Only time will tell if the Inland Empire chooses to expand its exports into foreign markets. As a key logistics hub, the U.S. Department of Commerce is continuing to encourage the Inland Empire to open up to the global market. Since nearly all imports that come into the United States through the Los Angeles and Long Beach ports come through the Inland Empire, many regional business advocates believe this is the right move to make.
Efforts continued at a recent trade conference at the University of La Verne where the U.S. Department of Commerce reminded officials that this is a great step in the right direction. As of now, numbers show that about 10% of businesses in the Inland Empire export their services and products, but regional director of the U.S. and Foreign Commercial Service, Richard Swanson, says these numbers can be even more impressive with this move.
Since many other countries are in need of high quality, American-made products, this can be extremely beneficial for the local economy as a whole. Currently, the most commonly exported products out of the Inland Empire include transportation equipment, electronic products, chemicals, and machinery. Additionally, large majorities, almost 58% of small and medium businesses currently sell their goods and services to only one foreign country. However, if those 58% of businesses decided to start exporting to two foreign countries, U.S. exports would increase by 30-40%.
Only time will tell if the Inland Empire chooses to make this major move, however, since local economic stimulation is a guarantee, this deal is looking quite promising.
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