58 percent of U.S. exporters export to only one market, mainly Canada. Many small and midsized companies that work with the U.S. Commercial Service have found new customers in dozens of markets. Among the emerging markets for U.S. companies are Vietnam, India, Indonesia, China, Taiwan and Thailand. From the short videos on this page, you’ll learn why these markets are important. You’ll also learn about a few of the many sectors where U.S. companies are competitive. Importantly, you’ll also meet the top U.S. commercial diplomats in these markets who, along with their staff of local market and industry experts, will help you evaluate, enter and succeed.
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China is the world’s fastest-growing major economy, and the fastest-growing U.S. export market. It is now our second-largest trading partner. While China’s GDP grew by 10.3 percent in 2010, U.S. exports to China were up 32 percent, reaching $92 billion, and have more than quadrupled since 2000. Our trade deficit in goods with China totaled $273 billion in 2010, but we had a surplus of $6.7 billion in services trade in 2009. China is the world’s third-largest market for luxury goods behind Japan and the United States. There are more than 200 million Chinese citizens with a per capita income over $8,000, and most economists predict a surge in the number of people achieving true middle class status during the next several years.
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India is seeing rapid economic growth, a growing middle class, and increased urbanization. India’s GDP in 2009 was the 11th largest in the world and 4th-largest in purchasing-power parity terms. GDP growth is expected to reach approximately 8% each year through 2015. Between 2002 and 2009, U.S. goods exports to India quadrupled, growing from $4.1 billion to more than $16.4 billion. India has large potential for investments in infrastructure in order to continue its growth: Over $1 trillion in infrastructure development needs between now and 2030 including in energy (renewable and civil nuclear), as well as in health care (medical technology, pharmaceuticals, and health IT), defense and homeland security, civil aviation (aircraft and infrastructure), retail and franchising, and ICT.
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With 237 million people, the world’s fourth-largest population, 50% of whom are under 30, Indonesia has Southeast Asia’s largest economy, predicted to grow by 8% in 2011. Located on the world’s major trade routes and blessed with extensive natural resources, Indonesia is a top-ten market for U.S. agricultural products and within the top 30 overall markets for U.S. exports.
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With a population of only 23 million, Taiwan is our ninth-largest trading partner, ahead of much larger economies. Taiwan’s GDP grew by almost 10.5 percent in 2010, while U.S. exports increased by 40 percent. Taiwan has considerably lowered its tariffs since its accession to the WTO in 2002. The island has benefited economically from expanding business activities into the Chinese Mainland. Taiwan imports a wide variety of electronic, optical and precision instruments, information and communications products, transportation equipment, machinery, and electrical products. Its high-tech sector relies heavily on technology licenses and imports of specialty components from the United States.
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Thailand’s population is 68 million. Two-way trade was about $33 billion in 2010, with $23.6 billion in Thai exports to the U.S. and $9 billion in U.S. exports to Thailand, an increase of 28 percent, while Thailand’s GDP went up 8 percent. Thailand’s economic growth has created opportunities for U.S. companies in infrastructure sectors, including electrical power, telecommunications, and renewable energy, and also for U.S. medical products, cosmetics, security equipment, food supplements and educational services.
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Vietnam is a true emerging market, offering ground floor and growing opportunities for U.S. exporters and investors. Vietnam’s economic growth rate has been among the highest in the world, expanding at an average of 7.2 percent per year from 2001 to 2010. Since the 2001 Bilateral Trade Agreement, trade between the U.S. and Vietnam has increased over six-fold, from $2.9 billion in 2002 to $18.6 billion in 2010. In 2010, U.S. exports to Vietnam grew by 19.8 percent to $3.7 billion.
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