The United States is the world’s largest importer of goods, offering vast potential for WA businesses to scale their operations and grow revenue.
“The US has enormous purchasing power and can be a catalyst for exponential growth for WA businesses,” says Michael Carter, Head of CCIWA’s International Trade and Investment Centre.
“However, it’s a fiercely competitive and discerning market and your chances of success are dependent on your products and services being targeted, as the market is very segmented.
“For this reason, you need to be well prepared with a compelling pitch and good marketing strategy and material.”
Over almost two decades, two-way goods and services trade has grown from $41 billion in 2004, prior to the Australia-US Free Trade Agreement coming into effect in 2005, to $121.4b in 2022-23, according to the Australian Bureau of Statistics.
The US is the largest foreign direct investor in Australia and third largest trading partner. The US is also the top destination for Australian investment overseas.
Achieving success in the US
WA companies of all sizes have increasingly ventured into the American market.
From mining and resources to agricultural, technology and shipping, WA businesses are making significant contributions to the American economy while leveraging opportunities for growth and collaboration, including:
- Gelflex has manufactured contact lenses in Perth for more than 45 years and is a global innovator in the vision enhancement industry.
- Henderson-based Austal, which manufactures aluminum and steel ships in Alabama and is a prime contractor of several major US Navy and US Coast Guard shipbuilding programs.
- Perth-based IMDEX is a world leader in mining technology, with a strong presence in the US, enabling drilling contractors and resources companies to safely find, define and mine orebodies with precision and speed.
“Companies from WA, and around the world, have taken notice as the United States has made historic investments to increase its competitiveness with legislation like the bipartisan Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act, the Inflation Reduction Act (IRA) and the Bipartisan Infrastructure Law,” US Consul General Siriana Nair says.
“These are transformative laws that make America an even better place to do business, with more resilient supply chains, a stronger and more inclusive workforce, more regional innovation and technology hubs, improved infrastructure, including new roads, rail transit, waterways, airports, as well as expanded fast and free broadband across America.”
US support for Australian businesses
The US Commercial Service offers several programs to assist Australian companies looking to invest in and expand to the US.
Registration is open for Australian companies to join the SelectUSA Australia delegation taking place June 23-26 at National Harbor Maryland.
The SelectUSA Summit is a prestigious event, attracting foreign direct investment into the US and connects investors, companies, economic development organisations and industry experts. The summit offers practical insights, resources and connections to succeed in the US market.
The delegation is open to Australian companies of all sizes and sectors.
For more information about the SelectUSA Australian delegation, contact Georgina Harrowell, Commercial Specialist, at [email protected].
If you are looking for support or advice in business, investment or trade, contact our experienced International Trade and Investment Centre team at [email protected].
