Global Manufacturing Economic Update: November 2014

A Publication of the National Association of Manufacturers

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

The global economy has seen its share of challenges this year. These include deflationary worries in Europe, decelerating growth in China and declining activity in South America, among others. Along those lines, the Bank of Japan announced on October 31 that it would increase the amount of its monthly asset purchases, stepping up its quantitative easing program in an effort to spur faster growth. As we noted in last month’s report, the United States fares pretty well in comparison. The International Monetary Fund slightly downgraded its global outlook, with world output now estimated to expand by 3.3 percent and 3.8 percent in 2014 and 2015, respectively. Yet, it raised its estimates for real GDP growth in the United States in 2014 from 1.7 percent to 2.2 percent.

Indeed, the U.S. economy grew 3.5 percent in the third quarter, and manufacturers are largely upbeat about demand and production for the coming months. Still, international sales have continued to be rather sluggish so far this year. U.S.-manufactured goods exports inched up just 2.2 percent through the first three quarters of 2014 relative to the same time frame in 2013, according to Trade Stats Express. This represents a slight deceleration from last year’s 2.6 percent pace. Fortunately, we have seen positive growth in our export sales year to date to our five largest trading partners: Canada (up 0.6 percent), Mexico (up 6.1 percent), China (up 8.2 percent), Japan (up 0.8 percent) and Germany (up 6.9 percent). Moreover, while net exports served as a drag on real GDP in the first half of the year, they added 1.32 percentage points to the headline figure in the third quarter. Hopefully, this bodes well moving forward.

For those who look at the world with an optimistic eye, October saw signs of progress for manufacturers worldwide. Seven of the top ten markets for U.S.-manufactured goods experienced expanding levels of activity in October, up from six in September. In addition, activity in each of those countries picked up for the month, which was encouraging. Most notably, Germany shifted from an ever-so-slight contraction to modest growth. On the other hand, there were three nations that continued to see declining sales and output. Indeed, Brazil, Hong Kong and South Korea weakened further in October. Moreover, the J.P. Morgan Global Manufacturing PMI was 52.2 in October, unchanged from September. Yet, the pace of new orders, exports and output eased for the month, with each showing modest growth overall.

The good news was that our two largest trading partners appear to be moving in the right direction. The RBC Canadian Manufacturing PMI rose from 53.5 to 55.3, its highest level since October, and the pace of sales expanded at their fastest levels in 11 months. While the manufacturing production data show some softness in August, the latest jobs numbers illustrate a rebound more recently, with the sector adding 33,200 net new workers in October. Meanwhile, the HSBC Mexico Manufacturing PMI also increased, up from 52.6 to 53.3. This marks the best reading for manufacturing activity since January, particularly for sales and output. As a whole, however, the Mexican economy has been subpar as of late, with industrial production growing just 1.4 percent year-over-year in August.

Breakthroughs on the long-delayed Information Technology Agreement and the implementation of the Trade Facilitation Agreement in early November augur well for moving both agreements forward and strengthening the role of the World Trade Organization. U.S. trade talks with Asia-Pacific and Europe continue, as do U.S.–China bilateral investment treaty negotiations and global environmental goods talks. Legislative action on outstanding trade priorities is still sought, as manufacturers also urge action to prevent a West Coast port shutdown.

Chad Moutray
Chief Economist
National Association of Manufacturers

Global Economic and Trade Trends

Global manufacturing activity continued to grow modestly, with the pace unchanged in October.

The J.P. Morgan Global Manufacturing PMI was 52.2 in October, holding steady from September. Despite the headline figure staying constant, several of the key underlying data points reflected some easing from September’s report. This included new orders (down from 52.9 to 52.8), exports (down from 52.2 to 51.0) and output (down from 52.9 to 52.8). Of these figures, the most notable is the deceleration in export sales, likely the result of softer global growth in general. Beyond those points, employment (unchanged at 51.2) was also slightly positive.

Looking at the top markets for U.S.-manufactured goods, we saw some signs of weakness in September. For the most part, manufacturing activity improved according to the October data, even as there continued to be some challenges. Seven of the top ten markets experienced expanding levels for manufacturers in October, up from six in September. In addition, activity in each of those countries picked up for the month, which was encouraging. Most notably, Germany (up from 49.9 to 51.4) shifted from an ever-so-slight contraction to modest growth. On the other hand, three nations continued to see declining sales and output. Indeed, Brazil (down from 49.3 to 49.1), Hong Kong (down from 49.8 to 47.7) and South Korea (down from 48.8 to 48.7) weakened further in October.

Japan shocked markets with more monetary stimulus.

The Bank of Japan announced on October 31 that it would increase the amount of its monthly asset purchases, stepping up its quantitative easing program in an effort to spur faster growth. This action moved equity markets significantly higher around the world. Since the announcement, the dollar has also strengthened versus the yen, with the exchange rate moving from 108.94 yen per U.S. dollar on October 30 to 115.78 yen per U.S. dollar yesterday.

Japan’s real GDP fell 1.8 percent in the second quarter, with 2014 growing by less than 1 percent as a whole. (Note that third quarter real GDP figures will be released early next week.) On the positive side, the pace of industrial production and retail sales growth were both higher in September, up 2.7 percent and 2.3 percent year-over-year, respectively. Along those lines, the Markit/JMMA Japan Manufacturing PMI increased from 51.7 to 52.4, its highest level since the imposition of a new consumption tax in April. Activity was higher for several key measures, including new orders (up from 52.4 to 54.6), exports (up from 51.1 to 53.3) and employment (up from 49.7 to 50.3). On the other hand, the pace of production (down from 53.4 to 51.3) eased somewhat for the month, but that could be temporary in light of increased demand.

Europe’s economic growth remains very weak, with some signs of progress in October.

The Markit Eurozone Manufacturing PMI edged slightly higher, from 50.3 to 50.6. Overall activity continues to remain quite soft, with the headline index trending well below its 2014 peak of 54.0 in January. October data were mixed, with output (up from 51.0 to 51.5) and hiring (up from 50.1 to 50.5) increasing slightly, but exports (down from 51.6 to 50.7) easing. More troubling, new orders (up from 49.3 to 49.5) contracted for the second straight month, albeit at a slower pace of decline in October than in September. This suggests that demand within the Eurozone itself remains shaky.

October’s progress mainly occurred in Northern Europe. For instance, Germany (up from 49.9 to 51.4), Ireland (up from 55.7 to 56.6), the Netherlands (up from 52.2 to 53.0) and the United Kingdom (up from 51.5 to 53.2) started the fourth quarter on a stronger note. Production was generally higher in all four of these nations, with exports being the lone weakness, particularly in the United Kingdom. Output in Spain (unchanged at 52.6) also moved in the right direction, but sales growth weakened a bit. Meanwhile, activity in four European nations contracted in October: Austria (down from 47.9 to 46.9), France (down from 48.8 to 48.5), Greece (down from 48.8 to 48.4) and Italy (down from 50.7 to 49.0). Austrian manufacturing sentiment hit a two-year low, and France has contracted for six consecutive months.

Real GDP, which will be released today, is expected to be slightly positive in the third quarter, an improvement from being unchanged in the second quarter. In addition, industrial production rose 0.6 percent in September, rebounding from the 1.4 percent decline in August. Yet, despite the slightly better figures, consumers remain anxious, and retail sales dropped 1.3 percent from September. The unemployment rate has held steady at 11.5 percent for four straight months and remains quite elevated. At the same time, what continues to worry the European Central Bank is low inflation, with prices up just 0.4 percent year-over-year in October. For what it is worth, that was higher than the 0.3 percent year-over-year pace observed in September.

Chinese manufacturers are expanding slowly, but growth continues to decelerate.

The HSBC China Manufacturing PMI rose marginally, up from 50.2 to 50.4. Yet, despite the slight uptick in the headline figure, many of the key measures of activity eased in October. This included new orders (down from 51.5 to 51.2), output (down from 51.3 to 50.7) and exports (down from 54.5 to 51.7). Note that the pace of exports decelerated more than the other figures. In addition, hiring (up from 47.5 to 48.9) continued to contract, albeit at a slower rate. On the positive side, these data­­­—while quite soft—reflect stabilization in the Chinese economy from weaknesses in the first five months of 2014.

Growth in real GDP decelerated from 7.5 percent year-over-year in the second quarter to 7.3 percent in the third quarter. The trend is expected to continue into 2015, with the Chinese economy slowing to 7.0 percent. In addition, industrial production slowed to 7.7 percent year-over-year in October, down from 8.0 percent in September. Moreover, industrial production was growing at a 10.3 percent pace in October 2013, further illustrating the decelerating levels of activity existing in China right now. Fixed asset investment (down from 16.1 percent year-over-year in September to 15.9 percent in October) and retail sales (down from 11.6 percent to 11.5 percent) also eased last month. With that said, it is worthwhile to note that Chinese economic activity still remains quite strong, even if growth rates are far from what businesses were used to seeing a couple years ago.

The emerging markets grew slightly in October, remaining weak overall.

The HSBC Emerging Markets Index declined from 52.5 to 51.5, but the manufacturing component increased slightly from 50.7 to 50.9. This suggests growth that was somewhat above neutral. Indices for new orders (down from 51.9 to 51.7), exports (down from 52.3 to 51.2) and output (unchanged at 51.5) also reflected very modest expansions for manufacturing activity in the emerging markets. Employment (up from 49.2 to 49.7) contracted a little less. Fortunately, manufacturers continue to remain mostly upbeat moving forward, with the index for future output unchanged at 64.3, which would indicate robust growth in production over the coming months.

On a nation-by-nation basis, the October data were highly varied. China (up from 50.2 to 50.4), India (up from 51.0 to 51.6), Poland (up from 49.5 to 51.2), South Africa (up from 52.6 to 52.7) and Turkey (up from 50.4 to 51.5) made some progress in terms of manufacturing sentiment. Except for China, the pace of new orders and output picked up in each. At the same time, growth in new orders decelerated for the Czech Republic (down from 55.6 to 54.4), Russia (down from 50.4 to 50.3), Taiwan (down from 53.3 to 52.0) and Vietnam (down from 51.7 to 51.0). The Czech Republic, however, continues to see healthy gains in activity. Exports continue to be a challenge for Russia, with domestic demand also soft (but still growing). Meanwhile, three countries had contracting levels of manufacturing activity in October: Brazil (down from 49.3 to 49.1), Indonesia (down from 50.7 to 49.2) and South Korea (down from 48.8 to 48.7). Indonesia is new to this list, with demand and production falling to their lowest levels in more than a year.

Canada and Mexico are experiencing decent growth in their manufacturing sectors.

The RBC Canadian Manufacturing PMI rose from 53.5 to 55.3, its highest level since October. Stronger new orders (up from 53.7 to 56.4) and output (up from 53.6 to 56.0) largely attributed to the increased PMI value, with sales expanding at its fastest pace in 11 months. On the other hand, growth in exports (up from 50.0 to 51.3) continues to be more modest, and employment (down from 53.8 to 53.6) eased a bit for the month. Still, Canada has the highest PMI levels of any of the top 10 markets for U.S.-manufactured goods. (Mexico is number two.)

Manufacturing production in Canada increased 4.4 percent year-over-year in August, but output in the sector declined 1.2 percent that month. This softness mirrored similar weaknesses in the United States in August. Along those lines, Canadian retail sales also shrunk 0.3 percent in August. On the positive side, the unemployment rate fell from 6.8 percent in September to 6.5 percent in October. These data also point to rebounding manufacturing activity, with the sector adding 33,200 net new workers in October.

Meanwhile, the HSBC Mexico Manufacturing PMI also gained traction, up from 52.6 to 53.3. This marks the best reading for manufacturing activity since January, including new orders (up from 54.5 to 55.5) and production (up from 53.5 to 53.9). On the downside, exports (up from 48.6 to 49.7) declined for the second straight month, albeit at a slower pace in October. We will get third-quarter data in a couple weeks, but real GDP expanded 3.1 percent at the annual rate in the second quarter. Nonetheless, industrial production grew just 1.4 percent year-over-year in August, suggesting that the sector continues to grow more slowly than we might prefer.

The U.S. trade deficit widened in September.

The U.S. trade deficit widened somewhat, up from $39.99 billion in August to $43.03 billion in September, reaching its highest point since May. It mainly resulted from fewer goods exports (down from $138.65 billion to $136.07 billion). Service-sector exports were also off slightly, down from $59.92 billion to $59.51 billion. In contrast, imports of goods and services showed little change.

Reduced petroleum prices might have slightly impacted these numbers. West Texas intermediate crude went for $97.86 per barrel at the end of August but fell to $91.17 on September 30. (It has fallen further since then, closing at $74.33 a barrel yesterday.) This probably impacted the petroleum trade figures, with exports down from $14.13 billion to $12.37 billion and imports down from $27.26 billion to $26.37 billion. Still, the decline in exports went beyond the shift in energy trade figures. The non-petroleum trade deficit widened from $45.46 billion to $47.18 billion.

Indeed, the goods exports numbers were weak mostly across the board. Goods exports were lower for industrial supplies and materials (down $2.05 billion), non-automotive capital goods (down $1.17 billion), consumer goods (down $687 million) and automotive vehicles and parts (down $104 million). The only bright spot was foods, feeds and beverages (up $1.30 billion), but that increase stemmed entirely from a $1.75 billion increase in soybean exports. (To be fair, soybean exports are still $502 million less year to date in 2014 than at the same point in 2013.)

In contrast, the goods imports data were mixed. Declines for industrial supplies and materials (down $1.10 billion), non-automotive capital goods (down $940 million) and automotive vehicles and parts (down $515 million) offset increased imports for consumer goods (up $1.91 billion) and foods, feeds and beverages (up $98 million).

Slower economic growth overseas continues to dampen demand for U.S. goods, with growth in manufactured goods exports remaining quite sluggish so far this year. Using updated data on Trade Stats Express, U.S.-manufactured goods exports have increased 2.2 percent through the first three quarters of 2014 relative to over the same time frame in 2013. This represents a slight deceleration from last year’s 2.6 percent pace.

International Trade Policy Trends

The National Association of Manufacturers (NAM) urges action to prevent West Coast port shutdown.

The NAM joined more than 100 trade associations and groups on a letter last week urging President Barack Obama to support the intervention of a federal mediator to prevent a potential shutdown of the nation’s West Coast ports. The NAM continues to lead on this issue, working closely with allies and partners. Manufacturers are closely watching the situation as the International Longshore and Warehouse Union and Pacific Maritime Association attempt to negotiate a new labor agreement that covers port terminal operations on the West Coast. While negotiations over the summer yielded agreement on the health benefits portion of the contract, tougher issues remain unresolved, and the talks do not appear to be progressing. Shippers have experienced a sharp uptick in delays and other levels of uncertainty over the past two months. A strike or lockout could cost the U.S. economy as much as $2.5 billion a day, according to a June 2014 study by the NAM and the National Retail Federation. As the NAM continues to raise awareness of the port challenges to the Obama Administration and Congress, we would appreciate your anecdotes detailing the impact on your manufacturing operations. For more information, please contact Robyn Boerstling.

The United States and China announce a breakthrough on expanded Information Technology Agreement (ITA).

Manufacturers welcomed the breakthrough in negotiations to expand the ITA, announced in Beijing by the United States and China, that will move talks forward after being deadlocked for a year. An expanded ITA could eliminate tariffs on about 200 additional technology products—or roughly $1 trillion in global sales each year, creating an estimated 60,000 new American jobs, enhancing innovation in the United States and increasing global GDP by roughly $190 billion. The products include a wide range of goods, such as medical devices, semiconductors and GPS devices, which currently face duties anywhere from 8 to 30 percent. The World Trade Organization (WTO) has not eliminated tariffs on information and communications technology products since 1996—when much of the cutting-edge technology on which manufacturers and consumers rely did not yet exist. Expanding this 18-year old agreement to include new technologies is critical not only for manufacturers of the equipment, but also for manufacturers that consume these technologies, which enable them more globally competitive and productive.

The United States and India announce deal to unlock WTO Trade Facilitation Agreement.

Earlier this week, the United States and India announced an agreement that paves the way for implementing the WTO Trade Facilitation Agreement (TFA), the first multilateral trade agreement to be concluded in the history of the WTO. U.S. Trade Representative (USTR) Michael Froman said the agreement came after months of high-level meetings with Indian officials. Progress on the TFA was halted in July, when a small group of countries—led by India—blocked consensus and raised concerns about the status of the WTO’s work on food security issues. Manufacturers applauded the tireless efforts of U.S. officials as they persevered to ensure that this widely supported agreement could move forward. The NAM stands ready to work with the United States, the WTO and member countries in support of full implementation of this pivotal agreement.

Trans-Pacific Partnership (TPP) negotiations move forward with potential conclusion in 2015.

Chief TPP negotiators and ministers concluded a round of talks in Australia last month and announced that progress was made on market access issues during those discussions. TPP leaders also met earlier this week at the U.S. embassy in Beijing on the sidelines of the Asia-Pacific Economic Cooperation (APEC) forum. In a joint statement issued by the leaders, they indicated that concluding the talks is a top priority, and they are encouraged that negotiators have continued narrowing gaps on key issues. TPP trade ministers reported to their leaders that negotiating teams continue to focus “on achieving an ambitious, high-standard market access package that provides comprehensive, commercially meaningful and duty-free access to each other’s goods markets.” The timeline for TPP’s completion remains unclear, but negotiators continue emphasizing that they are close to reaching a final agreement. The NAM continues urging negotiators to ensure bold and concrete outcomes for market access and core rules, including intellectual property, investment, e-commerce and enforceability in the final TPP agreement.

NAM advances manufacturing priorities in U.S.–EU negotiations.

With Transatlantic Trade and Investment Partnership (T-TIP) negotiations set to proceed in earnest next year, following the appointment of a new European Commission, the NAM is working with members to forge a strong T-TIP manufacturing agenda and is speaking out on the vital importance of an ambitious and comprehensive agreement. At a Center for Strategic and International Studies event on October 31, the NAM’s Linda Dempsey advocated for strong investor protections in T-TIP, including investor—state dispute settlement. The NAM and the Bertelsmann Foundation co-hosted a successful November 13 T-TIP event on Capitol Hill featuring Sen. Rob Portman (R-OH) and Congressman Erik Paulsen (R-MN). The next U.S.EU Task Force meeting is scheduled for Tuesday, November 18. at 10 a.m. at the NAM’s headquarters. The NAM is also teaming up with the Trans-Atlantic Business Council to host a December 4 seminar in Brussels on “ISDS: A Fact-and Experience-Based Review.” To join the NAM task force meeting or for further information, please contact Chris Moore.

Third round of Environmental Goods Agreement (EGA) negotiations set for December in Geneva.

The third round of negotiations for the Environmental Goods Agreement (EGA) will be held December 15 in Geneva. The first part of the week will focus on concluding air pollution control and waste management technology discussions. The latter will focus on water/wastewater treatment, environmental remediation and cleanup, and noise and vibration abatement technologies. NAM Vice President for International Economic Affairs Linda Dempsey will be in Geneva for the third round, along with several other U.S. and foreign business associations and companies, to meet with negotiators and discuss business community priorities with respect to the above technologies. We encourage you to share this invitation with your colleagues in Europe who might be able to participate in the week’s events. For more information, please contact Jessica Lemos

U.S.–China Bilateral Investment Treaty (BIT) talks move forward.

On the sidelines of the APEC summit, President Obama and Chinese President Xi Jinping met to forge a stronger path on key economic issues, including making a renewed commitment to pursue the BIT as “a top priority in their economic relations.” The United States and China committed to working toward a “high-standard and comprehensive BIT that embodies the principles of non-discrimination, fairness, openness and transparency. “ Both countries agreed to exchange proposed “negative lists” of exceptions to the core principle in 2015.

Manufacturers push forward support for key trade legislative priorities:

  • Trade Promotion Authority (TPA). With little time left for Congress to pass Trade Promotion Authority (TPA) before the end of the year, manufacturers are rallying support for action. TPA is essential to pursue and implement robust trade agreements that can expand access to overseas markets—a key pillar of the NAM’s Growth Agenda. This week, the NAM joined hundreds of companies and trade associations on a letter calling on House and Senate leaders to pass TPA this year. You can make sure Congress understands how critical trade is to manufacturing exports and jobs by clicking here to send a letter to your congressional delegation. For more information, please contact Chris Moore or Jessica Lemos.
  • Miscellaneous Tariff Bill (MTB). The NAM continues to lead business efforts to move the MTB process forward so that manufacturers can renew or obtain new tariff suspensions on imported inputs and products not produced in the United States to advance manufacturers’ global competitiveness, and is preparing to launch a renewed push for the bill’s passage during the upcoming lame-duck session. For additional information, contact Jessica Lemos.
  • Export-Import Bank reauthorization. The U.S. Export-Import Bank (Ex-Im) has helped thousands of U.S. exporters—most of them small businesses—grow jobs at home by offering competitive financing options for customers abroad. The NAM and the Exporters for Ex-Im Coalition are continuing their broad advocacy campaign to persuade Congress to provide a long-term reauthorization of the bank’s charter before its extension expires on June 30, 2015. For additional information, contact Lauren Airey.
  • Generalized System of Preferences (GSP) program. The GSP program provides duty-free access to the U.S. market for some 5,000 products from more than 120 developing countries. It expired in July 2013, raising costs for a wide array of critical manufacturing inputs. Click here to tell Congress to act now on GSP, and join the Twitter conversation at #RenewGSPToday. For additional information, click here or contact Jessica Lemos.
  • Customs reauthorization.The NAM continues to urge action by the Finance and Ways and Means committees to move forward customs reauthorization legislation to cut red tape at the border, improve trade efficiency and ensure strong enforcement of our trade laws. Anticipating that the current session of Congress will not address the legislation, the NAM is updating its priorities. We previously submitted these comments to Ways and Means on the Customs Trade Facilitation and Enforcement Act of 2012, introduced in December 2012. We will be updating the NAM’s recommendations and suggestions over the next few weeks. You can provide comments on the previous memo to Lauren Airey.

NAM highlights trade barriers and intellectual property challenges.

On October 29, the NAM submitted public comments for USTR’s 2015 National Trade Estimate (NTE) report on overseas trade barriers. The comments highlight growing challenges manufacturers face in key overseas markets, including tariff and non-tariff barriers, investment restrictions, forced localization policies, lack of intellectual property protection, standards and technical regulations, and export restrictions. USTR will issue its next NTE report in March 2015. On October 31, the NAM also submitted comments for USTR’s out-of-cycle review of India’s intellectual property (IP) regime. The comments noted improved bilateral engagement on IP matters since USTR issued its 2014 Special 301 Report in April, and urged further improvement. They outlined early priorities for action ahead of the U.S.–India Trade Policy Forum and high-level Intellectual Property Working Group meetings, scheduled for November 25 in New Delhi. For more information, please contact Chris Moore.

Department of Justice and FBI talk trade secrets with NAM members.

At a meeting the NAM hosted on October 28, law enforcement officials from the Justice Department and FBI outlined actions they are taking to better protect America’s trade secrets at home and abroad and shared opportunities to collaborate with industry to prevent crime and keep trade secrets safe. The officials, including Luke Dembosky, U.S. deputy assistant attorney general, and FBI supervisory special agents, encouraged manufacturers to engage and work with law enforcement in advance of any problems. Click here to contact the FBI trade secrets team. For more information, please contact Chris Moore.

The United States and European Union weigh expansion of sanctions on Russia as tensions with Ukraine continue.

The European Union and the United States are reportedly weighing further sanctions against Russia and Ukrainian separatists amid the movement of tanks, artillery and combat troops into eastern Ukraine despite a September 5 ceasefire agreement. Representatives of the EU member states and the United States met this week in Brussels to discuss imposing new penalties on individuals or on the Russian economy for the country’s interference in Ukraine. Officials will prepare options for an EU foreign ministers meeting in Brussels on November 17, although German Chancellor Angela Merkel spoke out against further economic sanctions earlier this week, emphasizing instead a focus on delivering political and economic support to Ukraine. President Obama had a series of brief meetings this week with Russian President Vladimir Putin on the sidelines of the APEC summit in Beijing, and Vice President Joe Biden spoke with Ukrainian President Petro Poroshenko by phone about the escalating tensions. The United States also recently condemned illegal separatist elections in the eastern regions of Ukraine, which were held on November 2.

Exports in Action

U.S.–Poland Innovation Week

Date: November 17–21
Location: Los Angeles and San Francisco, Calif.

Poland’s Ministry of Foreign Affairs will bring a delegation of senior Polish government officials and more than 100 Polish companies to California for U.S.Poland Innovation Week. The event will showcase Poland’s efforts to create an innovation economy and foster potential partnerships with U.S. companies and organizations. Poland is currently the sixth-largest and one of the fastest-growing economies in the European Union, and growth is projected to continue in 2014 and into 2015. The Polish companies traveling to California represent a broad range of sectors, including information technology/information and communications technology; biomedicine/biotechnology; smart engineering; energy/green solutions; finance and others. The event is free, but registration is required. To register, click here. To learn more about the event, click here. To view the agenda for the entire week, click here.

Discover Global Markets: Sustainable Solutions

Date: February 9–11
Location: Santa Clara, Calif.

The U.S. Commercial Service will host a three‐day business forum with opportunities for U.S. companies to meet global demand for sustainable solutions across industries. U.S. commercial diplomats from around the world will share market insights, and participants can attend technical sessions on IP protection, venture and project financing, winning foreign government contracts and implementing sustainable supply chains. To learn more, click here.

U.S. Commercial Service Health Care and Medical Trade Mission to Manila, Philippines, and Jakarta, Indonesia

Date: February 9–13 **Application Deadline: December 5**

The U.S. Commercial Service will lead a business development mission of U.S. medical equipment and health care technology companies to Manila, Philippines, and Jakarta, Indonesia. The mission will introduce participants to government agencies, end users and consumers. Participants will also have one-on-one appointments with pre-screened, prospective business partners whose needs and capabilities are best suited to each U.S. participant’s strengths. The Philippines and Indonesia have strong growth potential, medical infrastructure investments and private partnerships, an affinity for U.S. medical devices and technology, and a large population base. For more information, click here.

Deepening Your Business Connection with Mexico

Date: November 19

The U.S. Department of Commerce and ExpoProducción Mexico will co-host a webinar for U.S. textile and apparel exporters that will feature information on the Mexican market and business culture, logistics, the North American Free Trade Agreement, textile/apparel rules of origin, and other important topics. The presentation will be followed by a question and answer session for webinar participants. To learn more, click here.

Foreign Exchange Management for Exporters

Date: December 4

The U.S. Commercial Service and Bannockburn Global Forex, LLC, a non-bank provider of foreign exchange wire and risk management services, will provide an introduction to U.S. exporters on the foreign exchange component inherent in every international trade transaction and how to better manage that risk. The webinar will cover factors that U.S. exporters should take into consideration when developing their export sales and payment strategies. To learn more, click here.

Exporting to Mexico Webinar Series: Labeling Requirements for Personal Care Products and Supplements

Date: December 10

This webinar will focus on information on market access issues, Mexican regulations (Normas Oficiales Mexicanas, or NOMs), including labeling standards, as well as border clearance and logistics for the personal care product and supplement industry. To learn more, click here.

Questions or Comments?

Contact Chief Economist Chad Moutray at