The objective for any company, regardless of industry, is to profit and grow. One of the best ways to achieve this goal is to export products where they are most valuable around the world. Benefits from doing so vary from increased sales, reduced risk, economies of scale, capitalizing on untapped markets, and more. Manufacturing is no exception to these effects, and is in fact one of the more successful industries to take advantage of global exporting.
After the recession of 2008, it was largely thanks to U.S. exports that helped lead the country out of its depression. Manufacturing played a large part in this and is an especially lucrative industry, accounting for nearly 61% of all U.S. exported products in 2010. Some of the most successful manufacturing sectors include fabricated metal products, medical equipment, machinery, and chemicals.
Growing by over 50% within the past 8 years, manufacturing continues to perform well abroad, driving the U.S. economy with over $1,403.06 billion in sales in 2014 alone. What’s perhaps most surprising is that small business accounted for over 96% of all exported manufacturing products in the U.S. With new partnerships being made through the Free Trade Agreement with countries all over the world, manufacturing is becoming a vital factor in the strength of America’s economy and there has never been a better time to export.
Those factors and others comprise the central focus of the inaugural National MBE Manufacturers Summit 2016 scheduled for March 24 in Atlanta. The Minority Business Development Agency (MBDA) Business Center Network is hosting the Summit, which is sponsored in part by BMW, the Georgia Manufacturing Extension Partnership, Grady Health Systems, Ingersoll Rand, and Novant Health. It will be held at the Georgia Institute of Technology’s Global Learning Center.
For more information on “Global Manufacturing and Supply Chains: Exporting as a Ticket to Success,” be sure to Register for the National MBE Manufacturers Summit 2016.
Source: “United States Manufacturing Facts.” NAM. National Association of Manufacturers, Feb. 2015. Web. 16 Feb. 2016.”