Trade Relations between the United States and the World for Doing Business In America
Business in America, especially in Trade, is the lifeblood of many sectors in America’s Economy. While domestic commerce is playing a big role and makes up large parts of the United States economic power, foreign trade strengthens the US role as a major player in the world. Technological breakthroughs, the manufacturing sector, Tourism, Transport, Cars, Aviation, and so on. The list is long and many industries heavily depend on strong international trade.
Export/ Import Regulations
If you have a business abroad, somewhere outside the United States and would like to use the benefits of exporting, you need to get familiar with the different rules and regulations that apply. If you sell goods which are export licensed and exceed a value of over $2500, then they must be filed with US customs. For certain goods like food, textiles and drugs different limits apply that will involve that you need to file custom for much lower values as well. Many other things need to be considered, such as providing the receiver’s tax identification number (IRS number) and the Social Security Number (SSN) depending on who you are shipping to (Source: DHL). The level of regulation is strong and you should check the official requirements, specifically for your industry from official government resources such as United States Census Bureau.
The United States has established bilateral trade agreements with countries and also entered trade partnerships between nations. The latter refers to trade deals like the Trans-Pacific Partnership (TPP) and the North American Free Trade Agreement (NAFTA).
Silicon Valley: The Hub for Technology and IT
The US is known for technology and IT products and services. The Silicon Valley provides access to businesses that are at the forefront of technology and innovation. The amount of available venture capital is enormous and provides more opportunities than you can find elsewhere in the world.
Opportunities in growing markets
Furthermore, if you are doing business in America you will realise that the United States has a risk-favouring mentality and companies are generally more open to invest, collaborate and take risks compared to many other parts of the world. As an example, the demand for digital marketing services is high. Many companies in the US work with international service providers in the digital space. As an example, the UK based web designer company Apexure is predominantly working with US customers because they have a higher inclination to invest in digital media than other markets. Most of their business comes from America. Also, Iceland Landing Page Design is offering their landing page designer services into the US. Another example is the Digital Marketing company Leadcube Media who won customers from the US very soon after launching the business operations based in the United Kingdom. On the other hand, if you are looking into building a landing page for your own business check out Szaboka to find out how to create your own professionally designed high converting landing pages using Photoshop.
Work and Residence Permits
Trade to the United States often involves sending staff members into the country on a temporary or permanent basis. On the topic of visa, residence permit and citizenship we dedicate a few blog posts on it. Check out the immigration section.
Business in America: The Trade Volume
The United States imports more than it exports. The country has a trading volume of 2.3 trillion USD for imports and 1.5 trillion for exports. This shows the large scope of trades and also the negative trade balance with an 800 billion USD deficit (Source: Census).
If you are a business and want to get into trading with the United States market, then make sure you inform yourself properly about restrictions and rules that apply. The opportunities are tremendous and can open many doors for businesses worldwide. Check out the resources mentioned in the articles and get your business ready for global expansion.