Another promising sign for the economy: Export volumes among all states rose 16 percent in 2011, coming off a 2010 in which the value of goods shipped to other countries rose 21 percent.
As it has for the previous nine years, Texas was at the top of the list in export activity in 2011, sending almost $250 billion in goods to foreign markets. With a robust year-over-year growth in values of 20.7 percent, Texas outperformed overall U.S. exports, which grew by 15.8 percent in 2011.
Texas’ top exporting industries in 2011 were petroleum and coal products, chemicals, computer and electronic products, non-electrical machinery, and transportation equipment. The Texas energy industry, which supplies more than a quarter of the nation’s crude oil production, has become major exporter of raw crude.
Exports are giving a lift to the California economy as well. The Golden State was No. 2 behind Texas in exports in 2011, shipping $159.3 billion in goods, up a healthy 11 percent from 2010. Rounding out the top 10 exporting states: New York, Florida, Washington, Illinois, Louisiana, Michigan, Ohio and Pennsylvania.
One of the attributes many of the state export leaders share is access to major port facilities, which has become a critical component in global trade. Texas has 13 deep-water ports and California has 11 major port facilities, including the Port of Long Beach and the Port of Los Angeles, two of the busiest seaports in the nation.
The importance of port facilities to global commerce will become even more pronounced when the widening of the Panama Canal is completed, allowing larger “post panamax” vessels easier access to Atlantic Coast ports. A number of ports, such as the Port of Charleston, are making major upgrades and seeing an increase in activity because of an increase in global trade and foreign direct investment.
The numbers don’t lie. We are living in an increasingly interconnected world and increasingly commerce knows no borders.
