Australian companies that export to the US may be in for a rough ride as the world's biggest economy slides into recession however Austrade says a silver lining may yet be found.
Australia's trade commission, Austrade, says there is cause for optimism in the form of US president-elect Barack Obama's massive fiscal stimulus package.
Austrade senior trade commissioner Sally-Ann Watts said Australian companies could benefit from the US stimulus package, worth an estimated $US775 billion ($A1.09 trillion), with its emphasis on infrastructure.
Exports to the US - Australia's third largest export market - rose by 8.2 per cent in 2007/08, according to the Australian Bureau of Statistics.
The trade commissioner believed a similar if not better performance was possible this financial year, given last year's result was achieved despite a high Australian dollar.
"I think we may have a chance at maintaining our increase," Watts said.
"Things will get a bit slower. You will have to try harder to get it, but there are still great opportunities.
"People's risk appetite has reduced so the orders are smaller in size and taking longer to be signed, but the business is still happening."
Australian companies get a chance to show off their wares over the next fortnight during Austrade's annual "G'Day USA" festival. It is the sixth time Austrade has run the initiative.
Watts said the theme had shifted from promoting mainly tourism and entertainment to a broader business focus.
She said there was scope to do more trade-related events given the increasing familiarity of US people with Australia.
Australian Institute of Export executive director Ian Murray said he expected the manufacturing and services sectors to be hit hardest by the US downturn.
But Murray said Australian companies could benefit from the clamour for further regulation of financial markets in the wake of the global credit crunch.
"If the world becomes more highly regulated, there are opportunities for Australian companies who have obviously been used to operating in a much more regulated market, to use their expertise in overseas markets," Murray said.
A lower Australian dollar could help smaller exporters more affected by the costs of their products overseas.
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