International Trade encompasses the processes of exporting and importing goods and services to increase a company’s overall performance resulting in greater stability, growth and job creation.
Our agency provides no cost counseling services and low cost training in the areas of international trade. We coordinate programs with other related state and federal agencies to provide a comprehensive approach to understanding the different factors involved in trade. Analyzing a company’s current operations is a vital first step in determining how international trade can be of benefit.
Working closely with key personnel we determine a company’s export readiness, provide suggestions on how to create effective and efficient internal processes to ensure compliance with associated federal rules and regulations. We assist with market identification, entry strategies including partner searches, pricing, logistics and identifying foreign market import regulations. Consider us your support team!
Our support for import strategies includes assistance with federal rules and regulations, best suppliers and partner searches. Our team is also up to date on all state, federal and private programs available for your financing needs. This includes the latest grants and research and development opportunities.
Reasons to Consider Exporting
95% of the World’s Population and 2/3rds of the World’s Purchasing Power is outside of the U.S.A., giving American businesses a world of opportunities to explore. Developments in information technology and transportation continue to have a positive impact on international trade. Now is a great time to determine if exporting is right for your company.
Some of the other reasons your company should consider exporting:
Enhance domestic competitiveness
Gain information about foreign competition
Increase sales and profits
Gain global market share
Reduce dependence on existing markets
Exploit corporate technology & know-how
Extend the sales potential of existing products
Stabilize seasonal market fluctuations
Enhance potential for corporate expansion
Sell excess production capacity
(SOURCE: SBA Export Business Planner)
Long term financial benefits
Exporting firms grow faster and fail less often than companies that don’t.
U.S. exporting firms experience 2% to 4% faster annual growth in employment.
Exporting firms expand their annual total sales about 0.6% to 1.3% faster
Workers employed in exporting firms have better-paying jobs than their counterparts in non-exporting firms
Blue-collar workers in exporting firms earn 13% more.
Wages in large plants that export are 23% higher.
Wages in small plants that export are 9% higher.
Benefits at exporting plants are 37% higher.
White-collar employees in exporting firms earn 18% more.
If you are considering exporting your product(s) watching the videos provided in the links below will assist you in making your decision by giving you the basic information you need to know. These videos are meant to be a starting point for you as an exporter. They will help you to understand the benefits of exporting and will act as a tool to assist you in identifying the questions you need to ask in order to make informed decisions.
These videos can help you begin the discussion of how exporting will affect your company’s internal processes. Your SBDC International Trade Specialist is here to work with you to understand the information outlined in the videos, assist you with the process and direct you to resources for further guidance if necessary.
Take Your Business Global
Please follow the link below to access the Small Business Administration’s video series titled “Take Your Business Global.” Inc., AT&T and the U.S. Small Business Administration bring you video success stories from small business exporters and interviews with expert trade specialists.
In order to fully understand your responsibilities as an exporter the U.S. Department of Commerce along with the Census Bureau and the Bureau of Industry and Security have developed a series of videos to walk you through the rules and regulations that govern commercial products and services. Please use the link below to access this video training series. Again, your SBDC International Trade Specialist is here to work with you to understand the information outlined in the videos, assist you with the process and direct you to resources for further guidance if necessary.
An export license grants permission to conduct a certain type of export transaction. It is issued by the appropriate licensing agency after a careful review of the facts surrounding the given export transaction. Most export transactions do not require specific approval in the form of licenses from the U.S. Government. In fact, a relatively small percentage of all U.S. export transactions require licenses from the U.S. government. It is up to the exporter to determine whether the product requires a license and to research the end use of the product, in other words, to perform “due diligence” regarding the transaction. Exporters should learn which federal department or agency has jurisdiction over the item they are planning to export in order to find out if a license is required. Please use the link below to access information regarding licensing requirements:
The CTSBDC: An essential element of a larger vision
The Connecticut SBDC is a part of a comprehensive network of efforts that will boost the economy of the state. For instance, the University of Connecticut was selected to operate one of four Innovation Ecosystem/CTNext hub statewide. Also, after years of planning, the University of Connecticut unveiled the Technology Park. The Technology Park will provide a major link between entrepreneurial discovery and existing businesses. It is a critical thread in the fabric stretching across the state, with much being woven through the intellectual and physical structures of the university.
Contact the Connecticut Small Business Development Center Program at:
The University of Connecticut 2131 Hillside Road Suite 3026 Tasker Building Storrs, CT 06269
Mary Holz-Clause, PhD Vice President for Economic Development, University of Connecticut