New dollars from the federal government are supporting the launch of the State Trade and Export Promotion Program. It'll help business making their first foray into foreign markets.
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International trade experts were in Duluth on Wednesday to coach local businesses how to boost exports. A representative from the U.S. Commercial Service told business leaders there is federal and state programs that make money available to help them cultivate international customers. David Edmiston told WDIO, "Our main hope is that companies will take advantage of these programs to help grow their businesses, hire more jobs and support the local Duluth economy."
The Minnesota Trade Office and the economic development group Greater MSP are teaming up to open a Shanghai office. The groups say it will help Minnesota export more products to China, which is already the state's number two export market.
A new coalition is trying to increase participation in a federally funded food program and ensure that all Minnesotans who are qualified for the program are participating.
The Minnesota Department of Employment and Economic Development says manufactured, agricultural and mining products were at record highs -- bringing in more than $5 billion. Canada, China and Japan are the state's largest export markets.
Despite slowing economies in Asia and Europe, Minnesota exports broke a record in the second quarter, reaching $5.4 billion. The previous record was $5.3 billion in the same quarter last year. Minnesota increased exports to Canada, the state's largest foreign buyer, by 2.8 percent to $1.6 billion.
Minnesota has been awarded $15.5 million in federal funding to offer small businesses loans in hopes of boosting the local economy. The money is part of President Obama's Small Business Jobs Act, which was signed into law last year.
The plan was formed with the Brookings Institution based in Washington, D.C. Part of the program will help identify potential exporters that aren't aware of an international demand for their product. In 2010, the Twin Cities exported more than $17.5 billion worth of goods and services.
