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Utah’s Path To Economic Recovery Runs Directly Through Global Markets
By: World Trade Center Utah
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Despite the pandemic’s unprecedented global economic disruption—or perhaps because of the opportunities hidden within the crisis—Utah’s path to economic recovery and revitalization runs directly through global markets, just as it did a decade ago.
Businesses that export grow faster during economic expansions and are far more resilient during economic downturns. The United States International Trade Commission reported that during the 2008-2009
financial crisis, small and medium-sized businesses that exported had more than twice the total revenue of their non-exporting counterparts. These exporters had revenue growth of 37% between 2005 and 2009, while total revenue declined by 7% for non-exporting businesses over the same period.
International trade and investment now support nearly one in every four jobs in Utah, with small businesses accounting for 85% of Utah’s exporters. Last year, international sales added nearly $5 billion in additional revenue for these small business exporters, and Utah’s export growth rate has led the nation for the past two years.
UAEInbound18: 2018 Business tour of Utah
for the Trade and Commercial Office at the
Embassy of the United Arab Emirates (UAE)
and Commercial Counselor for the UAE to
the United States of America.
RuralBootCamp:
WTC Utah Director of
Business Development
Jim Porter hosting an
Export Bootcamp in
Pric, Utah (2019).
Mexican Ambassador to the U.S. Martha Bárcena following the Utah Economic and Energy
Summit. Also pictured: Val Hale, Former Director of GOED, and Miles Hansen, president and
CEO of WTC Utah. (2020)
Clearly, there are significant global opportunities for Utah companies and important public benefits for internationalizing our economy. Yet, the world is a big place and international business can be daunting. The good news is that Utah businesses don’t have to go it alone.
World Trade Center Utah (WTC Utah) is dedicated to accelerating growth for Utah’s new-to-export businesses and the 3,500 Utah small and medium-sized enterprises that are already competing and winning on the global stage. With the launch of its newly enhanced Global Business Services, the organization can plug in at any stage of a business’s international expansion to catalyze growth while also mitigating risk.
WTC Utah’s Global Business Services team builds on the capabilities WTC Utah has developed over many years of helping Utah businesses grow in markets around the world through increased global sales and investment. The organization has always provided businesses with consultations, data-driven insights and grant funding. Now, in partnership with service providers in Utah and around the world, it also offers market research, strategy development, translation, logistics, freight forwarding, global matchmaking and more. WTC Utah assesses a company’s preparation, strategy and capabilities before the company invests in international expansion. After providing data-driven advice to help develop an international expansion strategy, WTC Utah and its partners deliver services to help companies develop a website, refine their marketing strategy, move product, become legally compliant, and connect with potential partners and customers in markets around the world. The organization also administers public and private grant programs that are designed to bolster global growth for small Utah businesses, especially those in rural Utah and the state’s multicultural communities.
In addition to offering a full range of products and services to help enter and expand in global markets, WTC Utah can also help Utah companies find capital to finance that growth.
Companies ready to go global or expand their current international engagement are able to connect with WTC Utah at any stage to gain a partner with deep expertise that is dedicated to catalyzing the company’s success.
To learn more about how WTC Utah can help your business go global, visit wtcutah.com