Spain and the United States - Real Instituto Elcano

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FOREIGN TRADE 83 speaking, is to penetrate the domestic market and not to generate trade flows with the United States. 5 Ireland is another interesting example. Its market share of America’s foreign purchases rose almost fivefold from 0.4% in 1991 to 1.9% in 2004, making it the twelfth-largest supplier. This increase was largely the result of intra-company trade resulting from a big rise in Irish direct investment in the United States and US investment in Ireland. Spain’s market share is just about holding steady; in order to increase it exports to the United States will have to grow at a much faster pace or a lot more direct investment will be needed. Spain’s exports to the United States grew by 12% in 2004, according to US figures, compared with 56% for Nigeria, 45% for Venezuela, 37% for Russia, 22% for Belgium and 29% for China (which that year overtook Japan as the world’s third-largest exporter). A commonly heard complaint about Spanish companies is that they do not always have a sufficiently large stock to sell, so that when an importer places an order it cannot be filled. Some consumer goods companies only want to sell symbolic amounts in the United States, as this can help them open doors into other much easier markets where the company can impress clients by saying that it sells to Saks Fifth Avenue or Neiman Marcus. This is the case, for example, with some wines, although Spanish wines are increasingly well rated by specialist publications in the United States, such as The Wine Spectator, the bible of the wine trade. Six of Spain’s wines were ranked among the world’s top 100 wines in 2004, and one of them was in the number three spot, the highest place so far achieved by a Spanish wine (see Exhibit 4.7). Also, Freixenet is the best-selling sparkling wine (cava) in the United States. Exports of Spanish wines to the United States have been on an upward trend since 2000 (see Exhibit 4.8). The US market is a tough one to break into, but the rewards can be considerable. An example of this is Inoxcrom, which makes and distributes writing instruments. In 1996 Jordi Piqué, who had left Barcelona to work in Australia, where he boosted the company’s position from 78th to 4th place by sales volume, proposed that Inoxcrom study the potential of the US market. The results were encouraging, and Inoxcrom set up a subsidiary in New Jersey in 1997. In 2004, US-based Inoxcrom Inc generated sales of $25 million, almost half its worldwide sales. 5. See “La Economía de Estado Unidos, El Sector Exterior y las Relaciones Comerciales Bilaterales” by Manuel Moreno Pinedo (Boletín Económico de ICE, 2839, March 21-April 3, 2005).
84 SPAIN AND THE UNITED STATES Exhibit 4.7 Top 100 Wines by Country or Region Exhibit 4.8 Exports of Sparkling and Non-Sparkling Wines to the United States, Selected European Countries (US$ million) 1. The Spanish Language, an Exportable Asset The Spanish language is becoming big business in the United States. The 41 million people of Hispanic origin accounted for more than 14% of the total US population in 2004, and by 2050 they are forecast to reach 25% of the population (see Chapter 5). Spanish has also long been the favourite foreign language to learn in American schools and universities (see Chapter 6). The number of students learning Spanish is far more than the total studying all other foreign languages combined. The growing interest in the Spanish language provides opportunities for such businesses as the publishing industry. Spain’s publishing industry is the world’s fifth-largest, and it has more than 160 subsidiaries abroad, although less than 5% of all book exports go to the United States (see Exhibit 4.9). Europe accounts for close to 60% of sales and Latin America around 33%.
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Spain and the United States The Que
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Published by the Real Instituto Elc
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ACKNOWLEDGEMENTS This is the third
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CONTENTS Preface ..................
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PREFACE Once again, our long-time c
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CHAPTER 1 OVERVIEW Had it not been
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OVERVIEW 13 French of more than two
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OVERVIEW 15 committed Protestant, a
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OVERVIEW 17 money was used to purch
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OVERVIEW 19 Later, the runway at Ro
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OVERVIEW 21 a much more balanced re
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OVERVIEW 23 The position of the Eis
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OVERVIEW 25 The first such school i
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OVERVIEW 27 significant proportion.
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OVERVIEW 29 3,631 in 2003 (the four
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APPENDIX 1 CLASSIFICATION OF US COM
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Keith Walking Floor Europe Jeld-Wen
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Valeant Pharmaceuticals Intl. Wyeth
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Packaging Equipment & Materials Alc
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Inc. FedEx Corporation Logfret Inc.
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150 Candela Hermanos Colomer Group
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152 Security & Safety Equipment BTV
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156 APPENDIX 6 FOREIGN DIRECT INVES
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