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According to the International Trade Administration’s report on trade activity, Wyoming businesses exported $1.2 billion in merchandise to foreign markets in 2011. The Wyoming Business Council is actively seeking to increase the state’s export business, working alongside the Western U.S. Agricultural Trade Association and other federal trade associations to participate in trade missions that will increase market exposure for agricultural, industrial and consumer products coming from the state.
In 2009, the most recent year for which data is available, the International Trade Administration reported that 305 companies exported products from Wyoming. 72 percent of these companies were small or medium sized enterprises employing fewer than 500 people, but brought in an impressive 58 percent of the state’s export revenue that year.
The state’s supportive network of international trade organizations, coupled with the fact that smaller Wyoming-based businesses hold the majority of market share for international exports, shows the potential for growth within the state’s international business community. Students in Wyoming’s business schools have been more frequently opting to pursue international business majors, intent on joining the international business community as Wyoming emerges as a significant contributor to international trade.
The International Trade Administration lists Wyoming’s primary international exports for 2011:
- Chemical exports totalled $819 million
- Machinery exports totalled $135 million
- Mineral and ore exports totalled $54 million
- Petroleum and coal product exports totalled $51 million
- Refined oil and gas exports totalled $41 million
The International Trade Administration report showed that the metropolitan area of Casper led Wyoming’s international export market with $79 million in merchandise exports, 28.5 percent of the state’s total. Cheyenne was second with $22 million in merchandise exports to foreign markets.
Wyoming International Trade Partners
Wyoming’s largest international trade partner in 2011 was Canada. Exports to Canada that year totalled $330 million and accounted for 27 percent of the state’s total merchandise exports. Wyoming’s other leading international trade partners, and the total dollar amount of the merchandise imported by each, are as follows:
- Brazil imported $101 million
- Australia imported $82 million
- Mexico imported $78 million
- Indonesia imported $71 million
International Business Jobs in Wyoming
The International Trade Administration’s latest data showed that foreign-based companies employed 9,100 Wyoming workers and corporate professionals. These employers were responsible for 4.2 percent of Wyoming’s total employment in the private sector. The leading providers of these foreign-based jobs in Wyoming were multinationals based in the United Kingdom, France, Canada and Switzerland.
Although foreign-owned corporations contribute significantly to Wyoming’s economy, Wyoming-based multinationals are also among the most notable as leading employers of international business professionals.The chemical company, FMC Corporation, is one of Wyoming’s largest employers. It produces agricultural products, biopolymer, industrial chemicals and lithium. Other prominent Wyoming-based multinational companies include major players in the mining and energy industries:
- North Antelope Mine
- Cloud Peak Energy
- Thunder Basin Coal Company
Powerful multinationals like these seek the most talented international business experts to manage and support the foreign trade component of their businesses, as well as their many operations around the globe. International trade consultants work with global managers to create entry strategies that account for the logistical, legal and cultural challenges and precedents in each of the foreign markets they access. Custom brokers, trade specialists, import/export compliance officers and supply chain managers ensure that the chemicals, ores, and other products these companies export reach wholesale buyers in foreign markets.
Making International Business Contacts in Wyoming
Wyoming offers a number of resources for domestic and foreign-owned companies seeking new international business opportunities: