Idaho maintains $306 million trade surplus with world
Coeur d'Alene Press | UPDATED 13 years, 8 months AGO
COEUR d'ALENE - Following a record year for Idaho exports in 2010, first quarter exports in 2011 totaled $1.5 billion, the most since 1996, the Idaho Department of Commerce announced this week.
The nearly 25 percent growth in exports is outperforming the national average by more than 7 percent, compared with the year-earlier period.
First quarter increases came primarily from traditional top export categories such as semiconductors, agricultural commodities, industrial machinery and capital goods, fertilizers and mined minerals.
Other notable sales increases included chemical products and fungicides, up 259 percent; prefabricated-building products, up 985 percent; and beverages, up 244 percent.
Idaho ranks 38th in exports among all U.S. states, but the Boise metropolitan area was recently ranked 22nd out of the top 100 metros in the U.S.
The first quarter statistics confirm that exports generated outside the Boise Metro area such as minerals, agriculture and forest products are critical for Idaho's overall export balance and performance.
Despite concerns about the nation's growing trade deficit, the state of Idaho maintained a $306 million trade surplus with the world, the department reported.
"Improvement in Idaho's exports is critical to Idaho's economic recovery," said Don Dietrich, department director. "The record first quarter export totals demonstrate the importance of international markets to Idaho companies."
While devastation from the earthquake and tsunami in Japan continues to pose trade challenges, Idaho exports to Japan experienced a 10 percent increase compared with the same period last year.
Exports of products such as wood and building materials, dairy products, and personal-care products and pharmaceuticals might continue to trend higher to support Japan's rebuilding efforts.
The top export destinations for Idaho goods during the first quarter of 2011 were Canada, Taiwan, China, Singapore and Korea.
Idaho companies export products to more than 115 countries. The state maintains global trade offices in China, Taiwan and Mexico.