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World Trade Global Advantages

World Trade Global Advantages. In our changing global environment, international regulations and requirements are much stricter and better enforced. That's why it is essential that your company be aware of all the changes that affect your business and its international operations. Companies all across the state of Kentucky are actively engaged in the global marketplace and as a state, we are well placed to take advantage of the diverse benefits.

Local communities, government leaders, and educational institutions are working together to ensure that we maintain our competitive edge and ensure the future of our state. The Kentucky World Trade Center (KWTC) is at the forefront of doing business internationally and can help you as you navigate the seemingly complex web of the international system.

Exports: Kentucky exported nearly $19.6 billion in goods during 2007, an increase of $2.4 billion or 13.8% over exports in 2006, which were $17.2 billion. KY ranks 17th among the 50 states in exports and 8th in exports per capita.

KY’s Top Exports:

  1. Transportation Equipment: $7.7 billion
  2. Chemicals: $3.5 billion
  3. Machinery, except Electrical: $1.7 billion
  4. Computer and Electronic Products: $1.6 billion
  5. Primary Metal Manufactures: $748,387

Manufactured goods account for nearly 96% ($19 billion) of KY's exports.  Agriculture accounts for 2% ($296 million), while minerals and ores account for less than 1% ($60 million).

Kentucky exported products to 177 foreign countries.  Top foreign markets include:  Canada ($6.6billion), France ($1.9 billion), Mexico (1.4 billion), Japan ($1.2 billion), and the United Kingdom ($977 million).

Foreign Direct Investments (FDI) in 2006: Kentucky ranks 19th among the 50 states in FDI employment, and 12th in property, plant & equipment investments (4th when calculated in per capita terms). Japanese foreign direct investment accounts for 32.4% of the FDI employment total compared to the national average of 11.8%. KY ranks above the national average of 4% with 5.2% of total employment created by FDI. FDI in KY has generated 91,000  total jobs, with 48,400 of them in the manufacturing sector.

Location: Companies such as Lexmark International, YUM!, GE, Ford, UPS, Tempur-Pedic, Toyota, Brown Foreman, Webasto, and many others have all chosen to locate in Kentucky due to our strategic geographic location to the rest of the United States.

Language Advantage: It is estimated that Kentuckians speak a total of 93 languages, from all linguistic groups and parts of the globe. Kentucky has a particularly strong representation of Spanish speakers. With the strong growth in recent years of foreign direct investment in Kentucky, there are also increasing numbers of German, Japanese, Dutch, Russian, and Chinese speakers. In general, Kentuckians are becoming more and more comfortable with foreign languages.

Top 10 Reasons for International Trade:

  1. Increase sales and profits
  2. Expand the market for your products
  3. Extend product life cycles
  4. Create an outlet for saturated domestic capacity
  5. Protect against seasonal downturns
  6. Reduce impact of domestic business cycles
  7. Outmaneuver your competition
  8. Introduce new or modified products for export
  9. Impact the local economy
  10. Turn a small business into a larger one

Sister City/State Programs: The State of Kentucky is an active participant in the Sister City/Sister State programs in the United States, with 20 Kentucky cities, towns, and counties affiliated with a Sister City throughout the world.

 

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