More than 70 percent of the world’s purchasing power is located outside of the United States and more US companies are exporting now than ever before. In 2017, our recreational boating industry alone exported more than $1.75 billion dollars in boats and marine engines worldwide.
But precisely because domestic sales are currently so strong and headlines are dominated by the current trade war, you may be asking why you should continue to invest in exporting at this time? “I can’t keep up with our domestic orders let alone invest in finding new ones overseas,” is what I hear repeatedly.
The answer is: Be proactive rather than reactive as it takes time and a commitment to compete successfully in the global marketplace. Hire a new employee if you must to focus on this effort as it will provide your company with what could be its lifeline for when the next domestic slowdown occurs – and it will - as everything is cyclical.
The overall benefits of exporting can be significant beyond ensuring your ability to successfully navigate any seasonal or economic downturns. You can also increase sales and revenue and better compete domestically. The knowledge you’ll gain by working in international markets can give you a competitive edge and enhance your domestic business. Selling overseas doesn’t have to be any more risky than selling domestically either. Perhaps most importantly, you’ll diversify your markets so you are not dependent on any one market for your company’s continued success.
A good place to begin is by connecting with the myriad of international buyers that will attend IBEX this October. In fact, the show is proactively working to bring qualified B2B buyers from countries around the world, right to you.
Prepare now. Come to IBEX with a global perspective. There are numerous resources offered at the federal, state and local level to help your company maximize its export efforts and minimize any risk.
Visit www.nmma.org/international/export-resources to learn more.
Julie Balzano
Sr. Director, Export Development
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National Marine Manufacturers Association