WEDC: Wisconsin exports increase by 7.9 percent through second quarter
Contact: Tom Thieding, 608-210-6767 email@example.com
Link to Release: http://wedc.org/q2-2012-exports
MADISON, August 14, 2012 – Wisconsin’s exports grew by 7.9 percent through the second quarter of 2012 compared to 2011, with increases in exports of industrial machinery, agricultural products, vehicles and medical and scientific instruments. Wisconsin exports totaled $11.7 billion in the second quarter of 2012.
Canada, Mexico and China are the top export markets for Wisconsin products, and exports to all three countries showing increases in exports in the second quarter. Exports to Canada were up 11 percent, Mexico up seven percent and China up three percent.
“Exports of Wisconsin’s industrial machinery and transportation vehicles like firefighting equipment, concrete mixers and tractor parts showed some of the biggest gains in the second quarter of the year, helping maintain an overall trend of increases in Wisconsin exports,” said Paul Jadin, CEO/Secretary of the Wisconsin Economic Development Corporation.
“While exports to top exporting countries of Canada, Mexico and China increased, we also saw strong growth in India, Russia Australia and Japan,” Jadin said.
Industrial machinery exports, the top product Wisconsin exports, increased 13 percent, driven heavily by exports of parts for ship derricks, mobile lifting cranes and trucks with cranes. Over one quarter of the state’s industrial machinery exports go to Canada.
Transportation equipment exports continued to show significant increases, up 36 percent through the first half of the year, with increases in exports of firefighting equipment, concrete mixers and trailers and semi-trailers. Canada, Mexico and Australia are the top three markets for these products.
Wisconsin exported $1.5 billion of agricultural products to over 132 countries in the first half of 2012, an increase of five percent during the first six months of 2011. Overall, agricultural exports from the United States during this period totaled $77 billion, a decrease of four percent over the first half of 2011.
Wisconsin exports of dairy-related products, including cheese, milk, whey and butter, increased 27 percent during the first six months of 2012. The most valuable agricultural export categories for Wisconsin in the first half of 2012 include: beverages (ethanol), miscellaneous food products, dairy-related goods, raw furskins and baking-related ingredients. The top five markets for Wisconsin agricultural products are: Canada, Mexico, China, Korea and Japan.
Click here to read a more detailed summary of Wisconsin agricultural exports.
Electrical machinery exports were down eight percent in the first half of the year, including exports to Mexico, China and Japan, but higher to Canada. Electrical machinery exports include electrical transformers, telecommunications equipment and arc welding and electric lasers for metal fabricating.
Medical and scientific instrument exports increased six percent in the first half of the year, with Japan, China and Canada the top markets for medical/surgical/dental instruments, magnetic resonance imaging devices and ultrasonic scanning apparatuses.
Japan and Australia make up the remaining top five export markets. Wisconsin exports to Japan increased 23.6 percent and Australia increased 48.9 percent in the second quarter compared to last year.
The U.S. national rate of export growth in the second quarter was just over seven nine percent. Wisconsin ranks 18th among all U.S. states in total exports. For all of 2011, Wisconsin exports increased by 11.4 percent to $22.0 billion.
Click here to read a more detailed summary of 2012 Q2 Wisconsin Exports.
Top Five Wisconsin Product Exports
Product - $Value - Export Growth - Share of Total Exports Industrial Machinery - $3.8 billion - 13% - 32.6% Agriculture Products - $1.5 billion - 5% - 12.8% Electrical Machinery - $1.1 billion - -8% - 9.9% Medical Equipment - $1.0 billion - 6% - 9.3% Transportation Equip. - $895 million - 36% - 7.7%
Top Five Wisconsin Export Markets
Country - $Value - Export Growth Canada - $3.92 billion - 11% Mexico - $1.05 billion - 7% China - $748 million - 3% Japan - $451 million - 23% Australia - $439 million - 48%