Subscribe to Florida Trend


June 24, 2018

International Business

Stronger International Markets Buoying Florida

Still, challenges remain.

Mike Vogel | 11/1/2009


Optimistic about Financing

Manny Mencia, the international trade guru for the state’s economic development group, Enterprise Florida, isn’t given to moaning about the tough times. So you have to read it as an understatement when he says trade financing of late has been "a bit of a challenge."

That challenge means a big headache for Florida exporters, who for the most part are small and medium-sized companies, exactly the kind that rely on trade financing. Last fall, lenders built liquidity in the credit crisis in part by slashing trade lending. That helped toss trade into the recession basket.

Manny Mencia
“Despite the fact we’re a small company-driven export economy ... we have fared relatively well.” — Manny Mencia [Photo: Eileen Escarda]

Total Trade

July ’02 YTD July ’09 YTD
$56.9 billion $39.8 billion
Miami’s share
77% 72%
Tampa’s share
23% 28%
Still, Mencia sees a bright side. Of the 25 states that make up most of the nation’s exports, Florida has declined the least, he says. And that comes after a period of high growth. "Florida, despite the fact we’re a small company-driven export economy, despite the fact that smaller companies tend to be more vulnerable than larger companies to economic downturns, the fact the bulk of our exports are to the Third World which tends to be more fragile in downturns, we have fared relatively well," Mencia says.

Pierre Dulin
Lenders eventually will migrate to other companies and other sectors in search of opportunity. “That’s going to happen faster than people think.”
— Pierre Dulin
Meanwhile, says Pierre Dulin, a regional manager at Bladex, the credit crisis is over for select companies in select sectors. Indeed, as lenders concentrate on the preferred few, spreads on lending to them have fallen, Dulin says. More good news: Latin America has proved more resilient than other regions, and banks are returning to lending there. Lenders eventually will migrate to other companies and other sectors in search of opportunity, he says. "That’s going to happen faster than people think," he says, while acknowledging that for now, "it is still very slow."

Miami Trade — Market Share?
Top 10 Countries

July 09 YTD (billions) Market Share 7-Year Share Change
$6.1 13.8% -8.9%
3.0 6.9 27.9
2.7 6.1 32.5
Dominican Republic
2.2 5.1 -39.7
2.1 4.9 76.4
2.0 4.6 47.3
1.8 4.0 -39.8
1.7 4.0 721.7
Costa Rica
1.7 3.9 -38.7
1.2 2.8 35.2
Market Share of Top 10 56% ?
Source: WorldCity

Tags: Banking & Finance

Digital Access

Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

An overview of the features and articles in this month's issue of Florida Trend.


Florida Business News

Florida Trend Video Pick

Brevard Zoo releases sea turtles
Brevard Zoo releases sea turtles

Sea turtles Skipper and Ginny were released Thursday, June 21, 2018 after recovering from medical problems at the Brevard Zoo. (There is no audio track on this video from the Brevard Zoo.)

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Should Florida collect sales tax from all online retailers?

  • Yes
  • No
  • Unsure, need to understand issue better

See Results

Ballot Box