Tennessee's Export Competitiveness
How adaptable is Tennessee's economy to changing global markets?
With exports equaling almost 14% of the total American economy, success or failure in foreign markets is of increasing concern across the U.S. and across Tennessee. Much of future economic growth resides in those markets. On one hand, it's relatively easy to assess current trade performance. One can look at the growth in the value of exports, at trade balances, or at comparisons to other exporters. It's harder, however, to examine the future! How well will a region's exports fare going forward? Much of the answer resides in trends in global growth and trade openness, but competitiveness is also an important consideration. Not all local economies are similarly placed to take advantage of global market trends.