International business is critically important to St. Louis | Opinion
By Susan Spitz | St. Louis Business Journal
Dilip Vishwanat | SLBJ
When it comes to economic development in St. Louis, the impact of international trade is often overlooked. International exports bring $10.9 billion in annual revenue to Missouri. There are more than 2,700 companies in Missouri that export internationally , and nearly 85% of those are considered small or mid-sized enterprises. Exports also support 94,000 jobs in the region.
These numbers show why it is crucial for us to continue finding new global markets, building partnerships and increasing cross-border sales in our region.
Despite today’s trade wars and tariff challenges, international sales often bring higher profit margins and create a hedge against risk. U.S. products and services carry a strong global reputation for quality . And international demand does not always follow U.S. economic cycles—some local companies survived the Great Recession specifically because they had overseas customers.
The state of Missouri and the St. Louis region punch above their weight when it comes to international support for businesses. Missouri’s international trade ecosystem is unusually collaborative, with entities focused on helping businesses rather than competing. The Missouri Department of Economic Development’s Office of International Trade and Investment has 14 foreign offices on five continents that provide on the ground support to Missouri companies entering those markets. Our region also hosts a federal U.S. Commercial Service office that can connect businesses with U.S. embassies worldwide and lead trade show delegations. And through the World Trade Centers Association’s worldwide network of 300 plus, World Trade Center St. Louis can support both importing and exporting. We all agree that the goal is to grow our economy by supporting businesses.
Where we can improve throughout the region is in awareness. Many companies assume exporting is too complex or ignore inquiries from potential international buyers. That is often a missed opportunity . Our ecosystem exists precisely to help companies explore global markets, reduce complexity and strengthen their business against economic downturns.
Local industries already succeeding in importing and exporting include agriculture, medical manufacturing, vehicles and parts, consumer packaged goods, aerospace and our strong startup community , especially in biotech and agtech. St. Louis is globally recognized for plant science, and we’re seeing more foreign companies invest here, particularly in the agtech corridor near the Donald Danforth Plant Science Center.
A growing sector across the country is service exports — consulting, legal, design, IT services, education, performing arts and more. Approximately 30% of U.S. exports are now services, which are much simpler to execute than exporting products.
For any company considering international sales, the resources available are extensive. These include market research, background checks, introductions through foreign offices and embassies, export planning, logistics and compliance guidance, and many of these services are taxpayer funded, so they come at no cost to the business. There are even grants to cover some of the costs involved with international expansion.
For any local company that is curious about international sales, exploring the opportunity costs nothing—but not exploring could prove costly . Y ou may be overlooking opportunities that could meaningfully grow your business.
Access the original article here.
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Susan Spitz is international business development manager at World Trade
Center St. Louis.
