The US international trade industry is the biggest in the world; every year, we hand $2 trillion in goods over to international freight shipping companies to export to other countries. American exports account for 68.4% of all international trading across the globe. Our biggest exports are machines, electronics, oil, and vehicles, but there are constantly new commodities emerging, that give American business people the opportunity to discover international business opportunities. Here are a few foreign markets that you should keep an eye on:
- India
The U.S. State Department estimates that within the next 10 years, the middle class of India will grow ten-fold, opening great opportunities for US businesses. However, new export businesses hoping to expand their international freight shipping to India should be cautious of high tariffs and poor transportation systems for moving goods.
Top three emerging markets: Energy efficient equipment, food processing equipment, electronics. - South Africa
South Africa’s economy accounts for 31% of the gross domestic product for the entire sub-Sahara area. Doing business in South Africa is beneficial because of their business-friendly policies, developing transportation infrastructure, and solid financial systems.
Top three emerging markets: IT equipment and services, business franchises, and transportation consulting. - Turkey
Turkey has been an ally to the US for decades, making them a friendly business partner. US exports to Turkey have grown by over 40% in the last five years, with a positive outlook for continued healthy growth in the future. The economy of Turkey has grown by 4% in the last year, and their stable political climate makes them advantageous to work with.
Top three emerging markets: Educational services, medical equipment, and consumer products. - Mexico
As a fellow member of the North American Free Trade Agreement, Mexico has been a longtime trading partner with the US. Goods traded between the two countries exceeds $3.4 billion every week. While the close proximity makes international freight shipping to Mexico a breeze, legal differences in the business practices between the two countries can add complications.
Top three emerging markets: Tourism goods and services, packaging supplies, construction. - Vietnam
Vietnam’s economy has shown steady growth of nearly 6% every year for the last several years, making them a promising country to do business with. Some complications a new business exporting to Vietnam will need to be prepared for are corruption, poor enforcement of patents, and constantly changing regulations.
Top three emerging markets: IT services and equipment, franchises, educational services. - Brazil
Brazil has always been a world giant in agriculture, offering excellent US export opportunities for farm equipment. Additionally, the sky rocking IT industry in Brazil, and the upcoming Olympic games that are creating a booming infrastructure make room for other good cargo shipping opportunities for US businesses. Experts recommend utilizing a lawyer who specializes in international trade when doing business in Brazil, as the the restrictions vary greatly from the Unites States.
Top three emerging markets: Agriculture equipment, IT services and software, consumer products.
Are you familiar with any international markets that offer good business opportunities for US businesses? Please leave your feedback in the comment section below.