Does your small- to mid-size New Jersey company want to stick a toe in to test international trade waters?
It can be a daunting concept, but one offering growth potential – especially for would-be exporters who can get far more assistance than fledgling importers.
First, you’ll need to conduct extensive market research, due diligence and explore financing needs. There is a dizzying array of federal regulations to follow – with steep penalties for non-compliance. Then, depending on your product or service and the nations you want to trade with, there may be a parade of language, cultural, licensing, legal, tariff and geopolitical hurdles.
So, why even think of selling beyond familiar US shores?
“The simple answer is 95% of the world buyers are outside the US,’’ says Eddy Mayen, manager of New Jersey’s Office of Export Promotion. “[With] that statement alone, you just get big eyes from companies. … They’re just like, ‘What?’’’
International trade is a colossus. In 2018, the US imported $3.121 trillion worth of goods and services, while exporting $2.5 trillion in products, resulting in a $621 billion trade gap, according to U.S. Census Bureau statistics.