Growth of International Trade: A National and Regional Update
2/01/2012
U.S. exports of manufactured goods have made a significant recovery since the downturn of 2009, according to data released last month from the International Trade Administration (“ITA”). From January through November 2011, U.S. exports of manufactured goods totaled $1.158 billion, up 39.2 percent since the same period in 2009.
The overall growth of the manufacturing sector is a trend seen locally in the New England Region as well. The Connecticut Business and Industry Association’s (“CBIA”) 2011 International Trade Survey of Connecticut businesses, of which 62 percent represented the manufacturing industry, found that 60 percent of all respondents export goods and services, up seven percentage points from 2009. In addition, 56 percent of the respondents in the biennial survey, co-sponsored by J.H. Cohn LLP, indicated that exporting has helped them weather the recession and/or better position their companies for a stronger recovery.
In the CBIA survey, James F. Kask, CPA, a partner at J.H. Cohn, summed up the value of establishing an international presence. He said, “For those companies that have already invested in establishing a global presence in sourcing and sales, our turning economy will provide an outstanding opportunity to prosper from this foundation. These companies have been key players in the development of international financial, tax, banking, and other business policies and strategies. We are confident they will continue to shape the global international business playbook of the future, while benefiting from the relationship and practices already established. These companies will prove to be the ever-strong backbone of our American economy and future global market leaders.”
To read the CBIA survey, which also covers international facilities, trade barriers and concerns, and accessing foreign markets, click here.
For more information, please contact James F. Kask, CPA, J.H. Cohn partner, at jkask@jhcohn.com or 860-368-5204.