Economic Recovery and International Trade
Summary
A presentation titled Economic Recovery and International Trade by Chris Green, Assistant Director of the Office of Economic Development and Competitiveness of the Washington State Department of Commerce, dated December 1, 2020 and addressed to Senate FIEDT. It lists COVID response and recovery funding through Commerce by category: housing, business, local government, tribes, and nonprofits. It introduces an Economic Recovery Dashboard and states the recovery focus areas of equity, small business, high-impact investments, and data. A Safe Start and Recovery Transition slide lists $80M for Working WA Small Business Emergency Grants in three rounds of $10M, $20M, and $50M, plus $18M for the Small Business Resiliency Program and $30M for the Recovery Loan Program.
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- Congressional materials
- Document type
- 2020 12 01 A28047 D223967 Economic Recovery Internation Trade Ppt Doc
- Date
- 2020-12-01
- Case
- 2020 12 01 A28047 D223967 Economic Recovery Internation Trade Ppt Doc
Cite this document
“Economic Recovery and International Trade.”
Original at app.leg.wa.gov, dated 2020-12-01. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-12-01-2020-12-01-a28047-d223967-economic-recovery-internation-trade-ppt-doc/
, SHA-256 8d2d03fca8d9526909c49dd027e514c6253468f405d270f937f3b55b6cd1d55a.Full text
Economic Recovery
a n d In t er n a t ion a l
Tr a de
Chris Green
ASSISTANT DIRECTOR, OFFICE ECONOMIC DEVELOPMENT & COMPETITIVENESS
PRESENTATION TO SENATE FIEDT: DECEMBER 1, 2020
COVID response and recovery funding through
Com m erce
HOUSING BUSINESS LOCAL GOV TRIBES NONPROFITS
$252M $130M $457M $30M $20M
Tot a l t o da t e: >$8 8 0 M
WASHINGTON STATE DEPARTMENT OF COMMERCE 2
Economic Recovery and
Da sh boa r d
State of the US economy
WASHINGTON STATE DEPARTMENT OF COMMERCE 4
NEW: Economic Recovery Dashboard
Measuring the impact of COVID-19 and tracking our recovery
https://www.commerce.wa.gov/datadashboard/#:~:text=Economic%20Recovery%
20Dashboard,COVID%2D19%20across%20our%20state.
WASHINGTON STATE DEPARTMENT OF COMMERCE 5
The economic impact of COVID
-19 is unprecedented
Employment declines greater than the deepest point of the Great Recession
Dashboard screenshot: % change in total employment in September 2020
vs. January 2020 by geography (seasonally adjusted) Impact is deep
WA's deepest point in
WA employment rates are
Great Recession steadily improving but the drop
(Aug 2008 to May 2011) in total employment is still at
Great Recession levels
Idaho (-1%)
Montana (-2%) WA tracking with other states
Washington (-6%) WA curve shaped similarly to
Oregon (-7%) other Western states with
US (-7%) improved economic outlook
California (-11%) through end of summer 2020
Significant uncertainty around
near-term recovery
Disease trajectory may change in
the fall and winter and additional
federal support has not been
Source: Local Area Unemployment Statistics (LAUS) – Seasonally Adjusted, Bureau of Labor Statistics (Includes all workers in the provided
labor force)
WASHINGTON STATE DEPARTMENT OF COMMERCE 6
Trends: Industry sectors
WASHINGTON STATE DEPARTMENT OF COMMERCE 7
Trends: Regional (Leis ure & Hos pitality)
WASHINGTON STATE DEPARTMENT OF COMMERCE 8
Trends: Demographic impacts
WASHINGTON STATE DEPARTMENT OF COMMERCE 9
Economic Recovery Focus
EQUITY: Ensure equitable access to resources for underserved
entrepreneurs and communities
SMALL BUSINESS: Assist small businesses in retooling and pivoting for
safe and successful operations
HIGH-IMPACT INVESTMENTS: Advocate for investment in innovation,
sustainability, and resilience
DATA: Track and promote recovery in jobs and economic activity by sector,
industry, and region
WASHINGTON STATE DEPARTMENT OF COMMERCE 10
Safe Start and Recovery Transition
$80M – Working WA Small Business Emergency Grants
Round 1 - $10M
Round 2 - $20M
Round 3 - $50M
$18M – Small Business Resiliency Program
$30M – Recovery Loan Program
$ 2M – Small Business Technical
Assistance Network
WASHINGTON STATE DEPARTMENT OF COMMERCE 11
Investments to support equitable economic growth
and s trong com m unities
Broadband
Housing
Support for small businesses
Infrastructure & Clean Energy Transformation
Child care
Workforce
WASHINGTON STATE DEPARTMENT OF COMMERCE 12
Investments to support our innovation
econom y
• Cluster Development
• Advanced Forest Products
• Clean Tech
• Aerospace
• Advanced manufacturing
• Life Sciences
• Maritime Blue
WASHINGTON STATE DEPARTMENT OF COMMERCE 13
International Trade
Update on Key Markets appropriation
Trends: Export Volume
WASHINGTON STATE DEPARTMENT OF COMMERCE 15
Why exports are important for small businesses
PROFITS: Companies that export are 17% more profitable than those that don’t!
RESILIENCY: Exporting helps companies ride out economic downturn. It’s more
important than ever for WA companies to develop market diversification strategies!
EFFICIENCY: Fully use existing production capabilities.
MARKETS: Over 80% of the world’s purchasing power is outside the U.S.,
which equals substantial growth opportunity for small businesses.
EMPLOYMENT: Exports create jobs.
WASHINGTON STATE DEPARTMENT OF COMMERCE 16
SBEA VIRTUAL PROGRAM AND SERVICES
COVID-19 Pivots &Expanded outreach to small businessesin rural areas
Virtual workshops
(USMCA, export financing, export compliance, Incoterms, int’l certifications, etc.)
Hands-on export trainings with experts
(market diversification, e-commerce, new export strategies due to Covid-19 etc.)
It’s essential for companies to become more digital to stay competitive and build resilience!
Virtual B2B matchmaking meetings
An effective way to meet and vet potential partners and customers prior to attending in-
person international trade events
Virtual trade shows
Hybrid format: Bio Asia Taiwan (July) and Medical Japan Tokyo (Oct)
= Local representation by overseas consultants
Virtual format: Oceanology International (Dec)
WASHINGTON STATE DEPARTMENT OF COMMERCE 17
SBEA VIRTUAL PROGRAM AND SERVICES
COVID-19 Pivots & Expanded outreach to small businesses in rural areas
Virtual missions to keep and strengthen engagements in key markets
(Virtual mission with Hangzhou, China)
Market research webinars
helping small businesses identify new export opportunities in Europe, Canada, Japan,
South Korea, Taiwan, Brazil, and Israel
In-person trade shows
12 planned international trade shows once international travel resumes
Leveraging partnerships we expanded our outreach to small businesses in rural areas to
ensure they are aware of Commerce’s export assistance services, learn about global
market opportunities, and participate in export activities.
WASHINGTON STATE DEPARTMENT OF COMMERCE 18
Top markets targeted by WA businesses
Japan
South Korea
Taiwan
China
SE Asia
Middle East
Canada
Mexico
South America
India
WASHINGTON STATE DEPARTMENT OF COMMERCE 19
INTERNATIONAL REPRESENTATION
Our network of overseas consultants
Canada
Europe
South Korea
China Japan
Israel
Dubai Taiwan
Brazil
Pre-existing
Negotiating
WASHINGTON STATE DEPARTMENT OF COMMERCE 20
SEPTEMBER VIRTUAL TRADE EVENTS
• The SBEA team organized 10 virtual international trade activities
• 600 participants, including 100+ WA companies
• 7 webinars exploring export opportunities in Europe, Japan, South Korea, Canada, Brazil & LATAM,
and China
• Export clinic (1:1 meetings with Commerce's European representative)
• AI Meet Up with Japan (10 WA start-ups pitching to Japanese companies)
= 285+ registered participants/mostly from Japan
• Virtual mission with Hangzhou, China to continue international engagements
WASHINGTON STATE DEPARTMENT OF COMMERCE 21
UPCOMING INTERNATIONAL TRADE EVENTS
• December 2020:
Oceanology International, London (Dec 1-3, 2020) – Virtual trade show
Scottish delegation to Washington State (Dec 1-8, 2020) – Virtual mission
Web Summit, Lisbon, Portugal (Dec 2-4, 2020) – Virtual trade show
UK Aerospace Industry Update by ADS (Dec 15, 2020) – Webinar
• January 2021
AI Meetup 16.0 mission from Japan to Washington State (January 26th-28th, 2021) – Virtual mission
Aerospace & Defense Digital Trade Mission to South Korea (January 20-21, 2021) – Virtual mission
• February 2021
Medical Japan Osaka (February 24-26, 2021) – Hybrid trade show (virtual & live expo)
Aerospace & Defense Digital Trade Mission to the UAE (Feb 8-9, 2021) – Virtual mission
20th annual PNAA Aerospace Conference (Feb 8-11, 2021) – Hybrid B2B conference
• March 2021
Taipei International Machine Tool Show 2021 (March 15-20, 2021) – Hybrid trade show
Aerospace & Defense Supplier Summit (ADSS) - Seattle (March 15-17, 2021) – Virtual B2B conference
• April 2021
Hannover Messe (April 12-16, 2021) – Hybrid trade show
WASHINGTON STATE DEPARTMENT OF COMMERCE 22
2021 INTERNATIONAL TRADE EVENTS
May 2021
AI Meetup 17.0 - AI Tech Mission to Japan - Virtual Mission from Spain (dates and format to be confirmed)
June 2021
JEC World Composite Expo, Paris (June 1-3, 2021)
Bio Korea (June 9-11, 2021)
Paris Air Show (June 20-27, 2021)
Arab Health, Dubai, UAE (June 21-24, 2021)
July 2021
Mobil World Congress, Barcelona (June 28-July 1 2021)
Bio Taiwan (July 22-25, 2021)
August 2021
HIMSS Las Vegas - August 9-13, 2021
AIX Hamburg - Aug 31-Sept 2, 2021
September 2021
FIME Florida - Sept 1-3, 2021
Defense & Security Equipment Int'l Exhibition (DSEI), UK (Sept 14-17, 2021)
World Smart Energy Week Osaka, Japan (Sept 29-Oct 1, 2021)
WASHINGTON STATE DEPARTMENT OF COMMERCE 23
www.commerce.wa.gov
Thank you
Chris Green
ASSISTANT DIRECTOR, OEDC
chris.green@commerce.wa.gov
206.256.6146
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