As the U.S. economy slowed, Coral LLC of Incline Village increasingly looked to international markets for new revenues.
"We noticed a huge increase in sales in our international markets," says Alberto Galdamez, who heads export sales for the marketer of nutritional products based on above-sea coral.
Coral LLC isn't alone as northern Nevada companies increasingly look for export opportunities.
At the same time, the state is looking to increase the amount of direct investment by foreign companies in Nevada industries such as renewable energy and mining.
The U.S. Department of Commerce says exports by Nevada companies in 2009 totaled $5.7 billion with $3 billion of it represented by sales of gold from northern Nevada mines.
While exports from the state last year were down 7.3 percent, the decline is far less than the 18.7 percent decrease in exports recorded nationally.
The potential of international markets is getting the attention of northern Nevada companies.
Bill Cline, who heads the U.S. Commercial Service office in Reno, says inquiries in recent weeks have risen by more than 60 percent from previous months.
"The international marketplace has been less impacted by the recession than the U.S. market," says Cline.
The U.S. Commercial Service drew representatives from about 20 companies to each of three sessions of its Nevada Export University this winter, and a representative of the Export-Import Bank of the United States office in San Francisco faced a packed schedule of one-on-one meetings with potential exporters during a February visit to Reno.
Potential exporters often need counsel to open doors and win regulatory approval in export markets.
At Coral LLC, for instance, some of the 17 countries to which the company exports its products require government approval of nutritional products.
Galdamez says the company has found that the time and effort to clear the regulatory hoops has paid off with sales increases.
The Nevada Commission on Economic Development, meanwhile, works to open doors in foreign markets for Nevada companies.
Alan DiStefano, director of global trade and investment, says he's scheduled trips to China, Europe, South America and Southeast Asia in coming weeks to open doors for Nevada exporters.
As an example of the commission's work, the state in late 2009 focused on development of export markets for food and beverage products.
A trade show in Bangkok generated $2.9 million in sales and 165 sales contacts for participating companies. A visit by European buyers generated $4.3 million in sales for dietary supplement makers.
Along with other events including a trade mission to China and a visit by Japanese buyers to Nevada, the food-and-beverage campaign generated an estimated of $9.4 million in sales and 132 jobs.
At the same time, DiStefano has seen growing interest from foreign companies that want to invest directly in Nevada another way of creating new jobs in the state.
He notes that a significant portion of the capital for the renewable energy industry in the state comes from foreign companies.
For instance, Enel North America, a geothermal company active in northern Nevada, is Italian. RES Americas, partnering with NV Energy on a wind project in Elko County, is a British company.
Mining projects also are drawing the attention of Asian investors, DiStefano says.
