Presentation to Senate Committee on Business, Financial Services & Trade — Washington's International Trade
Summary
Slides titled Washington's International Trade, presented to the Senate Committee on Business, Financial Services & Trade by Chris Green, Assistant Director, OEDC, dated March 25, 2021, for the Washington State Department of Commerce. The slides say one-third of all Washington jobs are directly or indirectly tied to international trade, and that companies that export are 17% more profitable than those that do not. They state that in 2016, 12,147 companies exported from Washington. They list strategies for increasing export activity: increase FDI and export assistance capacity, expand overseas representation, and provide additional access to vouchers and export capital.
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- Issuer
- Congressional materials
- Document type
- 2021 03 25 A28816 D233771 Wa Department Of Commerce Washington S International Trade P
- Date
- 2021-03-25
- Case
- 2021 03 25 A28816 D233771 Wa Department Of Commerce Washington S International Trade P
Cite this document
“Presentation to Senate Committee on Business, Financial Services & Trade — Washington's International Trade.”
Original at app.leg.wa.gov, dated 2021-03-25. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-25-2021-03-25-a28816-d233771-wa-department-of-commerce-washington-s-international-trade-p/
, SHA-256 e5d3c595799ef838ddfd94dc6c102e7c6e85568c3d721902f4ab07a79249fe67.Full text
Washington’s
International
Trade
A presentation to the Senate Committee on
Business, Financial Services & Trade
Chris Green
ASSISTANT DIRECTOR, OEDC
MARCH 25, 2021
We strengthen communities
HOUSING INFRASTRUCTURE BUSINESS ENERGY
HOMELESSNESS ASSISTANCE
PLANNING COMMUNITY FACILITIES CRIME VICTIMS & COMMUNITY
PUBLIC SAFETY SERVICES
WASHINGTON STATE DEPARTMENT OF COMMERCE 2
Washington Exports in Goods (Adjusted)
Total Non-Aerospace
90 35
80 79.3
80
72.3 71.2 30 31.8
69.5 31.2
70 28.6
25 27.1 27.1 27.7
60 53.8 25.3 24.6
50 20
40 32.8 15
30
10
20
5
10
0 0
2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020
WASHINGTON STATE DEPARTMENT OF COMMERCE 3
Washington’s top export markets (2020)
PHILIPPINES 876,412,084
9 10
TAIWAN 1,258,273,131
8 MEXICO 1,281,752,451
7 GERMANY 1,412,292,460
6 UNITED KINGDOM 1,478,268,844
5 SOUTH KOREA 1,490,701,143
4 TURKEY 1,622,015,289
3 CHINA 3,336,071,200
2 JAPAN 3,916,172,777
1 CANADA 6,135,578,243
WASHINGTON STATE DEPARTMENT OF COMMERCE 4
Washington’s overseas consultant network
WASHINGTON STATE DEPARTMENT OF COMMERCE 5
The $300K has broadened and deepened our
reach in important markets
$300K
State funds supporting:
State • Canada
Trade Reps
• Japan
& Missions • Korea
• China
$562K
Federal • Taiwan
WASHINGTON STATE DEPARTMENT OF COMMERCE 6
Export Assistance
WASHINGTON STATE DEPARTMENT OF COMMERCE 7
Fragrance by Molly Ray
• Molly Ray is a local perfume manufacturer
• Her business relied on tourism, has been severely
impacted by COVID-19
• Approached Commerce to identify international
markets
• She applied for a STEP export voucher and is working
with Commerce’s trade consultant in Canada
• She now has several promising leads
WASHINGTON STATE DEPARTMENT OF COMMERCE 8
Foreign Direct Investment
FDI represents:
• 30.8% of all Commerce-won projects (5yrs)
• 37.7% of all Commerce-supported projects
Source: SelectUSA,
Dept of Commerce
WASHINGTON STATE DEPARTMENT OF COMMERCE 9
FDI Creates Jobs and Stimulates Innovation
DENSO chooses Washington
• Japanese automotive
powerhouse opens an
office in Seattle
• This $43B giant spends
close to 10% of its sales on
R&D
• At its Seattle Mobility Lab,
Denso works with local tech
companies and universities
on developing cloud
computing technologies for
automated driving
WASHINGTON STATE DEPARTMENT OF COMMERCE 10
Why it’s important
MARKETS: Over 80% of the world’s purchasing power is outside the U.S.
PROFITS: Companies that export are 17% more profitable than those that
don’t!
RESILIENCY: Exporting helps companies ride out economic downturn.
EFFICIENCY: Fully use existing production capabilities.
EMPLOYMENT: One-third of all Washington jobs are directly or indirectly
tied to international trade
WASHINGTON STATE DEPARTMENT OF COMMERCE 11
Comparing exporting practices
Finland - 19% Less than 1 percent of U.S
Denmark - 17% companies engage in export
UK - 9%
Germany - 9% In 2016, 12,147 companies
Italy - 7% exported from Washington
France - 6% (latest year available)
Australia - 15%
Canada - 6% In 2018, 58.9 percent of
exporters reported exporting to
only one country
WASHINGTON STATE DEPARTMENT OF COMMERCE 12
2021 National SIDO State Survey Responses:
What are business barriers to exporting?
Answers Percent
Understanding foreign regulations 51%
Identifying foreign buyers 79%
Obtaining export capital 40%
Navigating domestic export license requirements 28%
Other 19 %
WASHINGTON STATE DEPARTMENT OF COMMERCE 13
Strategies for increasing export activity
Increase FDI & export assistance capacity
Expand overseas representation
Provide additional access to vouchers and export capital
WASHINGTON STATE DEPARTMENT OF COMMERCE 14
www.commerce.wa.gov
Thank you
Chris Green Jasmine Vasavada
ASSISTANT DIRECTOR, OEDC LEGISLATIVE DIRECTOR
Chris.Green@commerce.wa.gov Jasmine.Vasavada@commerce.wa.gov
File and source
- File
- 2021-03-25_a28816_d233771_wa-department-of-commerce-washington-s-international-trade-p.pdf
- Size
- 530,563 bytes
- SHA-256
- e5d3c595799ef838ddfd94dc6c102e7c6e85568c3d721902f4ab07a79249fe67
- Original
- app.leg.wa.gov