Working with the US Commercial Service to promote exports through business counseling, education, and community outreach.
On Tuesday, March 24th and Wednesday, March 25th, a delegation of 20 Minnesota educational institutions visited Washington, D.C. for a series of events. The delegation was part of Study Minnesota (www.studyminnesota.us) which is a non-profit organization run by and for Minnesota educational institutions engaged in international student recruitment. With over thirty member institutions representing public universities, private four-year colleges, community colleges, college preparatory schools, and English-language institutes, Study Minnesota promotes a coordinated effort to bring international students – and the economic, cultural and academic benefits that accompany them – to Minnesota.
Over the course of the two day trip, the delegation had the opportunity to interact with diplomatic leaders from 14 international markets and learn about global opportunities from EducationUSA leadership as well as the Institute of International Education. In addition to visits to the Brazilian and Vietnamese embassies, the featured event was the hosting of an evening reception for the diplomatic representatives of North Africa and the Middle East. This reception was supported by the Minnesota Department of Employment and Economic Development (DEED), the Study Minnesota Consortium, the Minnesota Office of Higher Education, Explore Minnesota Tourism, and our own Minnesota District Export Council. The event was attended by more than 125 attendees and featured remarks by:
Through the support of this event and Study Minnesota in general, the Minnesota District Export Council hopes to help promote the state of Minnesota as an educational destination for international students. Nationwide, in the 2013/2014 academic year, the 886,052 international students and their families at universities and colleges across the country supported 340,000 jobs and contributed $26.8 billion to the U.S. economy this equates to a contribution of over $350 million to the Minnesota economy and the support of 3,775 jobs. In addition the economic impact these students help serve as a bridge to home cities helps facilitate trade, foreign direct investment and general knowledge transfer which are all good things for exporters across Minnesota.
(Photo: Dr. Suaad Zayed Al-Oraimi, Cultural Attaché, Embassy of The United Arab Emirates presenting to the Study Minnesota delegation)
MINNESOTA EXPORTS REACH $21.4 BILLION IN 2014, HITTING NEW RECORD
Data show that trade promotion legislation, new trade agreements would benefit Minnesota’s workers and businesses
WASHINGTON – Merchandise exports from Minnesota hit $21.4 billion in 2014, reaching a new record. Minnesota’s exports in 2014 helped the U.S. achieve a record high for goods and services exports: $2.35 trillion.
Goods exports from Minnesota supported an estimated 106,000 U.S. jobs in 2013, contributing to the 11.3 million jobs nationwide that were supported by both goods and services exports that year. On average, jobs in these export-related industries pay up to 18 percent more than non-export related industries.
According to data released by the Department of Commerce’s International Trade Administration, Minnesota’s goods exports in 2014 were led by a number of sectors, including computer and electronic products ($3.8 billion); machinery, except electrical ($3.2 billion); and transportation equipment ($2.6 billion).
“Exports are critical to economic growth and job creation in communities across the country,” said Secretary Pritzker. “With 95 percent of the world’s consumers living outside the United States, opening more markets to ‘Made in America’ goods and services is fundamental to our nation’s competitiveness, job creation, and the economic security of our families.
“An estimated 106,000 U.S. jobs were supported by Minnesota’s goods exports in 2013 alone. The Obama Administration has set an ambitious trade agenda that will help our businesses, workers, and innovators compete on a level playing field around the world, so they can expand and hire here at home. Now is the time for Congress to pass bipartisan trade promotion legislation, so we can enact new trade agreements with high standards that uphold our values and protect our national security.”
These data further demonstrate the important role that trade and exports have played in America’s and Minnesota’s economic recovery. In order to build on that momentum, Congress must pass bipartisan trade promotion legislation, which will allow the Administration to negotiate new trade agreements that increase accountability and high standards, uphold our values, and open new markets to American goods and services.
Minnesota is already benefiting from the free trade agreements that the U.S. has in force with 20 countries. More than $10.1 billion (47 percent) of Minnesota’s goods exports in 2014 went to free trade partners. Over the past 10 years (2005-2014), goods exports from Minnesota to these markets grew by 82 percent, with sales to Canada, Mexico, Singapore, and Korea showing the largest dollar growth over this period.
Trade Promotion Legislation
For the past 40 years, Congress has enacted Trade Promotion Authority (TPA) type laws to help guide both Democratic and Republican Presidents in pursuing trade agreements that support U.S. jobs, eliminate barriers to U.S. exports, and set rules to level the playing field for U.S. companies, farmers, ranchers and workers. TPA allows Congress to set high-standard objectives and priorities for U.S. trade negotiators and establish a process for consulting with Congress and the public.
The regional trade agreements under negotiation now – Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) – accounted for 62 percent of U.S. goods exports in 2014, supported an estimated 4.2 million U.S. jobs in 2013. TPA will allow these agreements to become a reality, spurring economic growth in the United States and our trading partners.
Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP)
The Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) would create new market opportunities for Minnesota companies, supporting export-related jobs.
Minnesota exported $10.2 billion annually in goods to all TPP markets (2012-2014 average), which accounted for 48 percent of the state’s goods exports. Minnesota’s exports could benefit from new market access as a result of Brunei, Japan, Malaysia, New Zealand, and Vietnam eliminating their tariffs as part of TPP.
The EU’s tariff elimination as part of TTIP would provide new market access that could benefit Minnesota’s exports. TTIP will be an ambitious, comprehensive, and high-standard trade and investment agreement that offers significant benefits for U.S. companies and workers through eliminating existing trade barriers and better enabling U.S. companies and workers to compete. TTIP will provide new opportunities for U.S. industry, as approximately one-fifth of all U.S. goods and services exports go to the European Union (EU). In 2013, U.S. goods and services exports to the EU supported an estimated 2.5 million U.S. jobs.
Minnesota exported $4.2 billion annually in goods to the EU (2012-2014 average).
Minnesota’s top industrial goods exports to the EU include information and communication technologies (tariffs range up to 14 percent); machinery products (tariffs currently go as high as 9.7 percent); and high-tech instruments (tariffs range up to 6.7 percent).
MN DEC member, Dave Anderson, of Jet Edge explains the benefits of working with support partners such as the MN District Export council in an article in the January 2015 edition of Minnestoa Business Magazine. "How Jet Edge Won Contracts in Africa Thanks to a Trade Mission to China," by Nora Clos highlights how small- and medium-sized enterprises can thrive internationally. Click here to read the full article online in Minnesota Business Magazine.
|Thu Jun 04 @ 8:30AM|
Export Finance Solutions for Small Exporters
|Wed Jun 10 @ 8:30AM|
Finding & Motivating the Right Foreign Business Partner
|Tue Jun 16 @ 8:30AM|
Complying with U.S. Export Controls
|Thu Jun 18 @12:45PM|
US Bank Foreign Exchange Seminar in Rochester
|Tue Jun 02 @12:00PM|
Canada Webinar: Temporarily Moving Capital Equipment & Tools Across the Border
|Mon Jun 08 @12:00AM|
APEC SME GLOBAL SUPPLY CHAIN EVENT – ATLANTA, GA
|Tue Jun 09 @12:00PM|
Canada Webinar: Sending Temporary Workers to Canada from the U.S.