World Trade Problems
How Global Affairs Impact West Virginia Exports
CAITLIN ASHLEY-LIZARRAGA
War , conflict , economic sanctions , extreme weather and global pandemics can all affect international trade . However , the overall impact on international sales can take time to determine .
Barriers to trade , like economic sanctions , can effectively stop the sale of goods and services to a particular area . Extreme weather and global health crises can halt shipments and create supply chain catastrophes .
In 2020 , West Virginia experienced a 23 % decrease in the international sale of goods in export statistics tracked by the U . S . Census . However , exports the following year rebounded , with export sales totaling $ 6.3 billion , placing the state third in the nation for growth . According to export statistics from the third quarter in 2022 , the Mountain State continues to grow export opportunities . The ability to quantify the impact of external political events on West Virginia exports is limited by the data available and the anecdotal retellings from small business exporters . The bigger question lies in what small businesses can do to manage the impact of those situations that , ultimately , they have little control over .
Losses that occur from global events beyond the control of an individual company can be mitigated in other ways . For example , economic sanctions on a country may halt the sale of a particular item , but new markets for that item may emerge .
Following trade restrictions on Russia in 2022 , exports have sometimes slowed and halted . West Virginia product exporters with customers in the energy sector in Russia have experienced delays in shipments and the additional requirement of checking the growing list of embargoed products to ensure they comply with U . S . customs regulations . While this additional due diligence adds time to the daily paperwork , it is a requirement and part of the cost of doing business internationally . Meanwhile , these exporters have looked to expand into new markets using similar technology . This diversification allows the small business to ride out political conflict and limit the overall effects on the business .
The U . S . Commercial Service , the federal agency responsible for promoting U . S . exports , has received trade leads for coal shipments to countries like Poland . As the war
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WEST VIRGINIA EXECUTIVE