Undersecretary of Commerce for International Trade Francisco Sánchez arrived in Hong Kong Thursday with representatives from a group of U.S. companies to start off the Trade Winds Asia 2013.
According to the Commerce Department’s International Trade Administration, the annual trade mission and business matchmaking event helps firms gain market insights, make industry contacts, and solidify business strategies to expand U.S. exports to trading partners in the region.
“Hong Kong serves as the gateway for one of the most important and fastest-growing economic regions in the global marketplace,” Sánchez said in a statement. “I’m honored to lead a delegation of U.S. business representatives that are eager to explore the vast opportunities to sell their high-quality products and services to consumers in Hong Kong and throughout Southeast Asia.”
Hong Kong is currently the 10th largest export market for U.S. goods. In 2012, total U.S. merchandise exports to Hong Kong exceeded $37.5 billion, a nearly three percent increase from the previous year. Annual U.S. exports to Hong Kong have grown at the fastest rate among any of the United States' top 20 export markets during the past several years.
Sánchez will continue the trade mission by making stops in Seoul and Tokyo. More than 70 U.S. companies are participating in Trade Winds Asia 2013, which, in addition to Hong Kong, Korea, and Japan, includes visits to the Philippines and Taiwan.