The International Trade Resource Center Presentation for North Country Council By Laura J. Mayo May 7, 2014
Where NH is by the numbers What is the ITRC How We Help NH Companies with International Trade Getting Started The ITRN Funding Taking NH Companies International
New Hampshire Exports by the Numbers 95% of the World s Consumers live outside the U.S. 40% of U.S. GDP growth is from exports 2010 All-time record in New Hampshire exports ($4.4b); an increase of 43% over 2009 Over 2,200 NH companies export to 182 countries 88% of NH exporters are small and medium sized businesses Over 50% of NH s exports are high-tech NH has the 3 rd highest tech concentration in the nation
Where We Are Now by the Numbers $4.28 Billion in Exports for 2013 22.57% increase over 2012 Largest industries Aerospace and defense Medical devices Pharmacological Our stereotypical industries Wood: ($56.5 million in 2013 Ranks 8 th ) Lobster: ($16 million in 2013) Maple Syrup: ($8 million in 2013)
Top 15 Foreign Markets for New Hampshire* 1. Canada 2. Mexico 3. China 4. Germany 5. Netherlands 6. Hong Kong 7. United Kingdom 8. France 9. Japan 10. United Arab Emerites 11. Italy 12. Turkey 13. Brazil 14. Australia 15. Singapore *WiserTrade Report March 20 th 2014 for year 2013
The International Trade Resource Center Who we are and how we help
International Trade Resource Center One Stop Location for Global Marketing Assistance Helping NH Companies that are: New to Export (have never exported) New to Market (have exported but are expanding into new markets) Increase to Market (require assistance in a market where they are already present) New Hampshire companies looking to train their staff
International Trade Resource Center Helping NH Companies to Market and Sell Globally Seminars (15-30/year) Extensive Custom Counseling Export Finance & Insurance Marketing Trade Shows Trade Missions Collateral Materials Market Research Licensing & Compliance Logistics & Documentation Negotiations Worldwide Partner Network Commercial Consuls NHADEC Incoming Delegations Locating & Vetting Agents, Distributors, Partners, Buyers Advocacy/Intervention Food Export USA
Getting Started What we ask companies looking to export Does your company have a product or service that has been successfully sold in the domestic market? If you sell products that you do not manufacture, do your distribution agreements allow you to resell the products internationally? Is your company s management committed to developing export markets and willing and able to dedicate staff, time and resources to the process? Does your company have sufficient production capacity that can be committed to the export market? Is your company committed to providing the same level of service given to your domestic customers?
When Can t We Help? Any company that answered No to the previous questions or: Brand new company Company on the verge of closing Incoming foreign workers We guide them to the resources that will help them get to yes.
Funding for NH Companies Export Expansion Fund (EEF) New Hampshire Matching Grant Program
Export Expansion Fund Public/Private Partnership Who can use these funds? The funds, via indirect grants, would be made available to all New Hampshire businesses, with a concentration on manufacturing companies with 1,500 employees or less in their New Hampshire locations. However, services companies, including educational institutions, travel & tourism, engineering and other service companies, may also qualify for the EEF. What can the funds be used for? Offset the costs of U.S. Department of Commerce, U.S. Commercial Service programs around the globe with the goal of enhancing and supporting international market expansion. Services could include, but are not limited to, the Gold Key program, International Partner Searches, International Company Profiles and Business Facilitation Services.
NH Matching Grant Program Made possible through the STEP Grant from the SBA The STEP program, which was created by Small Business Jobs Act legislation, awards grants to States for the purpose of furthering their efforts of helping small businesses prepare for new international markets, comply with trade regulations, access export financing, and participate in trade missions. Via a 1:1 matching grant, companies may qualify for up to $2,000 reimbursement for export related activities. Who can use these funds? Operate a licensed business in New Hampshire to manufacture, assemble and/or distribute a product, or provide an exportable service Be in good standing with the New Hampshire Department of Revenue and the IRS Meet the U.S. Small Business Administration s (SBA) definition of Small and Medium- Sized Enterprise (SME). Be in business for at least 1 year.
Getting the Word Out About NH Travel Trade Shows Trade Missions Industry Summits Incoming Delegations Aero Montreal Global Supply Chain Summit 2012
Trade Shows Why trade shows? Opportunity to showcase NH businesses and products to specific industries and markets Captive audience is already in attendance Draw of a show brings international customers under one roof Cost-effective way to reach potential customers
Trade Missions Why trade missions? Targets specific underserved markets (country, industry, or both) Official capacity makes it easier to court potential customers Matchmaking is done for the companies so they already have candidates when they land Cost-effective way to meet more than one potential distributor/partner in that country/region
Governor John Lynch talking with NH and Montréal Companies, Montréal Trade Mission, 2011
Governor John Lynch and the US Ambassador to Canada at a reception at his residence in Montréal, Montréal Trade Mission, 2011
Incoming Delegations Incoming Delegations Looking for New Hampshire products/services Networking opportunities Exposure to other business cultures without the travel
Challenges we Face Small office There are only 2 people from the state tasked with International initiatives Reactionary At present, we are only working with companies that reach out to us or are referred to us by one of our partners Funding We would love the ability to discount international travel even more, but are limited by our funding capabilities
Upcoming Events US Commercial Specialist from Abu Dhabi visiting NH Companies, May 12 th Medical Exports Lunch and Learn May 20 th Trade Mission to Turkey June 20-27th Led by Governor Hassan Focus on Aerospace/Defense ExporTech Training Series September 2014-November 2014 Open to New to Export NH Manufacturers Best of New England at MEDICA November 12-14 th, Dusseldorf, Germany Arab Heath Medical Trade Show, January 2015, Dubai, UAE Training Schedule to be announced soon!
Questions? Laura J. Mayo International Trade Officer International Trade Resource Center 172 Pembroke Road Concord, NH 03301 603-271-8444 Laura.mayo@dred.nh.gov