2nd Quarter 2014

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Though it was cars by a mile, several other industries had reasonable quarters.

Trade Report continued

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Geographically the quarter's gains were built on the NAFTA market. Exports were up substantially both to Mexico (to $1.2 billion, a 12% increase) and Canada (to $2.4 billion, a 13% increase). This was the site of most of the automotive and computer industry gains. South America also grew by 12%, though gains were concentrated in Brazil (24%) and Colombia (58%). Given the economic problems in the euro zone, Tennessee's 5% increase in exports to that region (to $1.06 billion) should probably be considered positive as well. (As a side note, more than half of Tennessee's exports inside the euro area go to either Belgium or the Netherlands.)

Asia was a mixed bag, however. Sales to South Korea and China were both strong. China was interesting, for it matched large losses in textile-related shipments (artificial filament and cotton) with even larger increases in plastics, chemicals, automotive, and computer purchases. The state's $644 million in exports to China was a record, breaking the $617 million third quarter of 2010. But shipments to the Gulf states, Southeast Asia, and Japan were all down, rather substantially in the latter two cases. Southeast Asian sales fell 10%. Japan's fell 13%. In the case of Japan, solar panel equipment accounted for about half the loss, while the losses in ASEAN stretched across a number of products, including pharmaceuticals, cotton, cellular phone equipment, and engines.

Tennessee's Leading Trade Partners

trade weighted dollar index