“Growing your Business through Exports” Business, Tourism, Culture & Rural Development Christopher Percy International Business Development Officer
Did you know? • Canada’s #1 Trading Partner is the United States • Rate of trade between U. S. & Canada $1, 000/ 60 Seconds • The U. S. remains Newfoundland Labrador’s TOP DESTINATION for exports and imports • 28% of all oil used in the USA is sourced from Canada • Total export to all countries is $12, 120, 000 • US: 69% • Europe 14%, Asia 13%, C&S America 2%
The number prove it…yes we export! • Top 10 export countries from NL (2014): • United States $6, 859, 535, 000 • Italy $1, 498, 402, 000 • United Kingdom $955, 295, 000 • Netherlands $648, 604, 000 • China $607, 193, 000 • France $376, 597, 000 • Spain $242, 337, 000 • Chile $225, 651000 • Japan $216, 642, 000 • Bahamas $212, 678000
Provincial Priority Markets The Arctic Greenland UK Ireland Iceland India China US New England South East Mid West Panama Brazil Established priority markets Explorative priority markets
Sectors • Ocean Technology • Aerospace and Defense • Information & Communications Technologies (ICT) • Biotechnology • Life Sciences • Clean-tech • Culture • Digital Media • Food & Beverage • Industrial Supply & Service • Building Products • Education
Why Export? • The main rationale for trade is what economists call ‘comparative advantage’. • It is argued that if we specialize in what we are good at and trade with another nation for what they are good at then both nations will ultimately benefit. • Exporting is fundamental to the health of a an economy. • Exporting is a growth tool (one of many)
Why companies export… • Grow their business • Increase sales and profits • Create market/client diversification • Gain international experience • Offset sales when local markets fluctuate • Extend product/service life • Use excess capacity in business
Do you? • • • Do you have a desirable a product/service? Do you have human resources available? Do you have the ability to finance initiatives? Do you have easily adaptable marketing materials? Are you able to fill existing orders? Have you outgrown your local market? Do you have social media presence? Want to extend your product life? Do you have management buy-in for exporting? Are you ready to commit to exporting?
Reality is… • • Lots of paperwork Rules & regulations Higher cost of doing business Huge commitment More staff resources needed More financial resources More competition But …payoff could be huge
Getting Ready • Assess overall level of export-readiness • • • (we can help! – book a diagnostic) Gather a team Research & choose a market/opportunitiy Develop an export plan research market entry options Determine what part of your product /service line you will export • What are the existing initiatives • Check out competition
Getting Ready • • • Website and 1 -800 # Social media presence Price lists Customs/duties Order/Payment policies Shipping options Minimum orders Insurance Labeling/Packaging
Export Plan • A well crafted export plan can guide your company through your export journey by providing you with: • A clear focus of your goals • A clear budget/financial plan • Market research & niche info • Market entry strategy • Identifies regulatory issues • Identifies financial and political risks • Set out time lines
Trade Activities/Market Entry Options • • • Sector specific or multi sector activities Market intelligence gathering / fact finding Trade shows Trade missions Participation in Conferences i. e. . SEUS//CP /Oceans 14 Activities with in-market partners Matchmaking Introductions & Networking Supplier diversity channels
Training • Determine what you need • Check with your partners to see what is offered • Gather together as a business network to approach a market/training • • • Trade Show Sales Capability Statements/Profiles Pitching Proposal Writing Market Research
Your Community Partners • • BTCRD NLOWE, NEIA, NATI, CME, CBDC etc. Board of Trade/Chamber of Commerce CAMSC/ We. Connect Canada Trade Commissioner Service (Federal) Intellectual Property Office Export Development Canada ACOA
BTRD Targeted Trade Resources • International Trade & Economic Development Officers • Priority markets and strategic sectors • Export education/awareness/outreach • Client counseling • Export readiness diagnostics • Providing market intelligence, such as regulatory issues, logistics, demographic and economic research • Evaluating market entry strategies • Skills training and Business investment programs
Be informed • Allocate time for research- competition’s product, prices, markets, etc. • Sign up & read newsletters • Become member of trade organizations • Virtual trade Commissioner Service • Network • Get yourself known • Have your elevator pitch and capability statement succinct and ready to go
Online Resources Available • Trade and Export Division of Innovation, Business and Rural Development • Department of Foreign Affairs and International Trade • Export Development Canada • World Trade Organization • World Bank Group • CIA World Fact book • Host Country Websites • Variety of other Mediums
Department of Foreign Affairs, Trade and Development Canada
Export Development Canada
World Trade Organization
World Bank Group
CIA World Fact book
Host Country Websites
Thank You
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