Understanding International Trade Policy: A New Hampshire Business Guide

Introduction

International trade plays a pivotal role in New Hampshire’s economy, contributing significantly to job creation and economic growth. In 2024, the state exported goods valued at $7.1 billion, marking a 68% increase from 2014. (ustr.gov)

New Hampshire’s Trade Landscape

Key Export Markets

New Hampshire’s top export destinations in 2024 were:

  • Germany: $1.4 billion
  • Canada: $1.2 billion
  • Mexico: $618 million
  • Japan: $385 million
  • China: $369 million

    • These markets underscore the state’s strong presence in Europe and North America. (ustr.gov)

    Export Composition

    The state’s exports are diverse, with the largest manufacturing export sector being transportation equipment, valued at $1.8 billion in 2024. Other significant sectors include computer and electronic products ($1.5 billion) and machinery ($1.2 billion). (ustr.gov)

    Demographics and Workforce

    New Hampshire’s population, estimated at 1,409,032 in 2024, is characterized by a significant foreign-born community. Approximately 6% of residents are foreign-born, with the majority originating from Asia (36.2%), Latin America (28.9%), and Europe (20.4%). (nhcje.org)

    State Resources for International Trade

    Office of International Commerce (OIC)

    The OIC assists businesses in navigating global markets. They offer support in export development, market research, and connecting with international partners.

    Contact Information:

  • Address: 172 Pembroke Road, Concord, NH 03301
  • Phone: (603) 271-8444
  • Website: New Hampshire Office of International Commerce

    • Foreign Trade Zones (FTZ)

    New Hampshire has established Foreign Trade Zone #81, encompassing parts of nine counties. FTZs allow businesses to defer, reduce, or eliminate duties on imported merchandise, providing cost savings and enhancing global competitiveness. (nheconomy.com)

    Contact Information:

  • Website: New Hampshire Port Authority

State Policies and Regulations

New Hampshire’s Revised Statutes authorize the establishment of Foreign Trade Zones and the designation of ports of entry or international airports. Specifically, RSA 12-G:38 empowers the Pease Development Authority to seek such designations, facilitating international trade activities. (law.justia.com)

Steps to Engage in International Trade

  • Assess Export Readiness: Evaluate your product’s suitability for international markets.
  • Conduct Market Research: Identify target markets and understand their demand.
  • Understand Regulatory Requirements: Familiarize yourself with export controls and compliance regulations.
  • Utilize State Resources: Engage with the OIC and explore FTZ benefits.
  • Develop an Export Plan: Outline strategies for market entry, pricing, and distribution.

    • Conclusion

    New Hampshire’s robust international trade framework offers businesses numerous opportunities to expand globally. By leveraging state resources and adhering to established policies, companies can enhance their international presence and contribute to the state’s economic prosperity.

    (ustr.gov)