With the prospect of a tariff war brewing between the United States and China, the implications of increased tariffs and restrictive trade policies is roiling markets and causing some hand wringing among business owners. While issues are being worked out in Washington D.C. and other world capitols, foreign trade is becoming more important in Flagler County. For a look at what a trade war could mean for Flagler County, Helga van Eckert, executive director at the Flagler County Department of Economic Opportunity, offers the local spin.
How important is the export market for Flagler County businesses?
Companies that export have a larger market, grow more quickly and are more resilient to economic downturns.
Do you expect the move to join the foreign trade zone in Jacksonville to give an impetus to more Flagler companies considering global markets?
Absolutely. We’ve already had a number of local businesses reach out to learn more about the benefits and opportunities of expanding their operations to include exporting. Being directly connected with the JaxPort and the foreign trade zone (FTZ) provides Flagler businesses with access to a great resource. Modifying the company business plan to include exporting can be intimidating. While the Flagler County Department of Economic Opportunity has a strong relationship with Enterprise Florida and the import/export tools, JaxPort’s FTZ’s hands-on management style assists in the business’s transition to begin exporting. The FTZ manager has offered to meet with our businesses, discuss the benefits of the program and assist in preparation of importing/exporting plans. It’s another layer to our business recruitment and retention program. As one of our region’s biggest economic engines, JaxPort has three cargo facilities and a cruise terminal on the St. Johns River. They are actively upgrading the facilities, modernizing docks, adding container cranes and building an intermodal rail transfer facility. In 2017, the cargo business grew to 8.3 million tons.
With trade policy in the news, do you see any impact on Flagler County's economy as the U.S. and other countries create new tariffs?
We’ve heard from a few of our businesses that have trepidation with respect to tariffs and the potential impacts. However, the majority of the concerns discussed have been related to the ripple effects that affect the broader economy.
What is your overall outlook for the growth of the local economy?
I’m confident that Flagler County has set the stage for continued, sustainable growth. As a young community, one of our greatest advantages is that our leadership understands the importance of creating an environment that is responsive to business and market trends. We continuously re-evaluate and adjust our programs and marketing efforts to reflect our businesses’ needs. Becoming part of the JaxPort FTZ is a great example.