EXIM recently asked a variety of experts for their predictions about what lies ahead when it comes to U.S. trade and exporting, with a particular focus on how that will impact American small businesses.
The answers covered the spectrum — from strengthening supply chains to supporting underserved communities to advancing technology. These seasoned trade professionals offered insight about exporting to Africa, competing with China, and capitalizing on the growing markets for renewable energy and environmentally beneficial products and services around the world.
Throughout it all, they consistently underscored the opportunities for American businesses that lie outside the U.S. borders in the international marketplace — where 95 percent of consumers live.
EXIM stakeholders discuss the future of exporting. You can also view the video here.
Do Business Anywhere in the World
Here are a few of the predictions from thought leaders in U.S. trade. You can watch the video above to gain additional insights, including comments from the Chairs and Co-Chairs of EXIM's Advisory Committees and Councils.
A Transition Year for Trade Relationships: “Going into this year, I think that we are in a transition year as it relates to our relationship with China, our trade relationship in particular, our trade relationship with Europe given the war of aggression in Ukraine. Interestingly enough, another really interesting development is South America looking at developing one currency, which I think could have a very interesting impact, as South America moves to becoming a much larger trading bloc would provide some interesting dynamics in the world economy," said Heidi Heitkamp, former U.S. Senator from North Dakota and Director of the Institute of Politics at the University of Chicago. She serves as Chair of EXIM’s Advisory Committee.
Improvements in U.S.-Africa Relations: “I think we'll compete better than we have in the past with other regional powers throughout the world, but particularly in Africa. I think that we will see some improvements in U.S.-Africa relations that outshine even some of the good ones that I've seen in the past. … We have both a commitment to showing our goodwill to these foreign markets, but also asking for a level playing field in those marketplaces as well. And I think those two commitments are going to end up making us both welcome and effective in these foreign markets,” said Jude Kearney, Managing Partner at the Washington, D.C., law firm of ASAFO & Co. He serves as Chair of EXIM’s Sub-Saharan Africa Advisory Committee.
Opportunities That Have Not Existed Before: “What I see in 2023 is an increased awareness of the need to work thoughtfully, innovatively, to move into supply chains and opportunities around the world that have not existed before. My own view is that the last three years, we have passed through an inflection point. We've passed through an inflection point on the way that we work and live and interact with one another,” said Admiral Gary Roughead, U.S. Navy (Retired) and the Robert and Marion Oster Distinguished Military Fellow at the Hoover Institution at Stanford University. He serves as Chair of EXIM’s Council on China Competition.
A Bright Future for U.S. Small Businesses
EXIM is committed to helping American businesses succeed in the 21st century. As President Joe Biden said, “Instead of exporting jobs like we did for decades, we’re now creating jobs and exporting products.”
To find out how EXIM can help your business compete in the global marketplace in 2023 and beyond, schedule a free consultation with a trade finance specialist and launch your export journey today.