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Hanover’s Perspective

Top 10 Reasons to Consider Exporting

For companies thinking about exporting for the first time, sure, there are lots of reasons why it can't be done. Have you ever taken time to think about why it CAN? Here's a quick list of the top ten reasons why Hanover County businesses should consider exporting.

  1. A whopping 95% of the world’s consumers live outside of the United States.
  2. In 2012, U.S. exports set a record value of $2.2 trillion, despite setbacks in the global economy.
  3. During 2011, small and medium-sized companies made up 98 percent (295,000) of exporters.
  4. The U.S. is the largest exporter of private commercial services with service exports totaling $630.4 billion in 2012.
  5. For every $1 billion in U.S. exports, roughly 5,400 direct and indirect American jobs are created.
  6. Every $1 billion of exports in any metro industries translates to one to two percent higher wages. Industries with $10 billion in metro exports bump wages by 20-30 percent.
  7. The top U.S. export markets are in North America (Canada and Mexico!).
  8. The Port of Richmond provides direct access to the Port of Virginia, the deepest port along the east coast, and is a strategic alternative to market access via planes, train and automobiles.
  9. Experts are available locally to provide export counseling from the Small Business Administration, U.S. Commercial Service, Virginia Economic Development Partnership and Virginia Small Business Development Center.
  10. Export counseling services are available to companies at no cost right here in Hanover County.

The Greater Richmond Partnership, the regional economic development group for the City of Richmond and counties of Chesterfield, Hanover and Henrico, launched an export initiative in 2014 as a means to grow the pipeline between firms with export potential and the region’s many export-specific service providers. To learn more, contact Hanover County Economic Development or the Greater Richmond Partnership.