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The Gulf Coast's port cities ranked near the bottom of Brookings Institute rankings released earlier this summer for exports measured against the metropolitan economy. Even with that, it isn't that bad and there's plenty of upside potential.
So says Frank Sanchez, a Tampa native who has spent the past year as President Barack Obama's undersecretary of commerce for international trade. Sanchez, a business and political figure, led Obama's local campaign in 2008 and was appointed to his current post last spring.
Brookings ranked Tampa-St. Petersburg-Clearwater at No. 91 among the nation's 100 largest metropolitan areas, with 6.8% of the economy coming from exports. However, Sanchez points out that the metro area handles $7.9 billion worth of exports annually. A diverse work force plus good sea and air ports give the Tampa Bay area a solid foundation to play in the international economy.
“It has a lot of good things going for it, and it really needs to build on those assets and get more businesses focused on exporting,” Sanchez told Coffee Talk in an exclusive interview a few days before a speaking engagement Friday. It's his first official visit to his hometown in his current capacity.
Sanchez will participate in a lunchtime forum at the Wyndham Westshore Hotel co-hosted by a dozen organizations, including Enterprise Florida, the Tampa Port Authority, Tampa International Airport, the University of South Florida and economic development agencies from Hillsborough, Pinellas, Manatee and Sarasota counties. He says these organizations and others can work together to generate more export business.
One key to jump-starting outbound trade nationwide, according to Sanchez, is identifying and contacting exporters supplying goods and services to only one country. He estimates 58% of the nation's 275,000 exporters are single-country traders who can expand their relationships.
“Once you have dipped your toe in the water of the export sector, you have some sense of what it takes,” he says. His department is consulting with the U.S. Postal Service and other commercial freight carriers to identify those exporters, he says.
In comparison to Tampa Bay, Brookings ranked Bradenton-Sarasota-Venice at No. 95, with exporting accounting for 6.3% of the local economy. Cape Coral-Fort Myers was last on the list, at 4.1%.
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