Bay Area Tech Exports Poised for 20% Spike to $30 Billion by 2016, Says New Report   

  Bay Area Tech Exports Poised for 20% Spike to $30 Billion by 2016, Says New
  Report 

    **Business Leaders, Public Officials Discuss Impact of Global Trade &
    Technology Trends on Bay Area Economy at HSBC Made For Trade Event’**

Business Wire

SAN FRANCISCO -- June 18, 2014

Projected U.S. trade growth and the growing importance of technology exports
should lead to a significant spike in Bay Area technology export activity,
according to new research out today from the Bay Area Council Economic
Institute (BACEI), sponsored by HSBC. The report predicts a rise of as much as
20 percent to around $30 billion by the end of 2016, from almost $25 billion
last year. The projected increase will provide increased expansion
opportunities for businesses involved in this vital sector, with exports
currently supporting some 378,000 jobs in the region.

According to the research, projected Bay Area growth is also linked to the
rising importance of China's currency, the renminbi (RMB), in global commerce.
American firms report becoming increasingly at ease with settling cross-border
trades in RMB, with the Bay Area at the forefront of this trend due the
region’s strong Chinese business and cultural ties. In 2013, two-way trade
between California and China totaled over $146 billion and the state currently
attracts more Chinese investment in technology than any other, with over a
third (35 percent) directed toward the Bay Area. For the U.S. as a whole,
Chinese foreign direct investment has broken new records each year since 2009,
increasing from $5.8 billion in 2010 to $6.7 billion in 2012.

“Innovation, ingenuity and risk-taking are the foundation of the Bay
Area-Silicon Valley economy and position the region for tremendous growth as
cutting-edge technology becomes the American export of the future,” said Sean
Randolph, President and CEO of the Bay Area Council Economic Institute and
author of the report: Trade in the Bay Area: Investment and Global Financial
Flows. “This, in combination with our close ties to China and the rest of
Asia, as well as the internationalization of the Chinese currency, makes it an
exciting time to live and work in the Bay Area.”

The BACEI report will be discussed at today's HSBC Made For Trade^1 Bay Area –
‘Financing the Future’ event. This is the third official stop of the Made For
Trade tour, which launched in Los Angeles in March before moving on to
Houston. It will make an additional stop next month in Chicago before
culminating this October in Washington, D.C. Speakers at today's event
include: San Francisco Mayor Edwin M. Lee, Deputy Assistant Secretary Ted Dean
of the U.S. Department of Commerce, International Trade Administration, Bay
Area Council CEO Jim Wunderman, Xia Xiang of the People’s Republic of China’s
Consulate in San Francisco, Steve Bottomley, Head of Commercial Banking North
America, HSBC Bank USA, N.A., and Marlon Young, Chief Executive Officer, HSBC
Private Bank, Americas; plus senior representatives of LinkedIn, Matson, Inc.,
Levi Strauss & Co. and Cisco Systems, Inc.

“San Francisco is the Innovation Capital of the World and the gateway to the
Pacific Rim, making our City a dynamic and thriving hub for international
trade and commerce,” said San Francisco Mayor Edwin M. Lee. “That’s why I’m
pleased to be a part of HSBC Made For Trade Bay Area to highlight San
Francisco’s important and leading role in the global market place, today and
in the future.”

HSBC has a rich history of supporting international commerce and is the
largest trade financer in the world. The global bank first established a Bay
Area presence in 1875 and since that time has maintained a strong interest in
the region, connecting local businesses with growth opportunities in Asia,
Europe and beyond.

“San Francisco is truly an international city, and the flow of goods
throughout the Bay Area is a natural extension of its economic culture,” said
Arjan van den Berkmortel, Managing Director, Corporate Banking West Coast,
HSBC Bank USA, N.A. “We opened our first U.S. office here nearly 150 years
ago, and as we look at the future of global trade, it's exciting to see how
well positioned San Francisco and the surrounding areas are for continued
growth. As the leading bank for international trade, HSBC looks forward to
helping Bay Area businesses continue to push the limits of borders.”

For more information about HSBC Made For Trade and how HSBC is helping to make
global connections, please visit: http://www.MadeForTrade.hsbc.com

Notes to Editors

(1) HSBC Made For Trade

HSBC Made For Trade is a national conversation with leaders in business,
government, industry and academia about the role of global trade in today’s
economy. This national tour looks at the contribution of the international
flow of goods, services and capital to the U.S. economy, and the opportunities
for American businesses brought about by global trade. HSBC Made For Trade
stops in four U.S. cities whose economies have been shaped by global trade,
and concludes in Washington, DC, where voices from around the country are
brought together with national officials and thought leaders to discuss
policies to further promote the international flow of goods, services and
capital.

About the Bay Area Council Economic Institute

Bay Area Council Economic Institute is a partnership of business with labor,
government, higher education, and philanthropy that works to support the
economic vitality and competitiveness of the Bay Area and California. Its work
builds on the twenty-year record of fact-based economic analysis and policy
leadership of the Bay Area Economic Forum, which merged with the Bay Area
Council in January 2008.

The Association of Bay Area Governments (ABAG) is a founder and key
institutional partner. The Economic Institute also supports and manages the
Bay Area Science and Innovation Consortium (BASIC), a partnership of Northern
California's leading scientific research universities and federal and private
research laboratories.

Through its economic and policy research and its many partnerships, the
Economic Institute addresses key issues impacting the competitiveness,
economic development, and quality of life of the region and the state,
including infrastructure, globalizations, science and innovation, energy, and
governance. A public-private Board of Trustees oversees the development of its
products and initiatives.

About HSBC

Founded in 1865 to finance trade between Asia and the West, today HSBC Group
is one of the world’s largest banking and financial services organizations.
Headquartered in London, HSBC Group operates through long-established
businesses and an international network of some 6,300 offices in 75 countries
and territories. HSBC is the world’s leading bank for international trade,
financing approximately 10 percent of international trade flows in 2012.* Our
global reach and expertise helps millions of customers – from small businesses
to multinationals – unlock their potential.

In the U.S., HSBC serves 3 million customers through retail banking and wealth
management, commercial banking, private banking, asset management, and global
banking and markets segments, and operates more than 240 bank branches: over
155 in New York State as well as in California, Connecticut, Delaware,
Washington, D.C., Florida, Maryland, New Jersey, Pennsylvania, Oregon,
Virginia, and Washington State.

*Oliver Wyman Global Transaction Banking Survey 2012

Contact:

Media Inquiries
HSBC
Neil Brazil, + 1-847-208-4319
neil.brazil@us.hsbc.com
 
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