International Trade Could Comprise One-Third of U.S. Gross Domestic Product Within Ten Years, Predicts Wells Fargo HSBC Trade Ba
December 14 2005 - 11:00AM
PR Newswire (US)
SAN FRANCISCO, Dec. 14 /PRNewswire-FirstCall/ -- In less than five
years, China could grow its exports to nearly 10% of global trade,
becoming the largest exporter in the world. Likewise, international
trade stands to grow from a quarter to nearly a third of the U.S.
gross domestic product within ten years. Those are the key
predictions of a newly released analysis, published by the Wells
Fargo HSBC Trade Bank ("The Trade Bank"). Celebrating its 10th
anniversary in 2005, the Trade Bank seeks to spark interest in
trade issues among the next generation of American entrepreneurs by
publishing "A Decade of Trade," a resource guide available to high
school and community college students as a free download at
http://www.thetradebank.com/. Written by Joseph W. Harrison, former
president of the California Council for International Trade, and
Dr. Jim Paulsen, chief investment strategist for Wells Capital
Management, "A Decade of Trade" examines major changes in the
global economy, regulatory environment, and the balance of trade
since 1995. Designed for use by general and specialist readers
alike, the paper can provide helpful information for anyone
concerned with the future of trade: business owners and students
alike. It is available free for download at thetradebank.com, as
well as several web-sites of high-school and community
college-based trade programs nationwide. "Perhaps the best way to
re-kindle public interest in trade issues is to emphasize the
increasing importance of the world economy during formative school
years," said Sanjiv Sanghvi, Trade Bank CEO. "Throughout its first
ten years, The Trade Bank has created financial resources for
companies growing through significant global commerce. We are
excited to bring this educational resource to students now." "The
California Trade Education Center's mission is to help our state's
students understand how our economy is increasingly dependent on a
strong global economy and on world trade expansion," said Everett
Golden, President of the California Trade Education Center. "This
paper gets right to the heart of many issues that are vital for our
youth to know about, and I hope college and high school business
and economics instructors will make this study widely available to
their students." The Trade Bank -- one of "The Major Trade Banks"
according to World Trade magazine (April 2004) -- helps local
companies increase international sales while reducing risk,
accelerating cash flow and improving operating margins. Combining
Wells Fargo's wide array of financial services with HSBC's
extensive network of international locations, The Trade Bank
delivers import-export financing solutions and international
expertise to U.S. companies doing business internationally. The
Trade Bank delivers extensive trade services, cash management and
international treasury services to its customers online over Wells
Fargo's industry-leading Commercial Electronic Office(R) Business
Portal. It also brings its customers local market knowledge through
the HSBC network covering 77 countries and territories. Wells Fargo
& Company is a diversified financial services company with $453
billion in assets, providing banking, insurance, investments,
mortgage and consumer finance to more than 23 million customers
from more than 6,200 stores and the internet (wellsfargo.com)
across North America and elsewhere internationally. Wells Fargo
Bank, N.A. is the only bank in the United States to receive the
highest possible credit rating, "Aaa," from Moody's Investors
Service. HSBC Holdings plc is headquartered in the UK. The HSBC
Group serves over 110 million customers worldwide from more than
9,700 offices in 77 countries in Europe, the Asia-Pacific region,
the Americas, the Middle East and Africa. With assets of US$1,467
billion at 30 June 2005, HSBC is one of the world's largest banking
and financial services organisations. HSBC is marketed worldwide as
"the world's local bank." Visit HSBC at http://www.hsbc.com/
DATASOURCE: Wells Fargo & Company CONTACT: Susan Stanley of
Wells Fargo, +1-415-947-3994 Web site: http://wellsfargo.com/
http://www.thetradebank.com/ http://www.hsbc.com/
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