U.S. Commercial Service U.S. Department of Commerce US Exports to South Korea Grand Rapids Export...

U.S. Commercial ServiceU.S. Department of Commerce

US Exports to South Korea

Grand Rapids Export Assistance Center

U.S. Commercial Service

Our mission:

The U.S. Commercial Service promotes and protects U.S. commercial interests abroad and delivers customized solutions to ensure that U.S. businesses compete and win in the global marketplace.

Operates a seamless worldwide network of offices in 109 U.S. cities and at U.S. embassies and consulates in 80 countries.

The U.S. Commercial Service is part of the U.S. Department of Commerce, an agency of the United States government.

Why Export?

• Exports mean jobs. About one of every five factory jobs in America–depends on exports.

• During the past 25 years, U.S. exports increased five-fold from $224 billion to more than $1.4 trillion in 2006.

• Exports mean new customers. More than 70 percent of the world’s purchasing power and 90% of the world’s population live outside of the United States.

Our Network & What It Can Do For You

We can...

• Locate international buyers, distributors & agents

• Provide help at every stage of the export process

• Help you to enter new markets faster

Why Korea?

The 13th largest economy in the world and is an outstanding trading partner for the United States.

Michigan Top Export Countries - 2007

• Canada 25,631,000,000• Mexico 5,206,000,000• China 1,313,000,000• Japan 1,308,000,000• Germany 1,267,000,000• United Kingdom 743,000• Venezuela 693,000• France 679,000• South Korea 627,000• Saudi Arabia 545,000Total Worldwide = Total Worldwide =

$44,371,000,000$44,371,000,000

Provided by the Office of Trade and Industry Information, Manufacturing and Services, International Trade Provided by the Office of Trade and Industry Information, Manufacturing and Services, International Trade Administration, U.S. Department of Commerce Administration, U.S. Department of Commerce

NAICS Total All Merchandise   

Exports from Michigan to South Korea in thousands

($ USD)

• Transportation Eq. • Chemical Manufactures • Machinery Manufactures • Primary Metal Manufactures• Processed Foods • Non-Metallic Mineral Mfgs• Computers & Electronic Prod• Fabricated Metal Products • Elec. Eq., Appliances & Parts• Furniture & Related Products

Leading Sectors for Exports to South

Korea

Automotive Parts and Accessories CNC Machine Tools Computer SoftwareCosmetics Defense Industry Equipment Drugs and Pharmaceuticals Education and Training Services

Engineering Services Medical Equipment & Devices Pollution Control EquipmentSecurity Services and ProductsSpecialty Chemicals Travel and Tourism Wireless Broadband Equip.

Getting Started

• Ask Tough Questions

• Do Your Homework

• Use Resources

Commercial Service Can Provide Companies

• Export Counseling

• Gold Key Service

• International Market Research

• Training Programs

Market ResearchMarket Research

Library Library

• Country Commercial Guides

• Industry Overviews

• Market Updates

• Multilateral Dev. Bank Reports

Market ResearchMarket Research

Market Market ResearchResearch

Free Trade Agreements

•Current Agreements: Israel, Jordan, Current Agreements: Israel, Jordan, Chile, Singapore, Australia, Morocco, Chile, Singapore, Australia, Morocco, Bahrain, CAFTA and NAFTABahrain, CAFTA and NAFTA

•Pending Congressional Approval: Peru, Pending Congressional Approval: Peru, Panama, Republic of Korea, and ColombiaPanama, Republic of Korea, and Colombia

•Pending Implementation: OmanPending Implementation: Oman

•Other Negotiations: Malaysia, Thailand, Other Negotiations: Malaysia, Thailand, SACU, UAESACU, UAE

FTA Facts

•Last year set a record with $1.4 trillion in total U.S. Last year set a record with $1.4 trillion in total U.S. exportsexports

•Countries with which we have FTAs make up 7.5% Countries with which we have FTAs make up 7.5% of the world, but 42% of exportsof the world, but 42% of exports

•The Korean FTA would eliminate 95% of tariffs on The Korean FTA would eliminate 95% of tariffs on consumer & industrial goods within 3 years consumer & industrial goods within 3 years

FAQ’s

•What is the first step in exporting?What is the first step in exporting?

•Do I need a license to export?Do I need a license to export?

•Payment terms?Payment terms?

•Qualifications to be a representative?Qualifications to be a representative?

•Travel vs. internet; why travel?Travel vs. internet; why travel?

•Documentation?Documentation?

Our Clients

“MDEC-West and GREAC have been useful getting us information on international markets, right down to the products being sold, important suppliers, and equipment sold in each country by brand.”American Litho/Konica Minolta Grand Rapids, MI

“We attribute the growth in our international business to the products we build in North America. The international market is opening up and we see a lot of potential to grow” Armstrong International, Three Rivers, MI

Burke Porter is the undisputed leader of automotive testing equipment in South Korea. Market share has reached the 90th percentile in several categories.Burke Porter, Grand Rapids, MI

How to Contact Us

Thomas Maguire, Office DirectorKendra Kuo, International Trade Specialist

401 W. Fulton, Suite 349-CGrand Rapids, MI 49504

Tel: 616-458-3564 Fax: 616-458-3872Email: kendra.kuo@mail.doc.gov

www.export.gov/cs www.exportwestmichigan.com