Stronger International Markets Buoying Florida
Still, challenges remain.
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.
“Despite the fact we’re a small company-driven export economy ... we have fared relatively well.” — Manny Mencia [Photo: Eileen Escarda]
||July ’02 YTD||July ’09 YTD|
||$56.9 billion||$39.8 billion|
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
Miami Trade — Market Share?
Top 10 Countries
|July 09 YTD (billions)||Market Share||7-Year Share Change|
|Market Share of Top 10||56%||?|