The increase in loaded containers leaving New Jersey’s ports bound for foreign markets provides a sound indicator that New Jersey maintains a strong foothold as one of the leading international trade hubs in the nation. According to a February 2012 article in The Record, the number of loaded container shipments leaving New Jersey rose 6.6 percent in 2011, contributing to the state’s total international merchandise shipment value of $38.2 billion, as recorded by the International Trade Administration that year.
Business students in New Jersey are more often choosing to major in international business, recognizing the unique position the state holds as a global leader in international trade, and seeing the gains made by the state’s network of international trade organizations, which are unanimously supported by both state government and the New Jersey business community.
The New Jersey District Export Council (DEC), is an organization made up of New Jersey-based businesses, government agencies and nonprofit organizations. In their words, the DEC helps New Jersey companies “compete and win in the international marketplace”, working in coordination with the Northern NJ & Trenton U.S. Export Assistance Center.
New Jersey’s U.S. Export Assistance Centers are federal offices dedicated to helping companies identify opportunities in emerging and established international markets. The organization’s international trade specialists, who are located in both Newark and Trenton, help businesses establish international trade partnerships; navigate the financial, legal and regulatory requirements associated with international trade, and help businesses create market entry strategies by interpreting market research data.
International Business Jobs in New Jersey
According to the Business Roundtable, an association of CEOs from some of America’s top corporations, 1.1 million jobs in New Jersey depend on international trade. The largest merchandise export in New Jersey in 2011, according to the International Trade Administration, was chemicals, which accounted for $8.7 billion. New Jersey’s other leading exports include consumer electronics, transportation equipment and primary metals. Export-related manufacturing jobs in New Jersey accounted for 3.3 percent of total private sector employment in the state, and more than 17 percent of all manufacturing jobs in New Jersey depend on exports.
The top material export corporations in New Jersey are also among the foremost employers of international business professionals in the state. These corporations, both domestically based and foreign owned, include Conoco Phillips, BASF Corporation, Honeywell International, Johnson & Johnson and BP Products.
Service exports are also a major contributor to the health of New Jersey’s international trade exchange. Some of the leading service exporters from New Jersey, include international CPA firm RotnebergMeril, as well as all of the “big four” accounting and professional services firms, Deloitte, KPMG, PricewaterhouseCoopers and Ernst & Young. These global service providers will continue to place demand on the state’s major financial and professional services firms, which continuously seek talented international business management consultants, global market research analysts and accountants familiar with International Financial Reporting Standards.
New Jersey is home to a number of multinationals that have become household names:
- American Standard Company, which has its headquarters in Piscataway, is the leading North American manufacturer of bath and kitchen products exported to Canada, the Dominican Republic and Mexico
- Bristol-Myers Squibb has a research and development company in New Brunswick, which is one of the worldwide leaders in pharmaceutical research, generating net sales of $21.2 billion in 2011
- The Campbell Soup Company, global manufacturer and marketer of food products sold in more than 100 countries, has its headquarters in Camden, in addition to 11 production facilities throughout the United States and Canada
- Dunn & Bradstreet, which is headquartered in Short Hills, which is the premier source of business information, is a Fortune 500 company that boasts a global database of more than 130 million companies in over 190 countries
New Jersey’s International Trade Partners
Due to the implementation of U.S. bilateral and regional free trade agreements, foreign markets have been more readily available to New Jersey-based companies, with exports to Chile seeing the largest increases in trade activity in recent years, according to the Business Roundtable.
In 2011, New Jersey’s number one trade partner was Canada, which imported merchandise from New Jersey totaling $7 billion. This accounted for 18 percent of the state’s total merchandise exports that year. According to the International Trade Administration, New Jersey’s other leading export partners are the United Kingdom, Mexico, the Netherlands and China.
New Jersey’s top metropolitan areas for service and merchandise exports were Trenton-Ewing, Vineland-Millville-Bridgeton, Atlantic City-Hammonton and Ocean City.
Making International Business Contacts in New Jersey
New Jersey provides resources to domestic and foreign owned companies interested in exploring new international business opportunities by working directly with local trade organizations: