2016 was a year of significant change and adjustment for Australia’s manufacturing industry.
But, with the competitive Australian dollar, three trade agreements starting to take effect, as well as the favourable economic conditions in a number of our major trading partners, there are many signs of optimism for 2017.
The Australian International Business Survey collected data from 913 Australian businesses, of which approximately a third were manufacturing businesses. 82% of manufacturing respondents said they intended to expand into new international markets over the next 2 years.
Manufacturers were upbeat about the outlook for the industry in the year ahead, with 25 per cent saying the outlook is ‘much better’ and 47 per cent describing it as ‘better’ than last year.
One manufacturer taking advantage of the opportunities available in international markets is Brisbane-based designer and manufacturer of power-electronic systems and fast-chargers for electric vehicles, Tritium.
Tritium secured a contract with a US company that operates one of the world’s largest network of electric vehicle charging stations. With a long payment cycle, Tritium needed additional working capital to fulfil the contract.
Tritium approached the Australian Government’s export credit agency, Efic, when their bank was unable to help. Efic was able to provide the company with a $1 million Export Contract Loan, allowing them to deliver on their export contract and to build their reputation overseas.
Efic helps small and medium businesses secure export finance when their bank can’t help.
Have you been trading for 2 years, been profitable over this time and do you have a positive tangible net worth? Is your domestic business able to support your export business? Have you established an overseas buyer/market and do you have a contract or purchase order? If you’ve answered yes to these questions, Efic may be able to help you with a loan or guarantee of between $50,000 and $1 million.
For more information, visit the Efic website, or call Kristina Wise on 02 8273 5226.