Kentucky Export Initiative

Kentucky Export Initiative

The Kentucky Export Initiative (KEI) helps Kentucky businesses find opportunities to export products worldwide. And the numbers prove KEI has been a tremendous success.

Kentucky’s 2014 exports set an all-time annual record of $27.5 billion. Since the Kentucky Export Initiative started, Kentucky exports have increased 42%.

KEI is comprised of government entities, business organizations and trade experts, the KEI goal is simple - to increase Kentucky exports, which will lead to new Kentucky jobs and create diversified markets for Kentucky products. The Cabinet for Economic Development provides staffing and resources to assist the KEI partners in helping businesses recognize business opportunities associated with exporting.

For more information on the Kentucky Export Initiative, go to: KYExports.com

 


 

Top 10 Reasons to Export

Why Your
Business Should Export

  1. 95% of global consumers are outside of the U.S.
    If a U.S. business is only selling domestically, it is not reaching the majority of potential customers.
  2. Free trade agreements (FTA) with 20 countries
    Free Trade Agreements make it easier and cheaper for you to export your product or service by reducing barriers to U.S. interests abroad, and creating a more stable and transparent investment environment.
  3. U.S. products have a competitive advantage
    The U.S. is known for its high-quality goods and services, and Kentucky-made products are no exception. Whether it is glass, automobiles, bourbon, or transportation equipment, the world wants Kentucky-made products.
  4. Develop economies of scale
    Exporting allows businesses with excess production capacity to produce more goods and spread costs across multiple markets, thus achieving economies of scale.
  5. Spur innovation
    Exposure to new technologies, customer requirements, cultural environments, and more competition can all help boost creativity and innovation.
  6. Mitigate risk
    Exporting helps companies diversify their revenue streams and reduce dependence on the domestic market. As a result, companies that export have an easier time riding out fluctuations in the U.S. economy.
  7. Derive benefits from seasonality
    Businesses that sell seasonal products, particularly farmers and agribusinesses, can use exporting to turn idle inventory into sales and generate year-long revenue helping level out seasonal fluctuations in product demand.
  8. Extend product life cycle and expand sales
    A product may become obsolete in one market, but still have relevance in another. By exporting that product overseas, companies can extend the life cycle of a product and maintain a steady revenue stream even when they reach saturation in domestic markets.
  9. Increase productivity
    Exporting can expose your business to new ideas and business processes and provide opportunities to improve your knowledge and increase your competitiveness. Together, these advantages can increase the productivity of your business.
  10. Enjoy faster growth
    Exporting can be profitable for businesses of all sizes. On average, because exporting companies have a broad, diverse customer base, their sales grow faster, more jobs are created, and employees earn more than in non-exporting firms.

 


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Kentucky Cabinet for Economic Development   Old Capitol Annex  300 West Broadway   Frankfort, KY 40601
502-564-7140 (local)   800-626-2930 (toll free)