2015 GDP Real GDP increased 2.4 percent in 2015 (that is, from the 2014 annual level to the 2015 annual level), the same rate as in 2014.
The increase in real GDP in 2015 primarily reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, residential fixed investment, private inventory investment, state and local government spending, and exports. Imports, which are a subtraction in the calculation of GDP, increased.
Comparing real GDP growth in 2015 with growth in 2014, real GDP increased 2.4 percent in both years, though there were offsetting movements in the components. Decelerations in nonresidential fixed investment and in exports and an acceleration in imports were offset by accelerations in PCE and in residential fixed investment, a smaller decrease in federal government spending, and accelerations in private inventory investment and in state and local government spending.
The price index for gross domestic purchases increased 0.3 percent in 2015, compared with an increase of 1.5 percent in 2014.
Current-dollar GDP increased 3.4 percent, or $589.8 billion, in 2015 to a level of $17,937.8 billion, compared with an increase of 4.1 percent, or $684.9 billion, in 2014. During 2015 (that is, measured from the fourth quarter of 2014 to the fourth quarter of 2015), real GDP increased 1.8 percent, compared with an increase of 2.5 percent during 2014. The price index for gross domestic purchases increased 0.3 percent during 2015, compared with an increase of 1.2 percent during 2014.
Gross Domestic Product: 4th Quarter
Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 0.7 percent in the fourth quarter of 2015, according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 2.0 percent.
The Bureau emphasized that the fourth-quarter advance estimate released today is based on source data that are incomplete or subject to further revision by the source agency. The "second" estimate for the fourth quarter, based on more complete data, will be released on February 26, 2016.
World Trade Center of Greater Philadelphia News
The U.S. Department of Commerce’s Bureau of Industry and Security (BIS) and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) are announcing new amendments to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), respectively. These amendments further implement the new direction toward Cuba that President Obama laid out in December 2014. The changes will take effect on January 27, 2016, when the regulations are published in the Federal Register.
Excerpts from U.S. ITA’s Trade Blog / Acting Deputy Assistant Secretary for Manufacturing Scott Kennedy
During the past few years, U.S. producers of transportation related goods and equipment have experienced an increase in demand for their products at home and overseas. Products such as U.S.-built commercial aircraft, aircraft engines, miscellaneous aircraft parts, and parts of railway rolling stock, have become critical components to other countries’ transportation infrastructure system.
Recently, leaders across the Pacific Rim signed the Trans-Pacific Partnership (TPP). The new agreement will eliminate tariffs, lower service barriers, and increase transparency while also increasing competitiveness by instituting stronger intellectual property rights protection, and establishing enforceable labor and environmental obligations. The TPP will lead to an overall increase in economic activity and trade for the region. As economies grow there will be a natural, corresponding rise in demand for transportation related products...
Read More (via Trade.Gov)
ITA’s Industry and Analysis division recently released a transportation equipment sector report that highlights the benefits of TPP related to some key players in the transportation industry.
Read More (via CBP)
The Trade Winds 2016 – Latin America Webinar Series will provide valuable insights to new and experienced exporters who will gain knowledge of export opportunities in this dynamic region.
Companies will learn about best prospects, financial and legal considerations and marketing strategies in seven countries in Latin America. Participants will also understand and appreciate the cultural differences, economic conditions and technological capabilities of potential partners.
The United States and Latin America have one of the most active trade relationships in the world - one that continues to provide opportunities for U.S. businesses of any size and in almost any sector.
Export-Import Bank of the United States sent this bulletin at 01/15/2016 02:44 PM EST
1 in 5 Metro Philadelphia Businesses Projects 2016 will be Best Year Yet, According to TD Bank Small Business Pulse Check
Report Shows that Over $430 Million Generated For American Taxpayers Last Year; 109,000 American Jobs Supported
Washington, DC – The Export-Import Bank of the United States (EXIM Bank) released its Fiscal Year 2015 Annual Report highlighting its support of more than $17 billion in U.S. exports and an estimated 109,000 U.S. jobs. The Bank also announced it has transferred $431.6 million in deficit-reducing receipts to the U.S. Treasury's General Fund for fiscal year 2015.
EXIM Bank is a self-sustaining federal agency and operates at no cost to the taxpayers. Over the last two decades, EXIM Bank has generated a surplus of almost $7 billion for U.S. taxpayers.
Among the highlights from the 2015 Annual Report:
Media Contact/Press Release: Lawton King (202-565-3200)
United States Trade Representative (December 2015):
The Office of the U.S. Trade Representative presented to Congress the 2015 annual report on China's compliance with its World Trade Organization (WTO) obligations. The report is statutorily mandated by Congress and highlights the status of China's policies and practices in the areas of trade and investment.
Read More (via USTR.gov)
Philadelphia, PA – Governor Tom Wolf announced the Philadelphia Regional Port Authority (PRPA) has developed a shortlist of potential developers for the Southport Marine Terminal Complex at the Port of Philadelphia. This achievement marks a major milestone in the governor’s strategic plan for sustained management, maintenance, and development of the Port of Philadelphia.
“This announcement represents a vital step in our plan to ensure a timely and responsible development of the Southport Marine Terminal,” Governor Wolf said. “My administration is committed to working with the Philadelphia Regional Port Authority to invest in our infrastructure, bring key jobs to the region, and keep Pennsylvania’s economy competitive on a global scale.”
Last fall, as part of Governor Wolf’s strategic plan, PRPA launched a two-phased process to procure one or more developers to design, build, finance, operate and maintain commercial and industrial facilities at the three sites that comprise the Southport Marine Terminal Complex: the 119-acre Southport Marine Terminal (Site 1); the 75-acre Southport West Terminal (Site 2); and Pier 124 North Berth (Site 3).
The first phase of procurement began in September 2015 with the release of a Request for Qualifications (RFQ). Following an evaluation of the respondents’ conceptual development plans and technical and financial qualifications, PRPA’s Board of Directors unanimously voted to shortlist 4 teams to bid on Site 1 and 5 teams to bid on Site 2.
“Selecting these shortlists marks the latest exciting development in this project, and clearly illustrates the commitment of PRPA’s board, staff, and advisors to get this project done,” said PRPA chairman Jerry Sweeney. “Between this commitment, and the quality of the respondents and their innovative solutions, Southport is no longer a distant project on the horizon. It’s something that’s going to happen soon, to the great benefit of Philadelphia’s working waterfront and our regional economy.”
When you think of Harley bikers, Peter Fonda in “Easy Rider” may come to mind. Chinese tourists on a Harley? Not so much. Yet Jeff Ji, owner of World Trade Center of Greater Philadelphia member company Knighthawk Tours, is changing that perception – anyone can and should be able to ride a Harley Davidson, especially in China. Want to ride a Harley to see the Great Wall or Confucius sites in China? Sign up for one of Knighthawk’s tours. And, for Chinese tourists who want to take a 2,600 mile Harley ride through scenic Pennsylvania, Knighthawk and Jeff Ji will make that happen.
To date, three Shandong tours from Pennsylvania to China have taken place, including a AAA Chinese New Year spectacular in 2014. And from Shandong to Pennsylvania, five tours have been organized. An average of 20 bikers participate on each tour.
Fred Harris is Director of the Ancient City Harley Owners Group with 300 members in St. Augustine Florida. In 2012, Fred and his wife Lynn led the Knighthawk Harley Davidson Rally Experience Tour.
Valley Forge and Bucks County Harley Davidson dealership have been instrumental in supporting Jeff Ji’s mission to help sell American made products into China. In 2008, the Harley dealerships donated 30 bikes to get the ride rolling.
And so has the World Trade Center of Greater Philadelphia.
“Ron Drozd and the WTCGP played an instrumental role for Knighthawk’s entry into the China market. Ron set up the very first contact with PA’s Beijing Trade Office in 2008 and invited me into the CEOs' China Operations Club. The momentum that Ron built carries us till this day and into the future,” says Jeff Ji.
For additional information on Knighthawk tours visit travelshandong.com/tour-ideas/confucius/ and www.travelshandong.com.
Do you see growth opportunity in global markets, but are struggling to carve out the time and resources to make it happen?
Are you reactively or indirectly selling to international customers, rather than taking a proactive and strategic approach to international sales?
How Does ExporTech™ Work?
Your ExporTech™ Partners: Manufacturing Extension Partnership / National Institute of Standards and Technology, DVIRC, U.S. Commercial Service, World Trade Center of Greater Philadelphia, FedEx
If you are ready to make the investment of time, ExporTech™ can unlock your export growth potential!
Tickets are $2500 per company, each company may bring up to 3 people.
This event is comprised of three sessions. The first is March 8th, the second is April 6th and the third is May 11th. Each day runs from 8:30 AM to 4:30 PM. This is meant to be a series, so your ticket will grant you access to all three dates.
View on WTCPhila.org Calendar | View/Download ExporTech™ Philadelphia Info
Meet member Wharton Research Data Services, a leading data research platform and business intelligence tool
Wharton Research Data Services (WRDS) is the gold standard financial data service for corporate, academic and government clients worldwide. Providing current and historical data from over 40 best in class vendors, WRDS gives clients the research tools, computing capacity and support needed to get ahead in today’s competitive financial field.
From portfolio construction & benchmarks to litigation support and event studies, WRDS clients get timely, accurate and relevant data to move their business strategies forward.
WRDS is the leading data research platform and business intelligence tool for over 30,000 corporate, academic, government and nonprofit clients at over 350 institutions in 33 countries.
Pacific Alliance Seminar January 27: Mining and Infrastructure Business Opportunities / EXPOMIN in Chile
Pacific Alliance member countries account for 36% of total GDP in Latin America, 50% of total Latin American trade, and over 40% of total foreign direct investment flows into the region.
EXPOMIN 2016 is the place to do business in Chile: 1,641 exhibitors and 84,000 visitors underline the event’s status as the most important mining event for Latin America.
World Trade Center of Philadelphia Member United Parcel Service (UPS) has streamlined their portfolio for shipments of all sizes and added time definite guarantees in an effort to solve crossborder trade challenges between the United States and Mexico.
The National Association of Manufacturers (NAM) announced its support for the Trans-Pacific Partnership (TPP) trade agreement, which was concluded in October after more than five years of negotiations.
The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 14 million men and women, contributes $2.09 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States.
Read full press release
What is the Manufacturing Extension Partnership (MEP)?
The Manufacturing Extension Partnership (MEP) Program is a nationwide network of centers that focus on providing U.S. manufacturers with the services and access to resources needed to enhance growth, improve productivity, reduce costs and expand capacity. Located in all 50 states and Puerto Rico, and with more than 440 locations, each center can tailor its services to match the critical needs of small and mid-sized manufacturers’. Learn about the Impact of Manufacturing on America with NIST through this video.
via EXIM Bank
EXIM's Export Credit Insurance -- a policy that protects an exporter's accounts receivable -- is a simple tool with significant benefits. Check out our video to learn more about how it works.
As reported by the Hong Kong Trade Development Council in their latest newsletter:
Hong Kong expecting two percent export volume growth in 2016.
"...recent fluctuations in global trade are expected to stabilise gradually, with individual countries and regions such as the United States and ASEAN, expected to post moderate growth next year. The global trade improvement will help Hong Kong’s exports, which will see “falling prices and increasing volumes,”said HKTDC Director of Research Nicholas Kwan.
ARLINGTON, Va. - The U.S. Trade and Development Agency is expanding its investments in sustainable energy projects across sub-Saharan Africa. An implementing agency of the U.S. government's Power Africa initiative, USTDA invests in project preparation activities designed to generate renewable and gas-fired power, modernize electric grids and increase energy efficiency. The Agency's programs are available to help African project sponsors prepare bankable clean energy projects.
To begin the proposal process, please contact Africa@ustda.gov. Further information, including a list of USTDA's regional staff, can be found at: http://www.ustda.gov/program/regions/sub-saharan-africa.
Press Release Contact/Media Inquiries: Tom Hardy (703) 875-4357
Pittsburgh Mayor Bill Peduto concerned TPP deal will erode what remains of the steel industry while Philadelphia will look to expand into the Pacific Rim. House Speaker Paul Ryan has indicated a TPP ratification vote could come before the next U.S. president takes office in 2017.
On a recent press call arranged by the White House, Mr. Nutter told reporters the deal is good for his city and, as a whole, for Pennsylvania. He said the agreement would expand market access for services, software, telecommunications and more — resulting in higher-paying jobs. It also would reduce tariffs and ensure that trading partners are following the same environmental and labor rules as the U.S., he said...
Related Post: the-text-of-the-trans-pacific-partnernship
The U.S Trade and Development Agency recently released their annual report for 2015. The World Trade Center of Greater Philadelphia is honored to work so closely with USTDA as one of their "Making Global Local" partners.
PDF download available below.
Brazil Business News and Updates for Opportunity Seekers via TradeBRZ at the Sao Paulo, Brazil WTC Business Tower
In this month's edition of Brazil Buzz, pharmaceutical company GlaxoSmithKline (GSK) is featured for their recent announcement regarding plans to double their size in Brazil over the next five years. GSK's US headquarters are located in Warren, New Jersey.
"GlaxoSmithKline (GSK), one of the world’s largest pharmaceutical companies, announced plans to double its size in Brazil over the next five years.
Watch this space for WTCGP news, events, press, and more!