The Bay Area is one of the nation’s top exporting regions, ranking second only to the New York–New Jersey metropolitan area in the value of its exports, with overseas sales exceeding all U.S. states except Texas. As a global commercial center, The Bay Area’s economic future is closely iinked to international markets.
The Bay Area Council Economic Institute provides continuing analysis of the Bay Area’s role in global trade; advocates on trade issues at the regional, state and national levels; and serves as a platform for leaders in the regional and California trade service communities to jointly address trade-related issues.
In addition to trade, the Bay area is globally connected through foreign direct investment, links to other technology regions, large numbers of foreign students at its universities, and a globally diverse population and that serves as an important business and cultural bridge. As the premier global center for technology and service innovation and a major center of higher education, the Bay Area powerfully shapes and is shaped by the global economy.
Cross-Border Commercial Ties
Competing in the Global Economy
At the request of the California Department of Business, Housing and Transportation, the Bay Area Economic Forum and the University of California prepared an assessment of California’s competitive position in the global ecomomy, with recommendations for how the State should develop and manage services to promote international trade and investment and assist California companies in global markets. The study was designed to provide the foundation for a new California international trade and investment strategy slated for delivery to the Legislature in 2008.
A Regional Perspective on Global Trade
In 2003, the Bay Area Economic Forum prepared a comprehensive report to facilitate understanding of the importance of international trade to the Bay Area’s economy, and to provide an assessment of global economic conditions, pending international trade agreements, and the trade outlook for specific economic sectors of interest to the region.
Subsequent semi-annual revised editions of the report examine how the patterns identified in 2003 have changed. As a long term trend, the findings suggest that major Bay Area companies across a range of industries are deriving an ever-larger share of their revenues from global sales.