The “Look South” export initiative has been an important focus for the Department of Commerce as it looks to connect more businesses with export opportunities in Mexico and the U.S.’ 10 other free trade agreement partners (Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Panama and Peru). The key thing to remember is these are all participating countries the U.S. has FTA’s with and, therefore, low to zero tariff rates on items as well a reduction in market access barriers on all facets of trade.
Why Go South?
Growing Middle Class
Latin America’s growing middle class results in more demand for products from a variety of industries, but not just any demand: a demand of high-quality products, which is America’s sweet spot.
Use Federal Export Assistance & Financing
Many federal programs, such as EXIM’s export finance products, help provide financing to small businesses as they look to expand into markets abroad. Certified trade events and trade missions put on by the Department of Commerce help connect foreign buyers to U.S. businesses as well. Trade experts within each U.S Export Assistance Center (USEAC) are on hand to help guide you through the exporting world and get to that first sale.
Discover New Markets
Once U.S. companies perform their market research and due diligence, they’ll find that their products and services are highly desired within certain sectors such as healthcare, construction, solar energy and so on. Here’s a glimpse into some of the latest market news coming out of “Look South” participating countries:
- Increasing opportunities for U.S. automotive aftermarket exports especially in Peru, Guatemala and El Salvador – read here.
- Construction is booming in Nicaragua and demand is rising for “green” products – read here.
- Opportunities in manufacturing and agricultural exports are rising in Colombia – read here
Nothing is more important than finding untapped markets and closing your next sale. Don’t wait any longer. Use the federal resources around you and take advantage of the “Look South” initiative. The Department of Commerce has created “Look South” best prospector reports through 2015 that include detailed information about each of the countries’ leading sectors for U.S. exports and investments. To view prospector reports, click here.