Entering the global marketplace through exporting can significantly boost profitability and open up new avenues for growth . Studies by the International Trade Administration reveal that exporting businesses enjoy a 12 percent higher profit margin compared to those that do not export . In Washington State , this margin can even reach up to 20 percent . This increase in profitability is attributed to the broader global customer base and the advantages of accessing markets with higher demand or a willingness to pay premium prices .
Further , companies that export are exposed to new and unique project opportunities , moving that business into growth and development . Some research suggests that companies that export are 8.5 percent more likely to introduce new products or services as a result of this exposure to projects , pushing them outside their core capabilities . Exporting nurtures innovation . Innovation creates a competitive edge as the marketplace shifts and demand changes .
The Washington State Department of Commerce , U . S . Commercial Services and the SBA are organizations that can support your company ’ s exporting journey , providing resources , guidance and expertise to help you succeed in the global market . Together they can support your company with market research , trainings and workshops , trade missions and trade shows , business matchmaking , export financing assistance , export compliance assistance , and more .
One example of the support Washington State offers is the STEP Export Voucher Program . The export voucher program , funded by the U . S . SBA ’ s State Trade Expansion Program ( STEP ), provides financial assistance to eligible small businesses looking to develop or expand their export activities .
48 NORTHWEST AEROSPACE NEWS