Commodity Exports Hit Record $17 Billion in 2018
Connecticut commodity exports surged 17.7% in 2018, with companies exporting a record $17.4 billion in goods.
That follows a 2.5% increase in 2017 according to the April edition of The Connecticut Economic Digest, published by the departments of Labor and Economic and Community Development.
Connecticut ranked 27th among all states for commodity exports and is responsible for 30% of New England exports, the second largest share after Massachusetts.
New England commodity exports rose 4.6% to $57.9 billion last year while U.S. exports increased 7.6% to $1.7 trillion.
Commodity exports represent about 6% of Connecticut’s $276 billion annual gross domestic product. Exports of services are not tracked, due to a lack of data at the state level.
The digest’s authors say given the state’s high concentration of insurance, financial, and other services companies, its total exports are much higher.
France remains Connecticut’s number one market, with exports rising 50% last year to $3.1 billion. Germany, Canada, Britain, and Mexico round out the top five.
Among the top 10 markets, Singapore saw the largest percentage increase, with exports up 56%, followed by France, Germany (27.8%), the Netherlands (24.5%), and China (18.7%).
Two of the countries in the top 10 saw declines. Exports to South Korea fell 21.5%, with a 8.5% decrease in sales to Mexico.
Aerospace parts represent the largest share of Connecticut’s exports, increasing 26.4% last year to $7.2 billion, or 41% of all commodities.
Industrial machinery (up 15.9% to $3 billion), medical instruments (14.8%, $1.4 billion), and electric machinery (-5.7%, $1.1 billion) all account for over $1 billion each in export sales.
Pharmaceutical products saw the biggest increase in percentage terms, jumping 664% last year to $271.7 million.
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