1st Quarter 2011

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Tennessee International Trade Report

[continued from Trade 1]

Tennessee, in fact, saw reverses in no major global market, although exports to the Middle East were flat because of a fall in car sales to the Gulf States. Canada (up 27.5%) and Mexico (20%) produced about a third of the state's increased export sales. South American shipments increased 28%, with exports particularly strong in Brazil and Chile. Exports to China were just a shade shy of $500 million for the quarter, a 42% increase from a year ago. Taiwan nearly doubled its purchases to nearly $100 million for the quarter. Virtually every market in East and Southeast Asia grew in double digits. Tennessee exports to Thailand actually increased by more than 100%. Exports to Europe rose 15% to $1.284 billion. The only European markets to fall were those of Luxembourg and Spain. The former reflected a shift in the port of entry of the state's medical instruments away from Luxembourg to Belgium and the Netherlands rather than any loss of sales. Though the loss of exports to Spain might be ascribed to that nation's austerity efforts, exports to neither Ireland nor Greece, the nations where the most severe of such efforts are occurring, were much affected by them.

In short, then, the first quarter of 2011 saw the latest of a series of good export numbers that have followed the revival of the global economy since its near collapse two years ago. We might expect next quarter to be a bit more difficult, thanks to the fall in cotton prices and the anticipated impact of the events in Japan, but at this point in the year, few Tennessee exporters have much to complain about.

Tennessee's Largest Export Sectors

 
Exports

Change over
Year

Change over
Quarter
Medical equipment & supplies
$753,329,114
21.6%
2.7%
Motor vehicle parts
$741,957,379
45.6%
11.4%
Basic chemicals
$505,406,036
20.1%
2.3%
Computer equipment $479,742,116 17.9% 4.9%
Resins, synthetic rubber, & fibers $421,781,163
18.6%
45.8%
Cotton
$414,862,514
192.2%
85.9%

Greatest Export Growth and Decline*

 
Value of Exports
Growth %
Decline %
GREATEST GROWTH
Miscellaneous airplane parts
$15,418,771
15,769.5
Fructose
$14,193,761
1046.6
Trade advertising material
$19,465,925
595.4
Video games
$38,010,201
463.7
Ash containing precious metals
$14,009,478
252.8
       
GREATEST DECLINE
Vegetable oils
$12,018,385
 
-41.9
SUVs / passenger trucks
$151,947,481
 
-23.4
Medicaments
$30,595,547
 
-20.5
Nonwovens 25 - 70 grams/sq. meter
$19,958,647
 
-17.5
Laptop computers
$148,167,984
 
-16.4
*among Tennessee's top 100 exported goods

Fastest-Changing Export Destinations*

 
Value of Exports
Growth %
Decline %
GREATEST GROWTH
Nigeria
$6,535,922
359.9
Vietnam
$36,715,028
162.8
Egypt
$22,251,852
133.5
Panama
$12,287,197
129.2
Morocco
$9,551,516
128.7
       
GREATEST DECLINE
Haiti
$4,005,868
 
-56.1
Spain
$35,486,969
 
-39.0
Oman
$12,665,076
 
-38.1
Finland
$5,969,150
 
-24.1
United Arab Emirates
$79,132,780
 
-22.1

*among countries averaging > $3m sales/quarter