Ahead of their Trading with the USA training course later this month, Chambers Wales facilitated an event to introduce businesses in Wales to the opportunities and routes to market when trading with the USA.
In 2020 Wales exported £1.8 billion worth of goods, 13.4% of exports, to the USA making the country Wales’ third largest market after Germany and France. The shared language and cultural familiarity can make the USA an attractive trade proposition and the event sought to share the experiences of Welsh businesses who are currently trading with and have a presence in the USA, in addition to advice from trade consultants from the South Carolina region.
The event was hosted by Swansea University’s Dr Samantha Burvill, an Associate Professor at the university’s school of management with an interest in SME growth, and the panel included Swansea University graduates James Davies and Chris Reed of We Predict, a data and analytics exporter to the automotive industry; Stephen Davies from award-winning drinks producer Penderyn Distillery; Russ Froneberger of Global Consulting; and Jacob Hickman of Upstate Alliance.
The panel’s top tips for trading with the USA included:
Finding the right partner for import and distribution
- It may take time but finding a good partner who meets your company’s needs is important. An expert in the industry you are in is ideal as they will know the market, understand state and federal regulations and be able to offer guidance.
Seek legal and financial advice as early as possible
- Particularly important for businesses choosing to open a US office, seeking legal and financial advice early can help you understand taxes from state to state, ensure that financial accounts are recorded correctly and navigate visa applications.
Build trust and relationships
- While the pandemic has halted travel in the last 18 months, the panel highlighted the importance of attending trade shows, carrying out field visits and meeting people face to face to build trust and relationships. Brand ambassadors can also help you engage with your chosen market and gain recognition.
Choose your region carefully
- The USA is a large marketplace but you don’t have to trade with every state. Choose a region or state that is suitable for your industry or services. The time differences across the continent (pacific, central and eastern) should also be a consideration.
Take advantage of resources and help
- Regional economic development agencies are a free resource that can help your business when beginning to trade internationally.
Want to learn more?
Chambers Wales’ Trading with the USA training course takes place on 29th September and will set out the different routes to markets and how to move goods across borders with minimal delays. The course, delivered by approved international trainer Jeff Lewis, will cover topics including shipping costs, documentation, customs procedures, tariff codes, import duties and incoterms. Watch the webinar.
