2nd Quarter 2011

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Tennessee International Trade Report

[continued from Trade 1]

In sum, Tennessee exports are continuing the strong growth that began from the trough of the global downturn in late 2008. The breadth of the products involved in these gains bodes well. However, there are some concerns on the horizon. For the first time in memory, second-quarter exports were smaller than those of the first quarter. This was mostly due to large declines in the value of cotton sales (as cotton prices continued their fall) and the substantial loss of motor-vehicle exports. Both trends appear to be continuing as the year progresses. Recent events in Europe suggest that the European markets will continue to be weak as well. These two trends could spell trouble. Tennessee's July exports were up a more modest 10% from a year ago and once again fell short of the nation's export performance. The state will have to rely on the performance of its other large export sectors to continue to do well for the remainder of the year.


Tennessee's Largest Export Sectors

 
Exports

Change over
Year

Change over
Quarter
Medical equipment & supplies
$782,578,996
17.6%
3.9%
Motor vehicle parts
$697,574,296
23.9%
-6.0%
Basic chemicals
$534,176,126
18.1%
5.7%
Computer equipment $484,085,543 15.5% 0.9%
Synthetic fibers & filament $451,538,697
13.1%
7.1%
Aerospace products & parts
$339,234,095
34.8%
9.3%
Cotton
$334,391,437
93.0%
-19.4%

Greatest Export Growth and Decline*

 
Value of Exports
Growth %
Decline %
GREATEST GROWTH
Car radios
$13,377,237
128,924.3
Vegetable oil
$36,314,663
2,581.0
Bulldozers
$15,357,301
366.7
Oak wood
$18,953,072
206.5
Aluminum plates
$81,695,534
122.1
       
GREATEST DECLINE
Miscellaneous motors
$5,104,951
 
-84.1
Non-daily newspapers
$5,177,179
 
-71.0
Coated paperboard > 150g/sq. meter
$7,294,212
 
-61.4
Tobacco
$11,698,872
 
-60.8
Safety airbags & parts
$10,393,595
 
-53.7

*among Tennessee's top 100 exported goods


Fastest-Changing Export Destinations*

 
Value of Exports
Growth %
Decline %
GREATEST GROWTH
Djibouti
$18,254,522
3,800.6
Bangladesh
$9,768,131
353.0
Morocco
$11,927,210
286.0
Belgium
$299,078,209
144.4
Finland
$9,755,218
118.1
       
GREATEST DECLINE
Luxembourg
$14,478,609
 
-89.3
Jamaica
$7,028,015
 
-57.1
Oman
$5,751,029
 
-55.1
Bahrain
$4,943,777
 
-53.4
Hungary
$5,046,124
 
-49.9

*among countries averaging > $3m sales/quarter