Dear M & M:
What are some of the leading export products in Arizona?
Arizona is ranked 24th in the United States in goods exports, with an estimated value of $17.9 billion, and 16th in service exports, with an estimated value of $10.5 billion in 2012. 90% of exporters are small or medium sized companies or exporters (SME). In the United States, the Small Business Administration (SBA) sets (SME) criteria based on industry, ownership structure, revenue and number of employees (which in some circumstances may be as high as 1500, although the cap is typically 500). Leading the list of goods exported in 2012 includes semiconductors and components: $3 billion, aerospace products and parts: $2.6 billion, metal ores: $1.3 billion, other fabricated metals: $772 million and navigation and control instruments: $621 million. The top service exports in 2012 were travel: $2.7 billion, passenger fares: $1.3 billion and freight and port services: $1.1 billion. Arizona ranks among the top 10 state exporters in 11 industries, including second in metal ores ($1.3 billion), fourth in semiconductors ($3 billion), fifth in oil and gas ($351 million) and sixth in fibers, yarns and threads ($67 million). Arizona is America’s 26th largest exporter in agricultural products. It is the 3rd largest exporter of vegetables and melons and ranks among the top exporters of citrus fruits (other than oranges), tree nuts, cotton, hay and non-citrus fruits. One of Arizona’s fastest growing exports is agricultural and construction machinery, which have increased by 21% per year since 2002. In 2012, exports of these products reached $377 million. – Business Roundtable
Dear M & M:
What are some top export markets companies in Arizona sold their products to?
In 2012, Arizona companies sold their products to 208 international markets. Arizona’s top export market for goods was Mexico and the top market for services was Canada. Among Arizona’s top export market for goods, the United Arab Emirates and Saudi Arabia have grown the fastest at 34% per years since 2002, while exports to the Netherlands grew by 32% per year. Arizona’s goods exports have grown 30% faster than state GDP since 2002. The average annual export growth rate during this period was 5.7%, while the annual state GDP growth was 4.4%. Goods exported in Arizona accounted for 6.8% of Arizona’s state GDP in 2012. Top countries exported to: Mexico; Merchandise Exports: $6.1 billion – Service Exports: $418 million, China; Merchandise exports: $1.2 billion – Service Exports: $501 million, Canada; Merchandise Exports: $2 billion – Service Exports: $1.1 billion, Japan; Merchandise Exports: $955 million – Service Exports $872 million, Germany; Merchandise Exports: $670 million – Service Exports: $466 million, United Kingdom; Merchandise Exports: $888 million – Service Exports: $931 million. More than one in five jobs in Arizona is dependent on International trade. Top sectors for Arizona jobs tied to trade in 2011 include the following; consumer services – 139,500, science and technological services – 139,300, wholesale and retail trade 104,900, construction – 45,000 finance and insurance – 40,200, transportation and warehousing – 20,200. The share of Arizona jobs tied to trade doubled from 1992 to 2011 from 11% to 22%. When comparing similar jobs employees working in companies that export pay on the average 18% more than companies not engaged in exporting. – Business Roundtable