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Louisiana and Washington Lead Strong Export Gains
18 Jun 08
A weak dollar and strong foreign demand have spurred solid increases in states' merchandise exports.
Nearly all states are benefitting from the current U.S. export boom, as the weak dollar and healthy global economy are driving strong demand for American goods. Exports have been the lone bright spot in a struggling U.S. economy, and data from the U.S. International Trade Administration show that merchandise exports rose 17.2% nationally in the first quarter of 2008 compared to a year earlier. The gains are broad based with 48 states recording an increase, a result of mushrooming demand from around the world: sales have surged to Asia (+16.7%), Europe (+18.1%), Canada (+11.9%), Mexico (+10.6%), and Latin America (+30.7%) in the past year.While the benefits are spread nearly everywhere, some states are getting a particularly strong boost during this weak economic period, possibly staving off harder times locally. Thanks to soaring trade with Europe in crops, chemicals, and petroleum, Louisiana has seen a 56.6% increase in the past year; a rise that represents 7.7% of the state's 2007 GSP level. Washington, already the fourth-largest exporter among states, saw a 29.9% jump with solid transportation equipment and crop sales to Asia. Utah (primary metals to Europe and electronic products to Asia), North Dakota (crops to Canada and machinery to Europe), and Kansas (transportation equipment to Asia and crops to Mexico) also had strong gains. LARGEST EXPORT INCREASES | 2008Q1 vs 2007Q1 | | | %
Change | $ Change
(Mill., Ann Rate) | Chg as % of
2007 GSP | Louisiana | 56.6% | 16,561 | 7.7% | Washington | 29.9% | 16,979 | 5.5% | Utah | 83.7% | 5,257 | 5.0% | North Dakota | 64.3% | 1,155 | 4.2% | Kansas | 50.6% | 4,313 | 3.7% | | | | | | U.S. | 17.2% | 185,907 | 1.4% |
Source: Office of Trade and Industry Information, International Trade Administration, U.S. Department of Commerce For more data detail, please click here: State Export Data by Dave Iaia
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