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| Why Trade Is Important To Washington State | | International trade has always played a key role in Washington State’s economy. Over the past 30 years, Washington exports have contributed to nearly one-half of the state’s new jobs. It is estimated that one in three jobs in Washington are directly or indirectly supported by international sales[1]. Exports contribute more to Washington's GDP than any other state and we remain the largest exporter per capita in the US.
Trade is a prime driver of Washington’s business success. We are home to industry leaders in aerospace; forest products; software; financial and legal services; and agriculture. These companies derive a significant portion of their revenues through foreign exports.
Total Washington State exports for 2007 equaled $66.26 billion, representing a 25 percent increase over the previous year. 63 percent ($41.8 billion) of the state’s total exports were from aircraft and related parts, a 27 percent increase from 2006, although most other sectors saw an increase in export values as well.
Asia remained the top region for Washington’s exports. China again ranked as the state’s number one export market, with total exports of $9.6 billion, an increase of over 40 percent from 2006. Five additional Asian markets – Japan ($7.72 billion), India ($5.80 billion), South Korea ($2.99 billion), Taiwan ($2.84 billion), and Singapore ($1.94 billion) – ranked among the top 10 export markets for Washington State. Combined, these Asian markets represented nearly 47 percent of the state’s 2007 exports.
The NAFTA trading bloc continues to demonstrate its importance to Washington State. In 2007, Canada ranked as the state’s third largest export market ($7.59 billion), an increase of 22 percent over the previous year. After a strong year in 2006, exports to Mexico fell by just over 7 percent to $1.21 billion in 2007, making it Washington's fifteenth largest export destination.
Europe continues to grow as an important market for Washington State products. In 2007 five EU countries ranked among Washington’s top 15 export markets and contributed $9.27 billion to total exports. Exports to Ireland ($2.39 billion) led European markets, followed by France ($2.32 billion), the United Kingdom ($1.91 billion), Germany ($1.38 billion) and the Netherlands ($1.27 billion).
Washington’s leading export industry sectors in 2006 remained key sectors in 2007. After aerospace-related exports, the top performers were cereals ($2.86 billion), oil seeds/fruit/grains ($2.72 billion), industrial machinery ($2.66 billion), electronic machinery/sound and TV equipment ($1.76 billion), optic/photo and medical/surgical instruments ($1.56 billion), mineral fuel ($1.18 billion) and wood products ($1.08 billion).
Click here for selected Washington State export statistics.
Click here for more on 2007 Exports from Washington State.
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[1] Richard S. Conway, Jr., Foreign Exports and the Washington State Economy, Washington, 1997, p. x.
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Last Updated 4/22/2008
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