The marine industry is already taking advantage of an agreement with the federal government that will provide help to ramp up exports.
A memorandum of understanding between the National Marine Manufacturers Association and the Commerce Department’s U.S. & Foreign Commercial Service was signed April 25 at the American Boating Congress, according to NMMA legislative director Jim Currie.
The agreement will provide government-backed technical assistance to companies that want to learn about exporting and will help identify emerging markets, Currie said.
“Just going around the table, our member companies have jumped on this quicker than anybody else has,” Currie told Soundings Trade Only. “It’s clear our members have an understanding of how important exports are to their business.”
The formalized program, called the New Market Export Initiative, allows NMMA members improved access to international trade resources that the federal government offers. It was developed to assist manufacturers as they expand export sales.
The program was announced during the American Boating Congress general session by NMMA president Thom Dammrich and undersecretary for international trade Francisco Sánchez.
Since 2007, there has been a positive balance in U.S. trade of recreational boats and marine engines, with the balance totaling $573 million in 2010, Currie said.
As Americans focus on the U.S. trade deficit, the government has recognized the boating industry’s potential to grow further, he said.
Read about the initiative and exports in the July issue of Soundings Trade Only.