiations: Malaysia, Thailand, SACU, UAEOther Negotiations: Malaysia, Thailand, SACU, UAE

17 FTA Facts Last year set a record with $1.4 trillion in total U.S. exportsLast year set a record with $1.4 trillion in total U.S. exports Countries with which we have FTAs make up 7.5% of the world, but 42% of exportsCountries with which we have FTAs make up 7.5% of the world, but 42% of exports The Korean FTA would eliminate 95% of tariffs on consumer & industrial goods within 3 yearsThe Korean FTA would eliminate 95% of tariffs on consumer & industrial goods within 3 years

18 FAQ’s What is the first step in exporting?What is the first step in exporting? Do I need a license to export?Do I need a license to export? Payment terms?Payment terms? Qualifications to be a representative?Qualifications to be a representative? Travel vs. internet; why travel?Travel vs. internet; why travel? Documentation?Documentation?

19 Our Clients “ MDEC-West and GREAC have been useful getting us information on international markets, right down to the products being sold, important suppliers, and equipment sold in each country by brand.” American Litho/Konica Minolta Grand Rapids, MI “ We attribute the growth in our international business to the products we build in North America. The international market is opening up and we see a lot of potential to grow” Armstrong International, Three Rivers, MI Burke Porter is the undisputed leader of automotive testing equipment in South Korea. Market share has reached the 90 th percentile in several categories. Burke Porter, Grand Rapids, MI

20 How to Contact Us Thomas Maguire, Office Director Kendra Kuo, International Trade Specialist 401 W. Fulton, Suite 349-C Grand Rapids, MI Tel: Fax:


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