Oxstones Investment Club™Americans are used to seeing the “made in China” label on many products they buy, particularly clothing and electronics. A great many products, however, start their journey in the United States and are destined for foreign shores.
Every state in the nation exports hundreds of millions of dollars worth of goods overseas. 24/7 Wall St. reviewed the most valuable exported product in each state.
It is important to note that while a state may export hundreds of millions, or even billions, of dollars worth of a particular product, it may not actually be producing very much of that product within the state. By this definition, the state is the last place the product is packaged before leaving for another country.
For example, Hawaii exported more than $560 million worth of petroleum in 2014. This amounted to nearly 40% of the state’s total exports. Although the state has no natural oil extraction, no reserves, and very few refining operations, it serves as a last port of call for the petroleum before it leaves for destinations abroad.
Of course, there are a great many states where the chief export is a product the state is well-known for. Texas is known as an oil-producing state, and its largest exports are petroleum products. This is also the single largest product category that any state exports — Texas shipped $64 billion worth of petroleum in 2014. Similarly, given the state’s massive aeronautics industry, it is not surprising that more than half of Washington’s exports were in aircraft and aircraft parts. Notably, the state employs roughly half of all Boeing employees.
In other cases, the major export product may not be iconic in the state. For example, Massachusetts is known for its medical and technology industry. However, the state’s most valuable export is gold. Massachusetts is home to a major refinery that ships nearly $2 billion worth of the precious metal to countries such as the United Kingdom and Switzerland.
There is no consistent relationship between the value of a state’s export and its impact on a state economy. Some products, for example, are more likely to stay within the country than others. In Florida, for example, the orange-growing industry contributes more than $5 billion to state GDP. Oranges, however, are not even among in the top 20 exports from the state.
The largest recipients of each state’s biggest exports are usually either Canada, Mexico, or China, which are the nation’s three largest trading partners overall. It is worth noting that these countries are not necessarily the final destinations of the exported good. Montana’s chief export is coal and petroleum products, and Canada is the largest single destination of these goods. However, a very large share of the Montana coal is then processed in Canada and shipped to destinations in Asia.
To identify the top selling products from each state, 24/7 Wall St. reviewed the most valuable export from each state based on data collected annually by the U.S. Census Bureau. The government tracks exports at a very granular level. Therefore, we combined a number of similar exports into single categories. For example, dump trucks designed for off highway use and diesel engine trucks, along with other truck-related goods, were combined into a single export category.
The largest export as a share of a state’s total exports, a state’s exports as a share of all U.S. exports, and a state’s largest international trade partners also came from the U.S. Census. Employment figures by industry in each state came from the Quarterly Census of Employment and Wages (QCEW).
These are the largest exports in each state.
1. Alabama
> Largest export: Cars and passenger vehicles
> 2014 Cars and passenger vehicles value: $6.64 billion
> Pct. change in cars and Passenger vehicles export value (2013-2014): 2.8%
> Cars and passenger vehicles as share of total state exports: 34.0%
Of all of Alabama’s exports, cars are the most valuable. Passenger vehicle and car exports totalled $6.64 billion last year. The state is home to several major automobile manufacturing plants, including those operated by Hyundai, Mercedes-Benz, and Honda. Each plant produces over a hundred thousand vehicles each year.
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2. Alaska
> Largest export: Fish
> 2014 fish value: $2.07 billion
> Pct. change in fish export value (2013-2014): 2.9%
> Fish as share of total state exports: 40.1%
Alaska is perhaps best known for its oil industry, yet fish is actually the state’s biggest export — and by a wide margin. Fish accounted for more than 40% of Alaska’s total exports, which include products such as oil and zinc — both among the state’s most valuable exports. No state’s fishing industry came even close to rivaling the industry’s relative importance to Alaska’s economy. The closest was Maine, which exported $33 million in fish, although that figure does not include Lobster.
3. Arizona
> Largest export: Aircraft and aircraft parts
> 2014 aircraft and aircraft parts value: $2.23 billion
> Pct. change in aircraft and aircraft parts export value (2013-2014): -19.7%
> Aircraft and aircraft parts as share of total state exports: 10.6%
More than 40% of all of Arizona’s exports were shipped to Mexico. By product category, aircraft was the most valuable of all the state’s exports. More than 10% of all export value in Arizona came from aircraft and aircraft parts. Helicopter and engine manufacturer Honeywell Aerospace is headquartered in Arizona and has facilities throughout the state.
4. Arkansas
> Largest export: Aircraft and aircraft parts
> 2014 aircraft and aircraft parts value: $1.63 billion
> Pct. change in aircraft and aircraft parts export value (2013-2014): -11.7%
> Aircraft and aircraft parts as share of total state exports: 23.7%
According to the Arkansas Economic Development Commission, Arkansas is home to nearly 180 aerospace companies. With numerous companies operating in the industry. Nearly 24% of the state’s total export value comes from aircraft and aircraft parts. The total value of airplanes and airplane parts leaving the state for destinations abroad was $1.63 last year, more than any other industry in Arkansas.
5. California
> Largest export: Aircraft and aircraft aarts
> 2014 aircraft and aircraft parts value: $10.00 billion
> Pct. change in aircraft and aircraft parts export value (2013-2014): 6.7%
> Aircraft and aircraft parts as share of total state exports: 5.7%
California’s exports of airplanes and aerospace part totalled $10 billion last year, more than any other product leaving the state. Relative to the size of the state’s total exports, California’s aeronautics exports are actually smaller than 12 other states. In Washington and Hawaii, for example, airplane parts accounted for 53.7% and 31.9% of all state exports, respectively. In contrast California’s airplanes and parts exports accounted for just 5.7% of all of the state’s exports.
1. Alabama
> Largest export: Cars and passenger vehicles
> 2014 Cars and passenger vehicles value: $6.64 billion
> Pct. change in cars and Passenger vehicles export value (2013-2014): 2.8%
> Cars and passenger vehicles as share of total state exports: 34.0%
Of all of Alabama’s exports, cars are the most valuable. Passenger vehicle and car exports totalled $6.64 billion last year. The state is home to several major automobile manufacturing plants, including those operated by Hyundai, Mercedes-Benz, and Honda. Each plant produces over a hundred thousand vehicles each year.
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2. Alaska
> Largest export: Fish
> 2014 fish value: $2.07 billion
> Pct. change in fish export value (2013-2014): 2.9%
> Fish as share of total state exports: 40.1%
Alaska is perhaps best known for its oil industry, yet fish is actually the state’s biggest export — and by a wide margin. Fish accounted for more than 40% of Alaska’s total exports, which include products such as oil and zinc — both among the state’s most valuable exports. No state’s fishing industry came even close to rivaling the industry’s relative importance to Alaska’s economy. The closest was Maine, which exported $33 million in fish, although that figure does not include Lobster.
3. Arizona
> Largest export: Aircraft and aircraft parts
> 2014 aircraft and aircraft parts value: $2.23 billion
> Pct. change in aircraft and aircraft parts export value (2013-2014): -19.7%
> Aircraft and aircraft parts as share of total state exports: 10.6%
More than 40% of all of Arizona’s exports were shipped to Mexico. By product category, aircraft was the most valuable of all the state’s exports. More than 10% of all export value in Arizona came from aircraft and aircraft parts. Helicopter and engine manufacturer Honeywell Aerospace is headquartered in Arizona and has facilities throughout the state.
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4. Arkansas
> Largest export: Aircraft and aircraft parts
> 2014 aircraft and aircraft parts value: $1.63 billion
> Pct. change in aircraft and aircraft parts export value (2013-2014): -11.7%
> Aircraft and aircraft parts as share of total state exports: 23.7%
According to the Arkansas Economic Development Commission, Arkansas is home to nearly 180 aerospace companies. With numerous companies operating in the industry. Nearly 24% of the state’s total export value comes from aircraft and aircraft parts. The total value of airplanes and airplane parts leaving the state for destinations abroad was $1.63 last year, more than any other industry in Arkansas.
5. California
> Largest export: Aircraft and aircraft aarts
> 2014 aircraft and aircraft parts value: $10.00 billion
> Pct. change in aircraft and aircraft parts export value (2013-2014): 6.7%
> Aircraft and aircraft parts as share of total state exports: 5.7%
California’s exports of airplanes and aerospace part totalled $10 billion last year, more than any other product leaving the state. Relative to the size of the state’s total exports, California’s aeronautics exports are actually smaller than 12 other states. In Washington and Hawaii, for example, airplane parts accounted for 53.7% and 31.9% of all state exports, respectively. In contrast California’s airplanes and parts exports accounted for just 5.7% of all of the state’s exports.
Read more: http://247wallst.com/special-report/2015/09/01/top-selling-products-from-each-state/3/
Tags: aircraft, automobile parts, beef, cars, coal, corn, diamonds, exports, gold, international trade, lobster, made in USA, medical needles, medication, orange industry, petroleum, pork, processors, soybeans, trade partners, U.S. exports