Global Manufacturing Economic Update: September 2015

A Publication of the National Association of Manufacturers

MONDAY ECONOMIC REPORTNAM/IndustryWeek Survey of Manufactures Business Outlook by Quarter, 2012-2014

The global economy continues to be one of the larger headwinds for manufacturers in the United States, with exports from the sector down 4.93 percent year-to-date using non-seasonally adjusted data through July. The stronger U.S. dollar and slowdowns in key economies have dampened international demand for U.S.-manufactured goods, with half of the top 10 markets in August experiencing contracting levels of manufacturing activity, up from four in July. This includes Canada, our largest trading partner, which continues to struggle with significantly lower crude oil prices. The other four nations remained the same: Brazil, China, Hong Kong and South Korea, with all but the latter reaching multiyear lows in their PMI values. On a more positive note, the U.S. trade deficit narrowed in July, mostly on reduced goods imports.

China presents a major challenge for worldwide growth, with its economy decelerating faster than anticipated. The Caixin China General Manufacturing PMI declined to its lowest level in more than six years. Next week, we will get new industrial production data for August, which is expected to show continued easing in activity for the sector, building on recent trends for production, fixed asset investments and retail sales. Recent challenges also cast doubts on real GDP growth, which is likely less than the 7.0 percent year-over-year rate that has been reported. Beyond these economic statistics, the Shanghai Stock Exchange Composite Index has fallen more than 38 percent since June 12, and the yuan has depreciated by 2.5 percent since August 11. Led by weaknesses in China and Brazil (which fell to nearly a four-year low with its manufacturing PMI value), the emerging markets are struggling. The Markit Emerging Market Manufacturing Index contracted for the fifth consecutive month, declining to its lowest level since April 2009.

In contrast to other regions, Europe has been trending in the right direction. The Markit Eurozone Manufacturing PMI was off marginally, but many of the key subcomponents of this index were higher for the month. The improvement in the Eurozone headline number stemmed largely from improvements in Germany, with output rising to a five-month high and rebounding from springtime softness. As such, Eurozone manufacturers have reported modest growth in the sector, brushing off recent challenges in Greece and headwinds from China. Real GDP rose 0.4 percent in the second quarter. On a year-over-year basis, the Eurozone economy expanded 1.5 percent, up from 1.2 percent in the prior quarter. The unemployment rate reflects this progress as well, falling to 10.9 percent in July, the lowest since February 2012 even as it continues to remain highly elevated. Deflation has been a concern in recent months, spurring quantitative easing moves by the European Central Bank, but the annual inflation rate remained steady at 0.2 percent in August, the fourth straight month with positive price growth.

Congress has before it several important pieces of legislation, including legislation to reauthorize the Export-Import (Ex-Im) Bank, modernize customs, improve trade and intellectual property enforcement and create a new Miscellaneous Tariff Bill (MTB) process. In addition, negotiations on both the Trans-Pacific Partnership (TPP) and Transatlantic Trade and Investment Partnership (TTIP) talks will continue, as will efforts to implement the World Trade Organization (WTO) Trade Facilitation Agreement (TFA). This month, trade with key partners, such as China and India, will be in the spotlight as high-level meetings take place.

Chad Moutray
Chief Economist
National Association of Manufacturers

Global Economic and Trade Trends

The global economy continued to expand very slowly, with activity challenged in many key markets.
The J.P. Morgan Global Manufacturing PMI continued to reflect relatively soft levels of expansion (down from 51.0 to 50.7), with slowdowns in Asia and South America weighing heavily on some markets. Exports were essentially stagnant (unchanged at 49.9), just barely contracting for the second straight month. Other measures were mixed, but remained in positive territory. New orders (up from 51.3 to 51.4) were marginally higher, whereas output (down from 51.6 to 51.0) and hiring (down from 50.7 to 50.2) both pulled back somewhat. Growth in employment was at its slowest pace since September 2013.

The country-by-country analysis also reflected weaker conditions. Manufacturing activity in half of the top 10 markets for U.S.-manufactured goods contracted in August, up from four in July. The additional country was Canada (down from 50.8 to 49.4), our largest trading partner, which continues to struggle with significantly lower crude oil prices. The other four nations remained the same: Brazil (down from 47.2 to 45.8), China (down from 47.8 to 47.3), Hong Kong (down from 48.2 to 44.4) and South Korea (up from 47.6 to 47.9). The deteriorating conditions in Brazil, China and Hong Kong were notable, with each reaching a multiyear low with their PMI values. 

In contrast, the other top markets continued to expand, but at differing rates of growth. European economies moved in varying directions, with expansions in the Netherlands (down from 56.0 to 53.9) and the United Kingdom (down from 51.9 to 51.5) easing, while Germany (up from 51.8 to 53.3) accelerated somewhat. The other two expanding nations were Mexico (down from 52.9 to 52.4) and Japan (up from 51.2 to 51.7). Note that each of these five countries, however, had moderate growth for the month.

Manufactured goods exports have declined so far this year.
Manufacturers have struggled against global headwinds through the first seven months of this year. Manufactured goods exports totaled $656.33 billion year-to-date using non-seasonally adjusted data, which is down 4.93 percent from the $690.36 billion in the same time period last year. This trend extends to the top four markets for U.S.-manufactured goods: Canada (down from $180.83 billion year-to-date to $166.56 billion), Mexico (down from $139.15 billion to $138.38 billion), China (down from $67.83 billion to $65.40 billion) and Japan (down from $38.65 billion to $37.44 billion).

Chinese manufacturing activity declined at the fastest rate since March 2009.
The Caixin China General Manufacturing PMI declined from 47.8 to 47.3, its lowest level in more than six years. Indicators were down across-the-board, including new orders (down from 46.9 to 46.6), production (down from 47.1 to 46.4), exports (down from 46.9 to 46.6) and employment (down from 47.2 to 46.7). Hiring has now contracted for 22 straight months. The official manufacturing PMI data from the National Bureau of Statistics of China also show a contraction in August, with its index down from 50.0 to 49.7. In that report, activity declined more for the smallest manufacturers (48.1) than for their larger counterparts (49.9).

Next week, we will get new industrial production data for August, which is expected to show a continued deceleration in activity for the sector. The most recent data have been consistent with that trend. For instance, year-over-year industrial production growth has eased from 9.0 percent in July 2014 to 6.0 percent in July 2015. Likewise, fixed asset investments have slowed from 17.0 percent year-over-year to 11.2 percent over that same time frame, with retail sales down from 12.2 percent to 10.5 percent. To be fair, each of these growth rates remains robust by developed country standards, but growth has fallen substantially from what markets have become accustomed to seeing. Recent challenges also cast doubts on real GDP growth, which is likely less than the 7.0 percent year-over-year rate that has been reported.

Beyond these economic statistics, the Shanghai Stock Exchange Composite Index has fallen more than 38 percent since June 12 despite government efforts to prop up stock values and even after increasing slightly over the past week. With sluggish economic growth in mind, the Bank of China devalued its currency on August 11, and the yuan has now depreciated by 2.5 percent since then. The government has said that it will let the market dictate where it sets the yuan relative to other currencies, which is a nod toward critics who have sought an exchange rate that more freely matches the market; yet, for now, this was likely a move to boost its struggling economy.

The emerging markets slipped further into contraction territory in August, led lower by China and Brazil.
The Markit Emerging Market Manufacturing Index decreased from 49.1 to 48.6, its lowest level since April 2009. New orders (down from 49.1 to 48.5), output (down from 48.7 to 48.2), exports (down from 48.6 to 48.3) and employment (down from 48.7 to 48.4) were all lower, with each reporting faster rates of decline for the month. However, manufacturers remained cautiously upbeat about the coming months, albeit with sentiment down for the sixth consecutive month. The forward-looking output index suggested decent growth ahead (down from 59.4 to 58.5), even as this measure was now at its slowest growth rate since being introduced in early 2012.

A number of countries had contracting levels of manufacturing activity in August, many of which have been declining for several straight months. These included Brazil (down from 47.2 to 45.8), China (down from 47.8 to 47.3), Hong Kong (down from 48.2 to 44.4), Indonesia (up from 47.3 to 48.4), Russia (down from 48.3 to 47.9), South Africa (up from 48.9 to 49.3), South Korea (up from 47.6 to 47.9), Taiwan (down from 47.1 to 46.1) and Turkey (down from 50.1 to 49.3). The latter returned to negative territory, with contractions in six of the past eight months. Moreover, emerging market nations with expanding levels of manufacturing activity also experienced easing in the month, including the Czech Republic (down from 57.5 to 56.6), India (down from 52.7 to 52.3), Poland (down from 54.5 to 51.1) and Vietnam (down from 52.6 to 51.3). Nonetheless, manufacturers continue to report strength overall in the Czech Republic, the brightest spot among the emerging markets, with activity not far from July’s four-year high.

The drop in crude oil prices pushed Canadian manufacturing back into contraction.
The RBC Canadian Manufacturing PMI declined from 50.8 to 49.4, its lowest level since April. Reduced production (down from 51.6 to 49.4) and a further deterioration in hiring (down from 49.5 to 47.2) pulled the headline number lower. New orders (down from 50.9 to 50.3) and exports (down from 50.8 to 50.6) expanded slightly, with both easing for the month. As noted in prior reports, growth varied widely from region to region, with Ontario demand and production expanding at a decent pace, albeit with some deceleration in August, whereas Alberta and British Columbia continue to experience softness from lower crude oil prices.

Real GDP fell 0.5 percent at the annual rate in the second quarter, extending the 0.8 percent decline during the first quarter. Manufacturing output was stronger in June, up 0.4 percent, rebounding a little from the 1.6 percent decrease in May. Meanwhile, the unemployment rate inched higher, up from 6.8 percent in July to 7.0 percent in August, its highest level in 12 months. Manufacturers lost 3,200 workers on net for the month. More positively, retail sales increased 0.6 percent in June, rising in four of the past five months and providing some encouragement regarding consumer activity.

Growth in Mexico, our second-largest trading partner, eased once again.
The Markit Mexico Manufacturing PMI declined from 52.9 to 52.4, continuing a deceleration seen since measuring 56.6 in January. The largest decrease was in output (down from 53.3 to 51.2), which fell to its lowest level since October 2013. New orders (down from 54.8 to 54.6) and exports (down from 55.7 to 54.4) were also slower, but hiring (up from 52.4 to 53.3) picked up a bit. We will get new industrial production data on September 11, which is expected to reflect some of this easing. Manufacturing production rose 4.2 percent year-over-year in June, the highest annual rate of growth since February. Yet, even that figure remains weaker than we would like to see. For instance, output in the sector grew 5.8 percent year-over-year in December, and other sectors in the Mexican economy expanded in June at a much slower pace (e.g., electricity and construction both grew by 2.1 percent year-over-year).

In contrast to other regions, Europe has been trending in the right direction, albeit with some softness in August.
The Markit Eurozone Manufacturing PMI was off marginally, down from 52.4 to 52.3. Still, many of the key subcomponents of this index were higher for the month, including new orders (up from 52.2 to 52.8), exports (up from 51.5 to 52.4), output (up from 53.6 to 53.9) and employment (up from 51.8 to 52.0). As such, Eurozone manufacturers have reported modest growth in the sector, brushing off recent challenges in Greece and headwinds from China. Overall, manufacturing activity in Europe has now expanded for two straight years, which has made the region a bright spot in the world.

The improvement in the Eurozone headline number stemmed largely from better data in Germany (up from 51.8 to 53.3), with output rising to a five-month high and rebounding from springtime softness. In addition, Ireland (down from 56.7 to 53.6), Italy (down from 55.3 to 53.8), the Netherlands (down from 56.0 to 53.9) and Spain (up from 53.2 to 53.6) continued to experience decent demand and production growth despite several pulling back from strong numbers the month before. Austria (down from 52.4 to 50.5) and the United Kingdom (down from 51.9 to 51.5) continued to expand but at much weaker paces than in prior months. Yet, it was not all good news. France (down from 49.6 to 48.3) has contracted in 15 of the past 16 months, with August’s PMI reading a four-month low. While Greece (up from 30.2 to 39.1) has largely emerged from much of its political and financial drama, manufacturing activity continued to deteriorate, even as the pace of decline slowed.

Real GDP rose 0.4 percent in the second quarter, the same rate as the first quarter. On a year-over-year basis, the Eurozone economy expanded 1.5 percent, up from 1.2 percent in the prior quarter. As such, this report reflects recent progress in the Eurozone as a whole. Retail sales also improved in the latest release, up 0.4 percent in July. The expectation is that industrial production will also rebound when new data are out on September 14. The unemployment rate reflects this progress as well, falling to 10.9 percent in July, the lowest rate since February 2012 even as it continues to remain highly elevated. Deflation has been a concern in recent months, spurring quantitative easing moves by the European Central Bank, but the annual inflation rate remained steady at 0.2 percent in August, the fourth straight month with positive price growth.

The U.S. trade deficit narrowed in July.
The trade deficit declined from $45.21 billion in June to $41.86 billion in July. This figure has been quite volatile so far this year, ranging from $38.54 billion in February to $52.16 billion in March, but the year-to-date average of $43.74 billion is only modestly higher than the $42.36 billion average for all of 2014. The smaller figure in July stemmed largely from an easing in goods imports (down from $192.35 billion to $189.61 billion) and a slight pickup in goods exports (up from $127.55 billion to $128.17 billion). The service-sector trade surplus was essentially unchanged for the month (down from $19.60 billion to $19.58 billion).

Shifts in the trade of crude oil could explain at least part of the goods trade balance, with the petroleum trade balance inching somewhat higher, up from $7.30 billion to $8.11 billion. Even with the increase, however, the petroleum trade deficit is less than half of what it was last year, averaging $7.69 billion year-to-date in 2015 versus $15.81 billion for 2014 as a whole. Breaking the August data down a little, petroleum exports declined from $9.43 billion to $8.96 billion, with petroleum imports rising from $16.73 billion to $17.07 billion.

The goods exports data were mostly higher for the month, but the gains were less than robust relative to past months. Automotive vehicles and parts (up $596 million), industrial supplies and materials (up $303 million), foods, feeds and beverages (up $178 million) and nonautomotive capital goods (up $179 million) each experienced better goods exports in July. In contrast, exports of consumer goods were off by $426 million.

Regarding goods imports, the decrease in the headline figure came from two main segments: consumer goods (down $2.61 billion) and foods, feeds and beverages (down $593 million). Reduced imports for pharmaceuticals and cell phones accounted for virtually all of the decline for consumer goods. Meanwhile, imports increased for industrial supplies and materials (up $370 million), automotive vehicles and parts (up $336 million) and nonautomotive capital goods (up $233 million).

International Trade Policy Trends

TPP negotiators continue discussions to resolve outstanding issues.
Since the July 31 announcement by TPP ministers that “significant progress” was made during the latest round of negotiations in Maui, Hawaii, the United States and the other 11 countries participating in the TPP talks have held bilateral discussions and other efforts to resolve outstanding issues. The Office of the United States Trade Representative (USTR) released this summary of the progress made during the round. The NAM continues to work with U.S. and other TPP negotiators and members to urge strong outcomes that embrace our manufacturing-focused TPP priorities.

TTIP talks resume in October.
U.S. and European Union (EU) negotiators will meet for the 11th round of talks October 19–23 in Miami, Fla. It is expected that discussions on issues critical for manufacturers, including tariffs, will intensify during this round. It is also expected that investment discussions will resume in October, after the EU Parliament’s approval of a new TTIP mandate in July, which included new provisions on investor-state dispute settlement. In addition, discussions will continue on a range of other issues important to manufacturers, including regulatory coherence, intellectual property and customs measures.

Environmental Goods Agreement (EGA) talks to intensify this month.
The ninth round of EGA negotiations will take place September 16–22 in Geneva, Switzerland, where discussions will continue on the approximately 660 products nominated for duty-free treatment by the United States and other countries. Specifically, negotiators will discuss where convergence may exist in terms of export priorities, countries’ import sensitivities and customs-related challenges. Efforts are underway to make as much progress as possible on the EGA talks before the WTO Ministerial Conference in Kenya in December.

With Congress back in session, opportunities for Ex-Im Bank reauthorization will be considered.
Despite strong Senate votes in July to add a five-year reauthorization of the Ex-Im Bank to the long-term highway bill that later passed the Senate, the House has failed to consider any Ex-Im Bank legislation this year. The Senate had approved an amendment (S.A. 2327), which is identical to the Export-Import Bank Reform and Reauthorization Act of 2015 (S. 819) introduced by Sens. Mark Kirk (R-IL) and Heidi Heitkamp (D-ND) earlier this year, that would have reinstated the Ex-Im Bank’s charter and extend it through September 30, 2019. With Congress back in session, albeit for a limited number of days in September, opportunities for movement on Ex-Im reauthorization will be considered. Throughout the August recess period, manufacturers across the country continued to emphasize the importance of restoring this critical tool. On Labor Day, NAM President and CEO Jay Timmons highlighted the importance of this issue in an op-ed in The Hill.

Congress to resume discussions on customs and other trade legislation.
Congress also has pending the Trade Facilitation and Trade Enforcement Act of 2015 (H.R. 644). Different versions passed the Senate in May and the House in June, and discussions among the Senate Finance and House Ways and Means committees have begun to narrow differences. The NAM supports the elements of Title I that will allocate resources, streamline trade and measure progress within U.S. Customs and Border Protection. In Title IX, manufacturers strongly support the new de minimis threshold, the exemption from duty for container residue, changes to Chapter 98 of the Harmonized Tariff Schedule that will reduce the recordkeeping burden on goods returned to the United States without improvement abroad and provisions to simplify duty drawback that would incorporate an eight-digit classification system. In addition, the NAM sent a letter in support of including in the final bill an amendment offered by Sen. Jeanne Shaheen (D-NH) to make trade agreements work better for small businesses and to reauthorize the State Trade and Export Promotion (STEP) program (S.A. 1416). The provisions of that amendment are important to address a host of competitiveness barriers that small businesses face when turning to overseas markets for growth. The NAM continues to support strongly the Enforcing Orders and Reducing Customs Evasion (ENFORCE) Act included as part of S. 1015. The NAM issued a joint business letter explaining the importance of key provisions of the ENFORCE Act in addressing unfair trade. The NAM is also seeking to have included in the conference report provisions from the Senate bill that provide additional tools and guidance to the Obama Administration for improving intellectual property protection and enforcement overseas. The NAM’s efforts on the MTB are discussed below.

MTB push continues.
The NAM continues to lead business-wide efforts to include a transparent, objective, predictable and regularized process for Congress to consider and enact MTBs in the final conference report for the Trade Facilitation and Trade Enforcement Act of 2015 (H.R. 644). The Senate included language that would introduce a new MTB process in its version, which passed the chamber in May. The NAM continues to organize regular coalition meetings and calls on MTBs, lead advocacy meetings on Capitol Hill and release blog posts on the importance of MTBs.

Country-of-Origin Labeling (COOL) reform awaits Senate action.
The NAM is also continuing to co-lead the COOL Reform Coalition and end the threat of retaliation against U.S.-manufactured exports following a final judgment on May 18 by the WTO against the United States in the COOL dispute. A WTO arbitration panel is reviewing Canada’s and Mexico’s proposed retaliation of $2.5 billion and $713 million, respectively, which the USTR has strongly opposed. A decision is expected this month following a hearing of the arbitration panel September 15–16. While the House passed legislation June 10 to repeal the noncompliant COOL provisions, the Senate has taken no action, although Sen. Pat Roberts (R-KS) has offered the same repeal proposal. Given the NAM’s primary objective to avoid retaliation by Canada and Mexico and to prevent a loss of export sales by our nation’s manufacturers, the NAM supports passage of Sen. Roberts’ provisions, calling full repeal “the only viable option” to prevent retaliation.

White House Office of the U.S. Intellectual Property Enforcement Coordinator requests comments on intellectual property strategic plan.
The Office of the U.S. Intellectual Property Enforcement Coordinator, established as part of the Executive Office of the President, is developing the Obama Administration’s third Joint Strategic Plan on Intellectual Property Enforcement. Comments on the plan are due by October 16. The NAM will be submitting comments and requests input from our members by no later than October 7 to NAM Vice President of International Economic Affairs Linda Dempsey

Trade and cybersecurity issues expected to be prominent in U.S.–China leadership meetings this month.
Chinese President Xi Jinping will come to the United States for his first state visit later this month. Following a visit to Washington state starting on September 22, President Xi will be in Washington, D.C., and then in New York for the United Nations General Assembly. While in the nation’s capital, President Xi will meet with President Obama to discuss trade issues, including investment treaty talks, currency and cybersecurity, as well as a number of strategic and foreign policy issues, such as Iran and North Korea. Recently, reports have indicated that the U.S. government may be readying sanctions on China in response to cyber-theft concerns.

Improving U.S.–India trade relations will be a primary focus of the first U.S.–India Strategic and Commercial Dialogue on September 23.
The United States and India are preparing for the Strategic and Commercial Dialogue on September 23 in Washington, D.C., an expansion of the U.S.–India Strategic Dialogue last held in January, with the aim to strengthen U.S.–India relations on commercial and broader issues. Six working groups will focus on infrastructure, services, standards, textiles, business climate and innovation. The NAM continues its work with U.S. government officials and lawmakers to promote action on key priorities, such as India’s removal of industrial policy and localization barriers, protection and enforcement of intellectual property rights, elimination of tariff and nontariff barriers and improvement of government regulatory processes, such as food approval reviews. The Alliance for Fair Trade with India, which the NAM co-chairs, also released this fact sheet on key commercial issues. India’s recent efforts to put in place a national goods and services tax to replace differential state taxes has not been approved by the Indian parliament and is now on hold at least until Parliament reconvenes in November. Other areas of reform, such as land reform, also remain on hold. In August, the Indian Supreme Court ruled that India’s food approval system was unconstitutional, illegal and arbitrary, and the Food Safety and Standards Authority of India is reviewing its process.

U.S.–Cuba Relations Move Forward.
After more than 50 years, the United States reestablished its embassy in Cuba this summer, which officially opened for business on August 14. Cuba also opened its embassy in Washington, D.C., on July 20. Later this week, the newly formed U.S.–Cuba Bilateral Commission will meet in Havana to identify issues for upcoming negotiations as the two countries work to normalize diplomatic relations fully. Efforts in Congress to address legislative issues relating to Cuba, including the U.S. trade embargo on the country, are under discussion, but no clear path for consideration has been developed.

Congress planning votes on Iran nuclear agreement.
Following the announcement of a final deal between the P5+1 (France, Britain, China, Russia and the United States plus Germany) and Iran to curb Iran’s nuclear program and provide sanctions relief, the UN Security Council endorsed the agreement on July 20. Under the Iran Nuclear Agreement Review Act of 2015, Congress has 60 days to review the deal after the Administration’s submission of the agreement and related documents on July 20 and the option to vote on approving or disapproving it. The House is planning to take three votes today and tomorrow: a resolution to express disapproval that the Administration has not complied with the Iran statute, a resolution to approve the agreement and a bill to prohibit the Administration from lifting any Iran sanctions. In the Senate, enough senators have announced their intention to support the deal to sustain President Obama’s veto if necessary. Congress has until September 17 to vote on the resolution of disapproval.

WTO TFA implementation continues.
Following the adoption of the TFA by the WTO on November 24, 2014, efforts have been underway to promote its ratification by WTO member countries. As of September 4, 16 WTO members have ratified the agreement: the United States; Hong Kong, China; Singapore; Mauritius; Malaysia; Japan; Australia; Botswana; Trinidad and Tobago; the Republic of Korea; Nicaragua; Niger; Belize; Switzerland; China; and Chinese Taipei. The TFA will enter into force once two-thirds of WTO members have completed their domestic ratification process.

Exports in Action

2015 NASCO Conference

September 28–30
Location: Windsor, Ontario, Canada
North American Strategy for Competitiveness (NASCO) is a tri-national network of North American governments, businesses and educational institutes focused on expanding trade within the region and the global marketplace. The conference will feature leading experts on the North American supply chain, energy strategy and border facilitation. This annual event is designed to grow and strengthen NASCO participation in improving North American trade and cross-border relations. For more information, click here.

SupplySide West Global Expo and Conference

October 5–9
Location: Las Vegas, Nev.
SupplySide West is an annual meeting of finished consumer goods businesses to showcase the latest trends and innovations in the industry. The meeting format includes in-depth education tracks, summits, interactive panels and workshops designed to bring participants up to speed on current trends in the animal nutrition, beverage, cosmetics, dietary supplements, sports nutrition, food and pharmaceutical industries. For more information, click here.

Discover Global Markets: E-Commerce Strategies for Exporters

October 8–9
Location: Dallas/Ft. Worth, Texas
As part of the 2015 Business Forum Series, the U.S. Commercial Service will host a conference on global e-commerce and digital strategies for American businesses looking to export and compete in foreign markets. The program will highlight the digital innovation, social media strategies and mobile marketing needed to drive business development and strengthen professional contacts globally. In addition, participants will have the opportunity to meet with U.S. Commercial diplomats and specialists from more than 20 foreign markets. For more information, click here.

Discover Global Markets: Pacific Rim Consumers

October 29–30
Location: Orange County, Calif.
The U.S. Commercial Service and the District Export Council of Southern California will host a two-day conference on consumer markets throughout Asia and the Pacific region. The program will provide in-depth market intelligence on specific countries, regions and industries; guidance on marketing, distribution and intellectual property protections; and opportunities to network with senior business leaders. For more information, click here.

Electrical and Electronic Equipment and the Environment Conference 2015

November 11–12
Location: Heathrow, UK
This two-day conference will cover the latest and most critical developments in regulatory policy and best practices in the global economy. Panelists will include policy experts from the European Commission and UK government, law enforcement officials and industry representatives. The event will also provide networking opportunities with issue experts and industry peers. For more information, click here.

Green Technologies Suppliers Meetings (GTSM)

November 17–19
Location: Seattle, Wash.
The U.S. Commercial Service and GTSM will host a unique opportunity for U.S. green technology manufacturers to meet with foreign governments and other customers through prearranged business-to-business meetings. Over the course of the three-day conference, participants will hear presentations on top issues facing the industry, attend workshops on new market developments and innovations and meet with preselected customers and suppliers. The event will draw entities from all portions of the supply chain, including energy departments, international utilities, research centers and equipment suppliers. For more information, click here.

For a listing of other upcoming Commerce Department trade missions, click here.

Questions or Comments?

Contact Chief Economist Chad Moutray at cmoutray@nam.org.