How One Local Business Experienced Improved Market Resiliency via International Trade
There are many factors to take into account when considering exporting products internationally. One question we hear often is, “What are the benefits of exporting?” We posed this question to LiquaDry, Inc., one of our actively exporting producers who experienced substantial growth this year despite the myriad challenges brought on by the pandemic.
Founded in Hinckley, UT in 1999, LiquaDry Inc. developed BioActive Dehydration™ - a drying process that dries products to a powder while preserving the color, flavor, aroma, and nutrients of raw fresh botanical juices. Five years ago, Stuart Fife and his team at LiquaDry, Inc. took the Executive Certificate of Global Business Management course currently hosted by Salt Lake Community College. They left the course inspired to diversify their markets by exploring international trade options. Since then, their export operations have grown in many countries, especially markets in Asia. Stuart Fife said, “What the international markets have done for LiquaDry is to help diversify our market base so we are not as susceptible to the trends and market fluctuations in any individual country.”
During COVID, export sales in some of their markets went to zero, while in others demand increased. Having multiple diverse markets helped even out the impacts of COVID, so a single downturned market didn’t decimate their overall sales.
Many companies considering international trade wonder how to find serious buyers in foreign markets of interest. When this question was posed to LiquaDry, Inc., Stuart said, “We work with the Western U.S. Agricultural Trade Association (WUSATA) and attend various trade shows around the world, which helped us incrementally gain a diverse customer base with diverse needs and diverse markets.”
Exporting may not be the best fit for every organization, but by expanding sales into the global market many producers have increased their sales, reach, and overall growth while also becoming more resilient to market fluctuations and external challenges.
The Utah Department of Agriculture and Food offers a number of free and low-cost export resources and connections to businesses considering international trade. To learn more, please contact Calli Nielsen Forsyth at firstname.lastname@example.org.