In 2015, the U.S. exported over $56 billion in merchandise to the United Kingdom. That represents nearly 4 percent of all U.S. exports and makes the U.K. the fifth largest export market for the U.S. After
hitting a 10-year low in 2013, exports have been on the rise to the U.K. for the past two years, but recent political developments could put those gains at risk.

Looking to the global marketplace for economic development and paying attention to export and import trends is no longer an option for state policymakers—it is a necessity.

In 2015, the U.S. exported over $56 billion in merchandise to the United Kingdom. That represents nearly 4 percent of all U.S. exports and makes the U.K. the fifth largest export market for the U.S. After hitting a 10 year low in 2013, exports have been on the rise to the U.K. for the past two years. However, those gains could be in jeopardy following the U.K.’s recent vote to leave the European Union, also known as “Brexit”. On a state-by-state basis, exports to the U.K. range from less than one percent of total exports in six states (Alaska, Hawaii, Nebraska, New Mexico, North Dakota and South Dakota) to a high of 22.9 percent in Utah and 16.3 percent in Delaware.

Following the June 23 vote by the United Kingdom to leave the European Union, there are a number of looming economic impacts not only for European nations, but for the states on this side of the Atlantic that sold $56 billion worth of goods to the UK in 2015. 

Puerto Rico, home of 3.5 million American citizens, is struggling to handle over $72 billion in debt. For many years, the U.S. territory borrowed money by issuing municipal bonds to compensate for declining government revenue. But now Puerto Rico cannot afford to pay back their investors. The territory cannot file for Chapter 9...

The agenda and materials from the 2016 SIDO Washington Forum 2016 are now available. 

State economic development organizations and U.S. companies were on full display last month at the Hannover Messe Industrial Trade Fair. As the world’s largest industrial technology trade fair, held annually just outside Hannover, Germany, Hannover Messe is an international meet-and-greet of sorts, providing U.S. companies and state international trade organizations the opportunity to meet prospective foreign investors and export partners from around the world.

According to the Organization for International Investment (OFII), foreign direct investment in the United States totaled $2.9 trillion through 2014 on a historical-cost basis (cumulative investment). In 2008, investment reached a 10-year peak at $310 billion. In 2009, the global economic recession led to significant reductions in U.S. investment, falling by more than half the previous year’s levels. In 2014, foreign companies invested $112 billion in the U.S. – the weakest year in a decade. However, based on preliminary data for the first three quarters of 2015, OFII suggests that foreign direct investment in the U.S. may make a comeback, possibly breaking records by exceeding $300 billion. 

International trade directors from more than 35 states participated in meetings and discussions with federal officials, foreign dignitaries and other partners at the State International Development Organizations’, or SIDO’s, Washington Forum in Washington, D.C., the first week of April. SIDO members met with federal officials to discuss implementation of two recent legislative actions, namely the passage of the Small Business Trade Enhancement Act of 2015, or the State Trade Coordination Act, and the reauthorization of the State Trade and Export Promotions, or STEP, program.

President Obama and his family’s visit to Cuba March 20, 2016, marked the first time since 1928 that a sitting American president visited the island.  While Obama’s trip included formal bilateral meetings with Cuban President Raúl Castro, the White House and other federal departments emphasized engagement with the Cuban people and the economic opportunity reduced barriers represent for the Cuban people. In doing so, the administration is clearly working to brand the recent loosening of travel and trade restrictions as a new approach to empower the Cuban people and foster economic and political reform.

Pages