4th Quarter 2014



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Trade Report continued

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Geographically, it was pretty bleak outside of North America. While exports to Canada and Mexico were up about $200 million, exports elsewhere were down about equally. Mexico did particularly well, mainly due to a huge increase in laptop shipments, though engines and kraft paper also contributed. But state exporters saw lower numbers in every other global region except the relatively small markets of South Asia (resulting from large aircraft sales to Pakistan) and sub-Saharan Africa (aircraft purchases again). In East Asia, exports to China grew a modest 2%, and those to Korea a solid 27%, but the gains were drowned by a very large decline in Japan. A fall in car sales and aluminum shipments led the Middle East market to a 10% decline. The Eurozone dropped slightly, from one billion dollars in the fourth quarter of 2013 to $978 million in the fourth quarter last year, though exports to the U.K. managed to buck the trend. With exports to Brazil and Colombia both down markedly, shipments to South America also fell by 10% (to $505 million). In this context, the state's performance in Southeast Asia, where exports fell by "only" $15 million, almost looks good. However, the sad truth is that in Southeast Asia cotton exports had fallen so much earlier in the year there simply wasn't much further for things to fall in this textile-intensive region.

Early 2015 reports suggest the picture is not changing. Tennessee's foreign shipments are hardly crashing, but growth remains difficult. Based on early returns, the year may turn out to be a tough slog for state exporters.


TENNESSEE'S LARGEST EXPORT SECTORS

Value of Exports

Change over Year

Change over
Quarter
Medical Equipment
$803,832,433
-9.1%
-7.4%
Motor Vehicle Parts
$747,556,309
5.0%
4.3%
Motor Vehicles
$680,958,142
-3.4%
6.6%
Computer Equipment $602,500,295 3.0% 8.5%
Basic Chemicals $520,000,204
-1.2%
-2.7%
Synthetic Fibers and Filament
$432,350,901
0.6%
-10.6%
Auto, Industrial, and Electromedical Instruments $424,434,440 3.2% 6.0%

GREATEST EXPORT GROWTH AND DECLINE*

Value of Exports
Growth %
Decline %
GREATEST GROWTH
Turbojets with Thrust > 25kN
$11,534,907
1,086.8
Semi-Chemical Fluting Paper
$23,815,526
419.1
Passenger Cars
$60,992,911
290.5
Misc. Instruments and Measuring Apparatus
$13,678,567
168.0
Precious Metal Waste and Scrap
$61,088,614
156.4
       
GREATEST DECLINE
Lawn Mowers
$9,129,743
 
-48.3
Nonwovens between 25 and 70 g/m2
$8,452,211
 
-42.6
Automotive Regulating Instruments
$25,179,630
 
-40.0
Cotton
$74,984,364
 
-35.0
Otherwise Unclassified Computers
$59,653,158
 
-33.9
*among Tennessee's top 100 exported goods

FASTEST-CHANGING DESTINATIONS*

Value of Exports
Growth %
Decline %
GREATEST GROWTH
Pakistan
$34,636,975
482.6
Jordan
$9,898,479
210.7
Russia
$96,413,246
111.6
Greece
$5,896,905
109.7
Trinidad and Tobago
$12,651,612
86.3
       
GREATEST DECLINE
Luxembourg
$176,327
 
-99.3
Honduras
$10,788,415
 
-61.7
Turkey
$40,160,275
 
-61.0
Egypt
$15,483,998
 
-54.8
Saudi Arabia
$59,851,435
 
-44.8
*among countries averaging > $5m sales/quarter