Advancing International Trade in Virginia INTERNATIONAL TRADE IS A BOON
for businesses in Virginia and across the country. Virginia’s $35 billion in annual exports support more than 250,000 jobs and account for $2 billion per year in state and local tax revenue. Companies that export are more stable, more likely to grow and hire new employees (and pay higher wages), and more likely to invest in domestic facilities. Those benefits, along with substantial economic benefits to consumers, reinforce why Virginia is embarking on an ambitious long-term International Trade Strategic Plan to boost exports by 50% over the next 10–15 years through enhanced support of trade-intensive businesses and efforts to attract new exporters to the Commonwealth. This edition of Virginia Economic Review provides an in-depth look at that plan and highlights other issues that affect international trade both inside and outside Virginia. In this issue, we explore the economic value that international trade brings to Virginia companies, along with the resources VEDP has to offer companies looking to begin exporting or expand their export reach, and we look at some of the companies that have taken advantage of these resources. We also detail the ongoing improvements at The Port of Virginia, which has thrived amid circumstances that crippled other ports.
And we feature perspectives from experts on trade and international relations who offer guidance on U.S. trade policy as the Biden administration works to establish and advance its priorities. Also inside are discussions with major stakeholders in Virginia-based international trade: Stephen Edwards, the new CEO and executive director of The Port of Virginia, and John Keppler, CEO of bioenergy company Enviva, one of the Commonwealth’s biggest exporters through its private terminal in Chesapeake. Through its new International Trade Strategic Plan, Virginia aspires to fully harness the Commonwealth’s natural export advantages to diversify and boost its economy. We hope you enjoy this look at the strategies and resources that can make the goals of that plan a reality. Best regards,
Stephen Moret President and CEO, Virginia Economic Development Partnership @StephenMoret
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