Chamber President Michael J Quaranta highlighted key international markets that could be crucial in shaping the future of U.S. manufacturing and trade. (Photo by Kurt Cotoaga)
WILMINGTON- The Delaware Chamber of Commerce encourages local businesses to consider emerging global trade opportunities.
In a statement issued Monday, Chamber President Michael J Quaranta, highlighted key international markets that could be crucial in shaping the future of U.S. manufacturing and trade.
Quaranta gave examples like Southeast Asia, particularly Vietnam, as an emerging U.S. trade partner due to its rapidly growing economy and strong STEM graduate presence.
The statement also suggested revisiting U.S.-Cuba relations, as Cuba’s proximity and low labor costs present an opportunity for manufacturing expansion if diplomatic and trade ties improve.
The United Kingdom was also highlighted as a strategic opportunity, given its skilled workforce and ongoing efforts toward economic revitalization.
According to the 2023 Chamber of Commerce Trade report, The UK was the top export market for services exports in 2023 at $484 million.
The Chamber encourages businesses to explore international trade and policy developments. With an uncertainty of shifts in global trade dynamics could impact suppliers and supply chains, making it critical for companies to stay informed.
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“For Delaware businesses, it may be worthwhile to delve into these places and policy ideas. Your business may not take you to these countries, but your suppliers may need a new venue, and these just might be a landing place,” the Chamber’s statement read.
Delaware’s Trade and the Port of Wilmington
International trade (including exports and imports of goods and services) supports 130,000 jobs in Delaware, or about 1 in 5 total jobs in the state, according to the 2023 Trade report.
As a major entry point for imported goods, the Port of Wilmington plays a crucial role in Delaware’s economy.
The port is particularly vital for fruit imports, with bananas being a key commodity. Due to their low unit value and the absence of domestic alternatives, bananas, and other perishable fruits may be exempt from certain tariffs.
Enstructure, the private company that operates the Port of Wilmington, manages a substantial share of the nation’s perishable imports from around the world.
“Enstructure maintains close collaboration with our international trade partners to deliver comprehensive, transparent logistics solutions, ensuring the strength and efficiency of America’s supply chain,” Laurie Stovall, Enstructure’s Communications Specialist, wrote in a statement.
The trade war between the U.S. and China during Trump’s presidency back in 2018 had significant consequences for Delaware’s agricultural industry, particularly soybean farmers. Soybeans, the state’s second-largest agricultural export, were hit hard by retaliatory tariffs imposed by China.
While Enstructure did not operate in Port Wilmington during President Trump’s first administration, they expressed how their other trade locations adapted to the changes.
“(Enstructure) delivered essential materials and goods that drive the nation’s economy,” Stovall wrote.
Given the concerns about supply chain disruptions, the port is monitored closely for changes and shifts at the federal level to mitigate any risk. Enstructure ensures that the Port Wilmington is adequately prepared and actively working to address potential impacts of on coming tariffs and changes.
“As an all-in-one logistics partner, we have communicated anticipated impacts to our customers. We will continue to provide regular updates and innovative solutions for moving cargo in and out of the U.S.”
Claudia is a Philadelphia-based journalist and reporter passionate about storytelling that informs and engages the community. Claudia, a proud Temple University graduate, has built a career covering impactful stories and creating compelling content across digital and print media platforms. With a strong background in writing, editing, and research, Claudia has worked on various topics, from local news to in-depth features, always striving to deliver meaningful and accurate reporting.
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