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Blog

For the full year 2015, U.S. GDP grew 2.4 percent – the same growth rate as 2014

1/29/2016

 
​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.
Source/Full Release

Commerce and Treasury Announce Further Amendments to the Cuba Sanctions Regulations

1/29/2016

 
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.
U.S. Secretary of Commerce Penny Pritzker:
Today’s Commerce rule builds on previous changes by authorizing additional exports including for such purposes as disaster preparedness; education; agricultural production; artistic endeavors; food processing; and public transportation.  These regulatory changes will also facilitate exports that will help strengthen civil society in Cuba and enhance communications to, from and among the Cuban people.  Looking ahead, we will continue to support greater economic independence and increased prosperity for the Cuban people, as we take another step toward building a more open and mutually beneficial relationship between our two nations.
To see the Treasury regulations, which can be found at 31 Code of Federal Regulations (CFR), part 515, please see here.
​To see the Commerce regulations, which can be found at 15 CFR part 746, please see here. Effective January 27, major elements of the changes in the revised regulations pertain to the following areas:
  • Financing
    Removing financing restrictions for most types of authorized exports.
  • Exports
    Additional amendments to increase support for the Cuban people and facilitate authorized exports.
  • Air Carrier Services
    Additional amendment to facilitate carrier service by air and with Cuban airlines.
  • Travel​
    Expanding authorizations within existing travel categories to facilitate travel to Cuba for additional purposes.​​
View Amendment Details/Full Press Release
Press Contact:
​Office of Public Affairs
202-482-4883
publicaffairs@doc.gov

U.S. Transportation Equipment – Emerging Opportunities With TPP Countries

1/28/2016

 
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. 
Download the TPP Opportunities for the U.S. Transportation Equipment Sector PDF using the link below.
tpp_transportation.pdf
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CBP Collaborates with Trade Community to Ensure a Level Playing Field for America’s Steel Industry

1/28/2016

 
Antidumping/Countervailing Duty (AD/CVD) enforcement is a priority for U.S. Customs and Border Protection (CBP). CBP works closely with industry partners to level the playing field for domestic manufacturers. One of the best examples of CBP’s role in trade are its strong partnerships and efforts with the U.S. steel industry and partner government agencies to enforce AD/CVD orders on steel products.  CBP is actively enforcing 111 AD/CVD orders on steel products and looks to continue its work with the U.S. steel industry to prepare to enforce AD/CVD orders on steel products that result from the 42 new AD/CVD investigations that have been filed by the U.S. steel industry.
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A CBP Officer inspecting potentially AD/CVD-violating steel at a U.S. port of entry. (Photo Credit: CBP.gov)
In FY 2016, CBP will conduct the following Steel Seminars in conjunction with the industry:
  • Laredo, Texas (February 23-25)
  • New Orleans (April 12-14)
  • Philadelphia (May 17-19)
  • Long Beach, California (July 19-21)
  • Detroit (August 23-25)​
CBP Public Affairs
Contact Information for Media:

Phone: (202) 344-1780
Email: CBP Media Relations

​All Other Inquiries:
(202) 325-8000


​
​Read More (via CBP)

Business Opportunities in Latin America Webinar Series

1/28/2016

 
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. 
This webinar series is also a venue to prepare participating U.S. companies for a more successful experience during the upcoming Trade Winds 2016 – Latin America Trade Mission hosted by the U.S. Commercial Service.
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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.
Please read the following information carefully:
  • Estimated time for all events: 11:00 a.m. to 12:15 p.m. EDT
  • Cost per Company: $200 for the entire webinar series or $40 for each webinar (seven in total). Payable by credit card.
  • You will receive an email a day before of each scheduled Webinar with the participation information such as phone number and passcode to access the Webinars.
  • Questions in advance are welcome, please send your questions to Diego.Gattesco@trade.gov
Register

EXIM Bank Quarter in Review - Winter 2016

1/26/2016

 
Export-Import Bank of the United States sent this bulletin at 01/15/2016 02:44 PM EST
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Message from the Chairman Fred P. Hochberg:
​Happy New Year!

I’m proud to be able to start this year off with some great news:  As many of you are aware, overwhelming bipartisan majorities in both chambers of Congress demonstrated their support for EXIM Bank’s mission in early December by voting to reauthorize the Bank through the end of Fiscal Year 2019. President Obama then signed the legislation into law on Dec. 4th.
As a result, at EXIM we are redoubling our efforts in the New Year to support American businesses as they work to expand their exports abroad and create more jobs here at home.  For example, since December 7th we’ve already approved 424 transactions, totaling approximately $1.7 billion, with most of these transactions being renewals and first time issuance of export credit insurance policies, to ensure that exporters - many of which are small businesses - have the financial security they need to ship their products overseas.
​
We are reducing risk and unleashing opportunity.  And we’re excited to do more...

Read More (via EXIM Bank)

1 in 5 Metro Philadelphia Businesses Projects 2016 will be Best Year Yet, According to TD Bank Small Business Pulse Check

1/22/2016

 
40 percent of tri-state area business owners plan to expand their product and service offerings
Small business owners in the Greater Philadelphia area are increasingly confident about their companies' financial performance, according to the third annual Small Business Pulse Check by TD Bank, America's Most Convenient Bank®. Sixty-two percent of respondents said they were optimistic or excited about 2016. One in five anticipate it will be their "best year yet." This is the strongest optimism reading TD's area pulse check has produced since the survey began in 2013.
Among the 300 small business owners in metro Philadelphia, South Jersey and Delaware surveyed during between Nov. 18–28, 2015, an overwhelming majority also indicated that they would close out 2015 strong, with 77 percent of respondents saying they expect to meet or exceed their annual revenue goals, up slightly from 74 percent in 2014.
​"For the past several years we've worked with local small businesses to help them
navigate a very challenging economic environment," said Mike Carbone, Regional President for TD Bank, metro Philadelphia market. "It's encouraging to see confidence levels among this group rise as we enter 2016, for both the local small business marketplace and the Greater Philadelphia economy overall."

​Optimism about achieving 2015 revenue goals was particularly strong among respondents in specific sectors including:
  • Manufacturing and Labor – 88 percent
  • Tech and Information – 87 percent
  • Service – 81 percent
  • Professional – 73 percent
  • Retail and Recreation – 68 percent

Looking forward, more than a quarter of area small businesses (26 percent) anticipate exceeding their revenue goals in 2016, the first increase in this category since 2013, when 19 percent of respondents expected to make similar gains.​

Local Impact: Taxes, Legislation, and Other Factors Remain a Challenge
Nearly one-third of respondents cited high local taxes as the biggest challenge of doing business in the Greater Philadelphia area.  Businesses in the retail and professional services sector feel particularly burdened, with 38 percent of those businesses naming local taxes as their top challenge.
Other often-cited local challenges include:
  • Finding skilled labor – 16 percent
  • Local or state governments not passing budgets or funding – 14 percent
  • Finding affordable space or increasing rents – 12 percent

​Just 12 percent of area businesses agreed with the statement that the local economy was having a positive or somewhat positive impact on their business, yet 33 percent indicated they had benefited from low commodity (oil and gas) prices. Businesses in the service and manufacturing/labor sectors were most likely to cite the benefit of low commodity prices (42 percent) compared with other sectors.

Tri-State Small Businesses to Expand
Forty percent of small business owners said that expanding their product and service offerings was a top priority for 2016, up from 33 percent last year. Streamlining costs, the second highest priority named, will be slightly less of a focus in 2016 (24 percent) than it was in 2015 (27 percent).
​
Reported hiring patterns have remained stable since 2013, with 72 percent of respondents indicating they would maintain their current employment levels this year. Nonetheless, only 17 percent of businesses said they expected to grow in size.
Federal Reserve's Interest Rate Policy May Dampen Appetite for Borrowing
Small businesses in the area are generally showing more confidence in applying for financing, with 31 percent of respondents saying they had either applied for credit in the past 12 months (20 percent vs. 12 percent last year) or would apply for credit in the next 12 months (13 percent vs. 8 percent last year). Yet 27 percent of business owners planning to apply for a loan or line of credit within the next 12 months reported they are less likely to do so now that the Federal Reserve raised interest rates.
​
While area small businesses recently have become more receptive to re-entering the credit market, the Federal Reserve's recent interest rate hike may negatively impact that sentiment. 

About TD's Pulse Check 
2015 marks TD Bank's third annual Small Business Pulse Check, a regionally focused survey that includes questions on the challenges and opportunities facing small businesses in the Greater Philadelphia region. The survey polled more than 300 small business owners with revenue of $5 million or less in seven South Jersey counties (Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester and Salem), five Pennsylvania counties (Bucks, Chester, Delaware, Philadelphia and Montgomery) and three Delaware counties (Kent, New Castle and Sussex).​
Source

EXIM Bank FY 2015 Annual Report Released

1/22/2016

 
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.

WORLD TRADE CENTER OF GREATER PHILADELPHIA
IS A CITY/STATE PARTNER OF 
​EXIM BANK

“The Bank is proud to help level the playing field for American businesses who offer the world’s highest-quality goods and services to global markets,” said Fred P. Hochberg, EXIM chairman and president. “In the months ahead, we will redouble our efforts to ensure U.S. businesses – particularly small businesses – have every tool available to be on equal footing with their foreign competitors to win sales and create more jobs.” 
Among the highlights from the 2015 Annual Report:
  • EXIM support 109,000 American jobs.
  • EXIM supported $17.0 billion in exports at no cost to American taxpayers.
  • EXIM supported more than $3.1 billion of exports from U.S. small businesses.
  • Nearly 90% of transactions directly supported U.S. small businesses.
  • EXIM Bank had a default rate of 0.235 % as of Sept. 30, 2015.
  • Remitted $431.6 million to the U.S. Treasury for debt reduction.
exim-2015-ar.pdf
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File Type: pdf
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Media Contact/Press Release: Lawton King (202-565-3200) 

Cardinal Trade Associates offering continuous bonds beginning at $299

1/22/2016

 
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​​As a demonstration of their commitment to fair pricing and the value of strong partnerships, Cardinal Trade Associates is offering continuous bonds beginning at $299.

CARDINAL TRADE ASSOCIATES IS A WORLD TRADE CENTER OF GREATER PHILADELPHIA MEMBER

Cardinal provides trade compliance and customs brokerage services.
​www.cardinal-trade.com
​
(215) 239-3049 | info@cardinal-trade.com

USTR 2015 Report to Congress on China’s WTO Compliance

1/21/2016

 
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.
U.S. goods exports to China have increased 545% since 2001, and services exports have increased 733% in that time. ​
​

2015-report-to-congress-china-wto-compliance.pdf
File Size: 2175 kb
File Type: pdf
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​Read More (via USTR.gov)
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