Rob: While China is one of Oklahoma's fastest growing export markets, sales
there are still well behind traditional customers like Canada, the
United Kingdom, and Japan.
With more, here's our Jessica Betts.
Jessica: It's all about good relationships, and good products when dealing
with world trade.
And based on latest facts from the department of commerce, our state knows
what it takes to keep up with the global economy.
Oklahoma exports have grown significantly over the past several years,
surpassing four-point-four-billion dollars, success that's
making Oklahoma a leading competitor in international trade.
Jessica: Oklahoma is becoming more global every day.
Roger Randle: We see restaurants from corners of the world that 50 years
ago we didn't know exist, and now we've got a restaurant from there.
More people become more sophisticated about food options.
We have grocery stores from around the world.
We're becoming much richer that way.
If you doubt how global the economy is, just go to Wal-Mart and look where
those products are all made.
The question is, and the challenge is, to what extent are Oklahomans
going to be successful competitors themselves in the world market?
Jessica: A challenge that Oklahoma business sectors
are overcoming with great progress.
State exports have grown 79% over the last several years.
Top exports include machinery, vehicles, medical equipment, and
much more.
Amy Polonchek: Exporting and global trade is as important to Oklahoma
businesses as it is to all the other businesses in the United States.
We've got more Oklahomans exporting than ever,
and we hope that trend continues.
Jessica: But there are potential risks in becoming involved
in world trade markets.
Beth Doty: There is instability in those markets, both politically,
economically; typically they have high inflation.
Jim Williams: Some of the issues that companies need to address, up front, when
looking at countries that are involved in free trade agreements, are the rules
of origin that apply to that free trade agreement.
It does take a lot of homework up front, takes a lot of due diligence, but
you know for sure that your client, your customer, your distributor
in that foreign country is not going to face any penalties on duties or
tariffs going into the country on your products.
Doty: If you can stomach the risks, the advantages are huge.
Populations are large.
They've got a large workforce.
They've got large resources.
They are hungry for products from the U S and to do business on the
global stage.
Jessica: Oklahoma futurist, Ed Barlow, says China is a big competitor
when it comes to the manufacturing and trade economy.
Barlow says the secret to defeating the challenge is working smart.
Ed Barlow: When I was in Beijing recently, and you look at individuals riding
their bikes in to work at seven o'clock in the morning and riding back at
seven at night, six days a week, you know they're working real hard, and
they're willing to put labor intensive hours in.
If you're going to compete with that, then the average American needs to
be able to produce things using technology, and so you use technology and
your skill set to produce the same product, and with technology you can produce
more that can offset using a lot of labor in China.
So, working smarter means we use advanced technologies to get things
done where China uses a lot of labor.
Jessica: Keeping Oklahoma in the international race for a global future.
Randle: The key for our future success is that we retain that edge.
That we continue to be the most imaginative, the most creative, the most
adaptable people in the world.