Georgia Experiences Fourth Record Year in International Trade
Tuesday, February 18th, 2014
Georgia experienced its fourth record year in a row for international trade, exceeding last year’s milestones in both imports and exports. The total value of goods exported from Georgia totaled $37.6 billion, the most the state has ever exported within a single year. Georgia’s exports experienced a 3.62 percent growth compared to 2012, a $2.6 billion increase, according to U.S. Census Bureau statistics released this month. Since the announcement of the National Export Initiative in 2009, Georgia exports have grown 58 percent. Georgia ranked 11th among U.S. states in dollar value of exports.
The state’s imports outpaced exports by approximately $37.5 billion. Georgia companies imported over $75 billion in goods in 2013, an increase of 3.6 percent ($2.6 billion) over 2012. Georgia ranked eighth among U.S. states and first in the Southeast in dollar value of imports.
Georgia’s top 10 export countries accounted for 55 percent of its total exports; the top five countries accounted for 42 percent. Canada, China, Mexico and Japan remained in Georgia’s top five export destinations. Canada alone accounted for 16 percent of Georgia’s total exports.
The United Kingdom rose from the sixth top export destination to the fourth. Singapore moved down from the fifth to sixth top export destination. Brazil dropped to Georgia’s seventh leading export market and Germany also dropped from seventh to eighth in the rankings.
Among Georgia’s top ten export destinations, the largest increases were in exports to the United Kingdom (34.1%), United Arab Emirates (23%), Brazil (14%), Mexico (13%) and Japan (13%).
By continent, Georgia’s leading export destinations were Asia (35%), North America (30%), and Europe (23%).
Leading products exported
Georgia’s leading export industries ranked by dollar value were aircraft/spacecraft, non-electric machinery, non-railway vehicles, electrical machinery, and woodpulp. These five industry sectors accounted for 51 percent of Georgia’s exports; the top ten industry sectors accounted for 70 percent. Georgia aircraft/space exports in 2013 grew 19.8 percent to $6.6 billion, accounting for 17 percent of Georgia’s total exports. Georgia’s paper industry grew by 21 percent, an increase of more than $311 million in 2013.
Georgia led all other U.S. states in the export of meat & edible offal of poultry; chemical woodpulp, soda or sulfate; kraft paper and paperboard; chemical woodpulp, dissolving grade; carpet; insecticides, rodenticides, herbicides etc; kaolin; and peanuts.
Among Georgia’s ten largest importer nations, the largest increase was from India (29%), followed by Mexico (16%) and China (11%).
Among U.S. states, Georgia ranked first in dollar value of imports from Germany, third in imports from South Korea, fourth in imports from Thailand, and fifth in imports from Chile. Georgia’s top five import countries accounted for 52 percent of its imports; its top ten import markets accounted for 66 percent of Georgia’s total imports.
Leading products imported
Georgia’s leading import industries ranked by dollar value were non-railway vehicles, non-electric machinery, electrical machinery, pharmaceutical products and furniture and bedding. These five industry sectors accounted for 53 percent of Georgia’s imports; the top ten industry sectors accounted for 67 percent. Georgia’s imports of non-railway vehicles in 2013 grew 7.4 percent to $14.9 billion, accounting for 19.9 percent of Georgia’s total imports. Georgia’s imports of furniture and bedding grew by nearly 20 percent, an increase of more than $553 million in 2013.
Georgia led all other U.S. states in the import of refined copper & copper alloys.