Remarks by Deputy Assistant Secretary Yamaguchi for the Tory Burch Foundation Small Business Webinar - February 21

Washington, DC
February 21, 2024

As Prepared for Delivery

Thank you, Molly, for the introduction and to the Tory Burch Foundation for organizing this webinar series in partnership with the U.S. Department of Commerce.

It is a pleasure to join all of you today — tuning in from across the United States. We look forward to working closely with you on a variety of programs that we support.

I’m proud to note that the U.S. Department of Commerce is led by formidable women leaders with Gina Raimondo, Secretary of Commerce and Marisa Lago, Under Secretary of Commerce for International Trade.

The International Trade Administration has more than 2,000 trade and industry experts in the U.S. and across the globe, working every day on building a more prosperous, inclusive, and secure economy.

We’re strengthening communities and enhancing our economic resilience by bolstering the competitiveness of our industries and workers.

We do this work across three business units:

Global Markets promotes exports through the U.S. Commercial Service and Advocacy Center and attracts inbound investment through SelectUSA,
Industry and Analysis produces in depth trade analyses and engages with industry on trade strategies,
And, Enforcement and Compliance defends against unfair trade practices here at home and abroad.

I’d like to touch on some of our successes. In Fiscal Year 2023, our trade assistance — facilitated $180 billion in U.S. exports and inward investment, supporting 595,000 American jobs.

And, for every federal dollar allocated to the International Trade Administration, our work assisting U.S. companies and localities returns $360 dollars back to the U.S. economy.

And equity lies at the core of our efforts as we work to ensure that the benefits of trade reach more broadly across ALL communities.

Through our Global Diversity Export Initiative (GDEI), we create and execute export promotion strategies to reach diverse businesses in rural and urban underserved communities — to help them compete and win in global markets, including women, minority, LGBTQI+, and veteran owned businesses.

To help maximize our reach to businesses in underserved communities, we have deepened our relationships with national chambers of commerce and diverse business associations — through our strategic partnership program. This includes the Organization for Women in International Trade and The WMarketplace.

As the Deputy Assistant Secretary for the U.S. Field, I lead our U.S. Commercial Service team of nearly 300 international trade experts across 106 offices in 48 states and Puerto Rico.

In addition to our U.S. offices, we have 127 offices in U.S. Embassies and Consulates in over 80 markets representing 95% of the world’s GDP.

Each year, U.S. companies export trillions of dollars in goods and services.

Exporting is not just for big, multinational companies. The vast majority of companies that export - 98% - are small or medium-sized enterprises.

There are still many small and medium sized enterprises that are either not exporting – or not exporting to their full potential. These are missed opportunities.

This is why our seamless worldwide network is in place because the potential is there.

We are instrumental in helping our businesses navigate global markets and take advantage of opportunities.

I would like to highlight four areas:

First and foremost, through our export counseling, we help U.S. companies that sell internationally to “problem-solve”.
Because we specialize in international business development, our international trade experts advise on market entry strategies and carry a deep and broad knowledge of the challenges U.S. companies face when competing for business internationally.
Second, we produce and provide in-depth international market intelligence.
From our Country Commercial Guides and industry snapshots developed by our experts…. to market comparison analyses to identify target markets…. our work helps U.S. exporters make decisions on where to focus their efforts.
Third, we help make business connections. We introduce U.S. companies to qualified, prescreened, overseas partners through our business matchmaking services.
Fourth, we work to establish a level playing field. We identify and address foreign trade barriers that prevent U.S. goods and services from fairly accessing overseas markets.
And, we advocate for U.S. business interests abroad. We lead efforts across the U.S. government and engage with foreign governments to ensure fair and transparent business processes that allow U.S. companies to compete for new business opportunities.

Studies show, U.S. companies that export not only tend to grow faster but are less likely to go out of business than non-exporting companies.

Before engaging in exporting, I’d like to share a few key considerations as you begin your export journey.

A product or service’s success in the domestic market is a good indicator of its potential for export success.
Management commitment is the number one determining factor for export success – and an essential part of any export plan. You must be committed to developing export markets and able to dedicate time and resources to the process.
Does your company have an export business plan with defined goals and strategies?
An export plan provides a clear roadmap for the steps you’ll take when exporting. It is important to carefully screen export markets as you develop market entry strategies.
And, many countries often have their own product standards and regulations. Your company must have the capabilities to modify ingredients and product packaging.

As you can see, exporting requires a lot of consideration and preparation. Fortunately, our global network across the U.S. and around the world can help you expand into your first export market!

Assess your export readiness with our list of key export considerations or with our learn to export webpage on trade.gov.

Contact your nearest U.S. Commercial Service office — to help craft a market entry strategy.

Start finding foreign buyers. Develop a global web presence, attend or exhibit at industry trade shows in the U.S. and overseas, and leverage our business matchmaking services to identify a potential foreign buyer or partner.

Identify export finance solutions to get paid with our federal trade partners at the Small Business Administration and Export-Import Bank.

Let us help you research export documentation, shipping costs, foreign standards, and certifications to ship your products and complete export transactions.

More than 70% of the world’s purchasing power is outside of the United States.

Only 11% of the United States GDP is generated by exports of goods and services. Compared to other countries, the U.S. has room to grow our exports. The International Trade Administration works to fill that space.

Secretary of Commerce Gina Raimondo recently announced our 2024 GDEI event schedule to expand opportunities for diverse exporters. We invite you to join us for these exciting programs.

This March, we are leading Trade Mission to Panama, Costa Rica, and Colombia in conjunction with a “Opportunities for Women-Owned Businesses in the Americas” Conference in Panama.

Mission participants will be focused on building bridges between U.S. women-owned or led businesses and business communities in Panama, Costa Rica, and Colombia.

This May, we’ll also be organizing a seminar for women business leaders during our largest annual trade mission, Trade Winds, which is taking place in Istanbul, Türkiye.

Participants will have an opportunity to meet with U.S. Commercial Diplomats from 30+ countries in the region. There are opportunities to participate in optional B2B matchmaking meetings in Denmark, Türkiye, Italy, Romania, Kazakhstan, and Poland.

In December, we also anticipate offering a Trade Mission to Saudi Arabia for U.S. Woman-Owned Businesses to Riyadh – with optional stops in Jeddah and Dhahran. This is our first trade mission to Saudi Arabia focused on U.S. women-owned and operated businesses.

Throughout the year, we are continuing to offer our “Building Bridges to Global Markets” event series – that brings in-person exporting expertise to underserved communities around the United States.

Addressing issues most common to diverse businesses — these events introduce reliable contacts and ready-to-use resources to help you place your business firmly on the road to exporting success.

Participants will have an opportunity to meet one-on-one with federal, state, and local trade experts onsite.

Mark your calendars for our Building Bridges for Women in Global Trade on June 13^th in Los Angeles, California.

I’d also like to share direct links to resources and programs mentioned throughout my presentation today. We have provided a copy of this slide deck to the Tory Burch Foundation for distribution to those who participated.

Thank you!