Maryland provides an ideal environment for college students that major in international business, as they will be well-positioned for success in the state’s business friendly environment and foriegn-trade dependent economy. Maryland’s location on the busy mid-Atlantic seaboard has allowed businesses in the state to easily forge strong international business partnerships. According to the Business Roundtable, an association of top CEOs from America’s largest corporations, Maryland-based companies with links to international trade generated over 47% of the state’s gross domestic product in 2010. International trade related activities directly employ 433,700 Maryland workers and corporate professionals, and support an additional 719,700 jobs through indirect supply chain links.
Maryland’s busy international export businesses are largely dependent on the Port of Baltimore. Maryland also benefits from its close proximity to the metro Washington, D.C. area, which is rich with technical and administrative government jobs that connect the state to foreign embassies and delegations. Maryland also has a large food-production sector consisting of commercial fishing centered on the Chesapeake Bay.
Maryland’s International Trade Partners
According to the International Trade Administration, exports from Maryland totaled $10.2 billion in 2010. A total of 4,176 Maryland-based companies export to foreign markets. Canada is Maryland’s number one trade partner, having received $1.16 billion in Maryland exports in 2010, accounting for 16% of the state’s total exports that year. The Netherlands was the state’s number two trade partner with $677 million, followed by China with $574 million and Saudi Arabia with $488 million in exports from Maryland in 2010.
The Business Roundtable notes that Egypt is one of Maryland’s fastest growing trade partners. In the last decade alone, trade between Maryland and Egypt increased by an incredible 831%, marking an encouraging trend for trade relations between Maryland and North Africa.
According to the International Trade Administration, Maryland’s largest exports include transportation equipment, accounting for $2.2 billion of Maryland’s total exports in 2010. The next largest export industries were chemical manufactures with $2 billion in exports, followed by electronic equipment and machinery manufactures with $1.2 billion each. Maryland’s diverse export base ensures its stability as the global economy swings into recovery and demand for industrial products and consumer goods increase in developing foreign markets.
International Business Jobs in Maryland
More than 800 foreign-owned companies have operations in Maryland, according to the Business Roundtable. These companies employ more than 100,000 Marylanders, contributing significant amounts of capitol in the form of payroll, investments and infrastructure improvements in the state. Not only does working for a multi-national company provide opportunities for mobility between domestic and foreign offices, it is also quite lucrative, as foreign-owned companies pay an average of $68,317 per year in the United States, an average of 32% more than comparable U.S.-based companies pay for similar jobs.
BAE Systems, a German defense and aerospace company is one of the world’s largest military contractors with over 100,000 employees across the globe, according to the company website. BAE Systems operates a facility in Rockville that employs roughly 200 workers including research scientists, engineers and corporate staff.
Sweden’s Volvo Car Corporation designs and manufactures Volvo Powertrain engines in a 1.5 million square foot facility in Hagerstown. Another multi-national company with a strong presence in the state is Toyota Financial Services of Owings Mills, which employs around 420 workers and corporate professionals, generating a payroll of $10 million yearly and contributing significantly to the local economy.
As these companies continue to expand both at home and abroad in the wake of the global economic recovery, they will continue to require professionals with expertise in global marketing, foreign market analysis, international business management, import compliance and trade protocols.
Making International Business Contacts in Maryland
Maryland has abundant resources for those seeking information about careers in international business: