The map of state export markets allows us to examine the patterns more closely. While a number of changes might be spotted, clearly the largest is that we find nations that have been rising in their share of state exports mostly across the Asian rim and Latin America, while the declines seem concentrated across much of Europe and the interior of Africa. It might be interesting to note that for all the hoopla, China has not become a relatively more important market for Tennessee over the past five years. (A needed footnote however, is that cotton remains the largest Tennessee export to China, and its sales have declined in the past couple of years. China would show better if we excluded cotton.)
Our revised index (page 5) begins in 2008, so it essentially starts with the surge in the value of the dollar that accompanied the global economic crisis that was then still spreading. After that initial first peak, the index has been hovering somewhat higher than where it began but has remained relatively stable over the ensuing five years, all things considered. The good news, at least, is that the dollar has not been a significant headwind to state exports over recent years. Whether the recent interest rate volatility will affect this will be one of the more interesting economic stories this year.