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New England Trade Strategy

The cradle of European civilization in North America, Newfoundland and Labrador has a trading relationship with New England that dates back over 400 years. While on their way to the “New World”, the Pilgrims on the Mayflower stopped at Trepassey on the island’s South Coast to take on water and supplies. Enduring historical ties with New England have led to strong trading relationships through the centuries and building upon this long tradition of exchange between Newfoundland and Labrador and New England, in 1999 the Department established the New England Trade Strategy (NETS).

The NETS initiative is an innovative program focused on developing trade opportunities in the New England region. Since its introduction the NETS initiative, in addition to receiving inbound missions, has organized and led 23 outgoing business-to-business trade development missions to New England - bringing to market over 150 local SME, and facilitating deals that have generated millions of dollars in new business for clients. These trade missions are a continuing part of our ongoing strategy to continue with this historically relevant and significant market.

Our Approach

Companies control their success in any market, whether foreign or domestic. The New England Trade Strategy offers added value to a company’s export strategy by:

• Focusing export development in one region.
• Providing business counseling, export preparation, marketing material advice  and market information prior to accessing the market
• Providing business-to-business matchmaking and developing itineraries for market introduction through trade missions and other trade development events organized by the Department. 
• introducing companies to appropriate business partners required for long-term success in the New England marketplace
• Identifying and introducing prospects to an ever-growing network of interested stakeholders in New England, including expatriate Newfoundlanders and Labradorians in New England, Memorial University Alumni in New England, the Canadian Consulate General in New England, independent, sector-specific consultants, business councils and industry associations, and state economic development professionals
• Working with companies on identifying and maximizing follow-up activities subsequent to their participation in a New England trade mission or other sponsored activity
• Providing other assistance necessary to achieve export success in New England.

New England Market Overview

Newfoundland and Labrador companies consistently identify New England as their first region of choice for market entry into the United States. In 2009 this market comprised $830M or almost 10% of NL’s $8.5B total worldwide exports, and accounted for over14% of our total exports of $5.8B to the US.

With a population of 15 million, New England is a large, affluent market in close proximity to Newfoundland and Labrador. It is a dynamic and growing economic region within the U.S. and has the single largest source of disposable income in North America. The New England states are: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. As of December 2008, the unemployment rate in New England was 6.9%, below the national average. New Hampshire, with the lowest of the six states, had a rate of 4.6%. The highest was Rhode Island, with 10.0%.

New England has long been recognized as America’s higher education heartland, with 260 colleges and universities and more than 860,000 students. It is home to some of the oldest and most renowned institutions of higher learning in the United States. According to U.S. News and World Report, eight of the top 50 universities and 13 of the top 50 liberal arts colleges in the U.S. are located in New England.

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