Quick, name one of the biggest drivers for economic growth in Greater Cincinnati.Did you say exports? Probably not. But it's right up there at nearly 30 percent growth over a three-year period with record levels forecasted for 2014.
Trade has become increasingly important for our region and reaching beyond our borders for opportunities has become a fundamental driver for our local economy. One in three manufacturing jobs and one of every three acres of planted farmland are supported by exports.
If Greater Cincinnati businesses didn't practice international trade, our local economy would be dramatically poorer and look something like this:
- manufacturing output would drop by $20 billion;
- there would be 130,000fewer jobs;
- the unemployment rate would skyrocket to more than 20 percent;
- worker incomes across all sectors would fall dramatically.
Because trade is so vital to our prosperity, Merx, an annual international best practices summit, was developed to help local companies improve their footing as they navigate global markets.
Merx (Latin for commerce, trade, pl; goods) is an interactive summit that has become the one place where businesses gather to engage in conversation surrounding effective strategies for expanding internationally. The summit is comprised of interactive sessions where panels of local business leaders and international experts share their lessons learned and offer secrets for future success.