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OCTOBER 1 - 7, 2012
CRAIN’S CLEVELAND BUSINESS
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Emerging markets key to export growth Crain’s event highlights global business potential By GINGER CHRIST gchrist@crain.com
Going global isn’t just a catchphrase. It makes good business sense. At least that’s the word from Amy Liu, co-director and senior fellow of the Metropolitan Policy Program of the Brookings Institution. Ms. Liu, appearing last Thursday, Sept. 27, at the NEO World Trade Conference at Executive Caterers at Landerhaven, said leaders in large U.S. metro areas should encourage
September 2012
local companies to become participants in the international marketplace if they want to see sustained growth. She cited data from the Organisation for Economic Co-operation and Development, which promotes worldwide economic growth, that indicated global consumption of goods is expected to rise from $21 trillion annually to $31 trillion by 2020, largely led by growth in Asia and Latin America. “We view these trends less as a threat than as a market opportunity,” Ms. Liu said. “The winners in the next economy will be those who strengthen their global assets and tap new sources of aggregate demand.”
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ON THE WEB For a photo gallery of the NEO World Trade Conference, visit www.CrainsCleveland.com/ neoworld2012
The U.S. recovery has been led by companies that are exporting, she said. Exports represented 46% of GDP growth in 2001 from 2010, even though exports account for only 13% of the U.S. economy. Cleveland, which is the 28th largest metro in the country, ranks 21st in terms of the share of its GDP represented by exports. “The bottom line is if we are to grow, our firms need to look outside
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August 2012
the United States,” Ms. Liu said. Brian Kim, a foreign exchange strategist of research and strategy for RBS Securities Inc., said the interconnectedness of the world’s markets is leading to a relative slowdown in China. As European countries continue to struggle, the effects will be felt by their global trade partners. “While growth will come out of Asia, a lot of that will be dependent on the rest of the world,” he said. Given the struggles in Europe, Mr. Kim said he is more bullish on the U.S. dollar for the next year. He said he is encouraged to see some money flowing back into the United States as the country’s trade balance turns more in its favor. ■
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