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Idaho Exports Show Steady Growth
8/12/2011
Despite recent uncertainty in national and international equity and financial markets, Idaho exports showed strong growth through the first half of 2011. Through the end of June 2011, Idaho exports were valued at more than $3.0 billion, an increase of more than 18% over the same period in 2010.
Second quarter exports were valued at more than $1.51 billion, only $13 million less than the 1st quarter of 2011, the largest single quarter on record for exports. The 18% growth in exports puts Idaho on par with national average export growth of 17.9 percent. So far in 2011, Idaho maintains a positive trade balance of more than $549.2 million, one of only 15 states who maintain such a surplus.
“We are on pace to reach another record year for Idaho exports,” says Don Dietrich, Director of the Idaho Department of Commerce. “Exports help create and sustain jobs in every region of the state and we need to remain aggressive in our efforts to open doors for Idaho companies internationally.”
Top performing Idaho export sectors include: mining products which increased by 118 percent or $227.0 million from 2010 to 2011. Higher prices and demand for precious and semiprecious metals such as gold and silver and lead explain the sharp increase.
Exports of processed dairy products such as: whey protein and powdered milk increased by 177 percent to $67.7 million from 2010 to 2011. The increase is explained by stronger demand from Asia Pacific counties that continue to experience strong economic growth for Idaho processed food and agricultural commodities.
There is also positive news for Idaho wood and building products companies. Despite a slower domestic housing market, Idaho enjoyed a 70% increase in export sales of wood products to $52.5 million from 2010 to 2011. Growth is strongest to Canada, China and the Asia Pacific.
Other export sectors including: semiconductors, agricultural commodities, processed food, industrial machinery and fertilizer all experienced positive growth from the 1st half of 2011 compared to last year.
While Idaho products reach more than 115 countries, top destinations for the second quarter of 2011 included: Canada, Taiwan, Singapore, China and South Korea.
The state of Idaho maintains offices in China, Taiwan and Mexico and works assist Idaho companies with their export needs.
IDAHO'S EXPORT CATEGORIES
January - June 2010 January – June 2011 Percent Change
Total of All Sectors
*Millions of US Dollars $2,573.1 $3,037.1 18.03
Semiconductors and Industrial Machinery $864.6 $879.0 1.6
Mining Products $103.7 $227.0 118.9
Food & Agriculture $162.6 $187.1 15.0
Paper, Pulp, Printing $39.9 $52.1 30.5
Fertilizer, Pesticides, etc $28.7 $42.7 48.7
Building Materials $17.0 $29.0 70.5
Office and Home Furnishings $11.9 $28.5 139.4
Transportation Equipment $79.0 $24.2 -226.4
Personal Care Products $15.3 $17.5 14.3
Fabricated Metal Products $11.9 $14.7 23.5
Other $6.9 $5.4 -27.7
Hides, Leather, Fur & Cork $2.3 $2.9 26.0
Apparel $1.3 $2.0 -53.8
Textiles $533,257 $318,418 -67.4
IDAHO'S EXPORT CATEGORIES
January - June 2010 January – June 2011 Percent Change
Total of All Sectors
*Millions of US Dollars $2,573.1 $3,037.1 18.03
1. Canada $367.7 $860.6 134.0
2. Taiwan $194.8 $442.9 127.3
3. Singapore $231.0 $312.1 35.1
4. China
(including Hong Kong & Macau) $233.8 $307.1 31.3
5. South Korea $107.9 $298.2 1 76.3
6. Japan $76.3 $155.4 103.6
7. France $55.5 $100.3 80.7
8. Mexico $83.3 $95.7 14.8
9. Malaysia $81.1 $83.9 3.4
10. Philippines $16.0 $52.9 230.6
News tag(s): Business Exports Project_60