Posts Tagged ‘state exports’

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State Economies Get Boost from Exports

August 8, 2013

Calynn Jenkins is an intern in the International Trade Administration’s Office of Public Affairs. She is studying political science at American University. 

Seventeen states set export records in the first half of 2013, including Connecticut, Indiana, and Wisconsin.

Seventeen states set export records in the first half of 2013, including Connecticut, Indiana, and Wisconsin.

If your business is not exporting, you may be missing out on key opportunities to expand your business and increase your bottom line.

New data released from the International Trade Administration (ITA) on state exports from the first six months of 2013 shows U.S. merchandise exports totaled a record $781 billion. Oklahoma, Georgia, and North Carolina are among 17 states that reached record highs in merchandise exports.

Goods exports from Texas grew the most in dollar terms, rising from $4.3 billion to $134.4 billion. Washington (up $3.8 billion), New York (up $2.8 billion), Kentucky (up $1.4 billion), and Louisiana ($960 million) were the next largest.

Exports are an important driver of U.S. economic growth. Total merchandise exports from all 50 states contributed to a record $2.2 trillion in goods and services exports in 2012, which supported nearly 10 million jobs. According to new data from the first half of 2013, U.S. exports are on track for another record year.

The Obama administration has made exports a national priority, launching the National Export Initiative (NEI) in 2010 to support American jobs. Helping U.S. companies become more competitive internationally is a critical step to shaping an American economy built to last. The Department of Commerce and ITA are committed to continuing the trend of export growth.

More information about individual state contribution to national exports is available through the International Trade Administration’s Office of Trade and Industry Information web page.

If your business is ready to take advantage of opportunities overseas, ITA is here to support. We helped U.S. businesses achieve more than 14,000 export successes in 2012. Visit your local Export Assistance Center today.

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Connecticut’s Exports Continue to Take Off!

July 23, 2013

Nicholas Barter is an intern in the International Trade Administration’s Office of Public Affairs. He’s a graduate of Eastern Connecticut University, taking graduate courses at the George Washington University.

Connecticut small business Test Logic Inc. received an Export Achievement Certificate for its export success.

Connecticut small business Test Logic Inc. received an Export Achievement Certificate for its export success.

It’s a great time to be a Connecticuter!

Connecticut as a whole has been a wealth of exports as its merchandise shipments totaled $16 billion in 2012, which is an increase of about 9 percent since 2009.

Small businesses have helped lead the way in this increase. Of the 6,020 companies that exported from The Constitution State in 2011, more than 5,300 were small and medium-sized companies employing fewer than 500 workers.

With numbers like that it is easy to see why Connecticut Governor Dannell Malloy signed the Export Financing Act last week.  The Commissioner of Economic Development will now have the ability to give priority funding to small businesses wishing to export their product under Connecticut’s Small Business Express Program.

This bill shows how committed Connecticut is to being a major player in the global economy and its strong commitment to small business.

The bill sets up a brilliant future for Connecticut’s small businesses who aren’t yet exporting, so they can join their fellow business leaders in seeing the boost exporting can give to their bottom line.

For example, Test Logic Inc. was awarded with an Export Achievement Certificate for its outstanding success in exporting their products.

The award was given by Acting Deputy Under Secretary of Commerce for International Trade Ken Hyatt and Connecticut Congresswoman Rosa DeLauro.

Based out of Middletown, Test Logic is a small business of only 17 employees specializing in designing, manufacturing, and producing highly sophisticated, custom built-to-order aerospace test equipment used to develop turbine engines. It has become one of the leading providers in complete test cell system packages for multiple major aerospace companies, both foreign and domestic.

Test Logic consulted with the Connecticut U.S. Export Assistance Center to help get their exports off the ground. The team helped the company take advantage of SBA financing programs which eventually led to the company acquiring an $850,000 SBA Export Working Capital Loan. All this has helped Test Logic to expand to new markets like Japan, Australia, and the United Kingdom.

Now, 75 percent of the company’s revenue come from exports.

As a born and raised Nutmegger, I am very proud in what small businesses like Test Logic are doing to propel not only Connecticut’s economy, but to support our national recovery also. I’m glad to know the state is helping support small businesses as they lead the way in the global market.

As President Obama has said, small businesses are the backbone of our country. They may be small, but they deliver the powerful punch that is needed to stimulate our national and state economies.

Way to go, Connecticut! You’re paving the way and providing the tools for all small businesses to succeed overseas.

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Trends in 2011 Trade – Records Set, Expectations Exceeded

March 5, 2012

The Office of Industry Analysis provides information and analysis pertaining to issues affecting U.S. industry competitiveness.

It’s been said before that exporting has been a bright spot in an otherwise gloomy economic outlook. However, trends are improving in important areas such as manufacturing employment and productivity. Manufacturing is seeing a resurgence in investment and hiring. The average annual productivity in manufacturing grew 2.8 percent from 2010 to 2011. Also, while the manufacturing unemployment rate was 9.9 percent in January, 2011, by January, 2012, it had dropped to 8.4 percent.  Beyond what’s on the domestic horizon, more U.S. subsidiaries of foreign countries are also bringing manufacturing and jobs to the U.S., contributing to the export boom.

This past year saw a number of key records set and overall export growth on track to double exports by 2014.  For the first time, total exports exceeded $2 trillion, $2.1 trillion to be exact. U.S. merchandise exports increased $202 billion to a record $1.48 trillion from 2010 to 2011.U.S. Exports to the top ten markets which include Canada, Mexico, China, Japan, UK, Germany, South Korea, Brazil, the Netherlands, and Hong Kong

Exports of petroleum and coal products jumped $40 billion, to a record $101 billion from 2010 to 2011.  The increase in these products accounted for one-fifth of the $202 billion national increase.

Looking more closely at categories that had some of the strongest growth we see records set in nearly every major manufacturing category. Industrial supplies represented the largest goods export category (end-use) for the U.S. with a record $499.5 billion worth of exports in 2011, followed by capital goods (a record $491.4 billion); consumer goods (a record $176.3 billion); automotive vehicles and parts (a record $132.5 billion); foods, feeds and beverages (a record $126.1 billion); and other goods ($54.9 billion).

Exports of services were also record-breaking, as was the overall surplus the U.S. enjoys in the services trade balance. The services trade surplus reached $179 billion, up 22.8 percent from the $145.8 billion surplus in 2010. The U.S. showed large surpluses in royalties and license fees ($84.1 billion), other private services ($80.3 billion) and travel ($36.4 billion).

It stands to reason that while the nation as a whole set records for exports, most states also saw growth in their exports to the world. Thirty-six states experienced double-digit merchandise export growth in 2011; 23 states exceeded the national average of 16 percent growth for merchandise exports.

Texas accounted for 21% of the nation’s increase in merchandise exports from 2010 to 2011. Texas, California, Illinois, Louisiana, and New York accounted for close to one-half of the increase in goods exports from 2010-2011.

Some of the states that saw the largest percentage growth in exports last year include West Virginia, Utah, New Mexico and Nevada.

Merchandise exports to some of our largest trading partners also grew to record-setting heights last year.  Our exports to Mexico, The Netherlands, Australia and Brazil grew more than 20 percent from 2010.

U.S. merchandise exports were also at record levels to all of the priority emerging markets under the President’s National Export Initiative, including China, Brazil, India, Turkey, Colombia, Saudi Arabia, Indonesia, South Africa, and Vietnam.

Our export growth will continue as U.S. businesses find new markets and new partners and expand on the current partnerships they’ve already established.

For more information about this and other export data, visit the International Trade Administration’s Office of Industry Analysis http://www.trade.gov/mas/ian/index.asp

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