Celebrating Manufacturing Month with Kompass

Discover the significance of Manufacturing Month in the U.S., celebrating the innovation and resilience of American manufacturing. Learn how federal support and resources like Kompass are propelling U.S. manufacturers onto the global stage, fostering growth, and economic success.

October is a special month for the manufacturing industry in the United States as it marks the celebration of Manufacturing Month. This annual observance is a joint effort by the International Trade Administration (ITA), U.S. government, and industry partners to acknowledge the significance of U.S. manufacturing innovation and ingenuity. In this blog post, we will explore the importance of Manufacturing Month, the role of U.S. manufacturing in the economy, and how federal export promotion agencies support manufacturers.

The Power of U.S. Manufacturing

U.S. manufacturing is a cornerstone of the American economy, contributing a staggering $2.65 trillion to the nation’s GDP. It provides employment to nearly 13 million American workers, accounting for 10.3 percent of the GDP. This enduring sector continues to evolve and adapt, showcasing the resilience and dynamism of the American manufacturing industry.

Promoting Exports and Innovation

Manufacturing Month is not just a celebration; it’s an opportunity to recognize and encourage manufacturers who export their products. Exporting is a critical avenue for growth and expansion, and it’s an integral part of the U.S. manufacturing landscape. In 2022, U.S. manufactured goods exports amounted to nearly $1.6 trillion, representing a staggering 77 percent of all U.S. merchandise exports. What’s more, about 96 percent of manufacturers that export are small and medium-sized businesses.

Furthermore, a study by the California Economic Development Collaborative in 2019 highlighted that trade manufacturers, those engaged in exporting, tend to be more resilient and financially sound compared to their non-exporting counterparts. They typically employ more workers and report higher annual sales on average. This data underscores the importance of global market expansion for U.S. manufacturers.

Federal Support for Manufacturers

The U.S. government has recognized the vital role of manufacturing in the country’s economy. In the 2023 National Export Strategy (NES), specific actions are outlined to enhance supply chain resiliency, bolster support for trade finance, and encourage adherence to international standards. These efforts are designed to strengthen the U.S. manufacturing sector and its global competitiveness.

To further assist U.S. manufacturers in their pursuit of global growth, the federal export promotion agencies provide an array of programs and services. These services are designed to support manufacturers’ entry and expansion into the global market.

Kompass EasyBusiness: An Essential Resource

One valuable resource for manufacturers, looking to expand globally, is Kompass EasyBusiness. EasyBusiness is a leading global B2B platform that connects businesses and helps them find the right partners and opportunities for international trade. It provides a vast database of companies, products, and services, making it easier for manufacturers to identify potential partners, distributors, and customers worldwide.

Kompass can help manufacturers navigate the complex global market by providing crucial information and contacts. It can assist in locating distributors and partners in foreign markets, gaining insights into international markets, and staying updated on industry trends. By leveraging the resources available from Kompass, U.S. manufacturers can enhance their international sales success and expand their global footprint.

Manufacturing Month is a time to celebrate the achievements of U.S. manufacturers, especially those who export their goods to the global market. It’s an opportunity to recognize the resilience and innovation of the American manufacturing industry. With federal support and resources like Kompass, U.S. manufacturers, including small and medium-sized businesses, can continue to grow and thrive on the international stage. “Made in America” is synonymous with quality, and this competitive edge, coupled with the support of federal export promotion agencies and tools like Kompass, enables American manufacturers to compete and succeed on a global scale. So, let’s join in recognizing and celebrating our steadfast U.S. manufacturers, who contribute immensely to employment, innovation, and economic growth while representing our great nation in the global marketplace.

 

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