Participating Countries & Mission Stops
Commercial Officers from 12 countries will be participating in Trade Winds Asia, and will be available for private consultations with your company.
There are two links in each box below for additional information. The first will provide information on the host country's market opportunities, information about our staff, and general knowledge helpful to U.S. exporters.
The second link is to the Country Commercial Guide (CCG) on that respective country. The CCG provides an all encompassing report including chapters on the political and economic environment, leading sectors for U.S. exporters, trade regulations, investment climate and more! Please follow the links below to learn more about your market opportunities in each country.
South Korea: The long anticipated Korea-U.S. Free Trade Agreement (KORUS-FTA) will be implemented on March 15, 2012 becoming our nation’s largest FTA since NAFTA. The agreement has the potential to increase U.S. exports to Korea by approximately USD 10-12 billion, and it will be especially beneficial for U.S. SMEs. In 2009, nearly 18,000 SMEs exported some USD 8.4 billion worth of merchandise to Korea.
Total 2011 U.S.-Korea trade exceeded USD 100 billion for the first time ever. U.S. exports reached an all time high of USD 43.505 billion. U.S. exports increased 12% over 2010 levels.
Korea is the United States’ seventh largest trading partner. The U.S. is the third largest exporter to Korea with a 9 percent market share. Key competitors include China with 16.8 percent, Japan with 15.3 percent, and the EU’s 27 nations with 10%. With the EU having already implemented its FTA with Korea, U.S. firms will now again be in a stronger competitive situation following KORUS implementation. (China’s trade reflects significant re-export activity.)
Korea’s projected 2012 GDP growth is forecasted at about 3.6%. Its commercial banks maintain strong reserves in case of a possible global slow down or difficulties in the Euro zone.
Hong Kong: Hong Kong is an ideal platform for doing business in Asia, especially for mainland China. Hong Kong is a free port that does not levy any customs tariff and has limited excise duties. Its strong rule of law and respect for property rights make it a strategic platform for U.S. companies, especially small-and-medium sized firms, seeking to do business in Asia. Hong Kong’s statutory trade promotion body, the Trade Development Council, seized upon this unique positioning to create the Pacific Bridge Initiative in late-2010, the first such agreement with a foreign government affiliate to explicitly support the U.S. National Export Initiative (NEI). Hong Kong’s businesses enjoy close links to mainland China and the rest of Asia. According to Hong Kong Government statistics, there are 1,328 subsidiaries of U.S. parent companies in Hong Kong, making the United States the largest source of subsidiaries in Hong Kong. Among those U.S. subsidiaries, 840 are regional headquarters or regional offices.
Taiwan: With a population of 23 million, Taiwan is a thriving democracy, vibrant market economy, and a highly attractive export market, especially for U.S. firms. In 2011, Taiwan was ranked as our tenth largest trading partner in goods, putting it ahead of markets such as India and Italy. It is also our sixth largest agricultural market, and our fifth largest source of foreign students in U.S. higher education. Taiwan is the world’s fourth largest holder of foreign exchange reserves, with over US$ 385 billion in 2011. The Taiwan economy softened slightly from 2010, but still enjoyed 4.03% GDP growth in 2011. Unemployment has remained relatively low, and an appreciating currency makes U.S. goods and services attractive to Taiwan buyers.
Japan: Japan is very much open for business, despite the 9.0 magnitude earthquake and tsunami that devastated the Northeast coast of Honshu, Japan’s main island, on March 11, 2011. Indeed, U.S.-Japan trade actually increased in 2011 over 2010.
Japan remains the world’s third largest economy, after the U.S. and China, with a GDP of roughly $5.9 trillion. Japan is the fourth largest export market for U.S. goods, and our fourth largest trading partner overall in 2011 with over $181 billion in two-way goods trade, a 23.1 percent jump over 2010. In 2011 the U.S. exported $66.2 billion in goods to Japan, up from $60.5 billion in 2010. In services trade, the United States maintains a $19.2 billion surplus with Japan on two-way trade totalling $71.1 billion.
Philippines: Philippine Gross Domestic Product growth slowed from 7.6% in 2010 (the highest in over three decades) to 3.7% in 2011 following one-off factors in 2010 (election spending and heavy post-typhoon reconstruction); lower-than targeted government expenditures; adverse developments in Japan, Thailand, and the Middle East and North African region; and the weak global economic recovery.
The Government reverted to a deficit reduction path in 2011 after opting for higher deficits in 2008 to 2010 to help support economic growth and generate employment. However, the Government spent significantly below target, contributing to the economy’s weaker-than-expected expansion.