Idaho exports report 13.5 percent growth
Coeur d'Alene Press | UPDATED 7 years, 10 months AGO
BOISE — Idaho’s worldwide exports for 2016 are up from 2015 with 13.5 percent growth. Singapore jumped from the fourth largest export market to the second, while Canada remains Idaho’s largest export partner, according to a news release from the Idaho Department of Commerce. In addition, Taiwan surpassed China as the third largest export market for Idaho.
The semiconductors and industrial parts industry comprises more than half of Idaho’s total exports and grew 15.4 percent in 2016. A sizeable increase in semiconductor exports to Singapore, Malaysia, and Taiwan contributed to this favorable growth.
After setting records for growth in the last several years, Idaho’s food and agriculture industry exports experienced an overall decrease of 8.2 percent in 2016, but there were some bright spots including a 10 percent increase in exports to Canada.
Mexico was the No. 1 export market for Idaho food and agriculture exports for the second year in a row. Together, Mexico and Canada account for nearly half of Idaho’s food and agriculture exports.
Idaho’s aerospace manufacturing, within the transportation equipment sector, was the fastest growing export. Exports grew from $74.4 million in 2015 to $493.1 million in 2016. The mining sector increased exports to Canada while doubling exports to the U.K. from the previous year, resulting in overall growth of 12.8 percent.
Many small- to medium-sized Idaho companies achieved global export successes through the State Trade and Export Promotion (STEP) grant, funded in part with a cooperative agreement with the U.S. Small Business Administration, according to the Department of Commerce. From September 2015 through 2016, 41 companies were awarded grants equaling $344,708 which were used to access international markets worldwide.
“In addition, the Idaho Governors Trade Mission to China in 2016 and upcoming visit to Vietnam in November 2017 work to strengthen relationships with our Asia partners and are projected to improve trade exports in years to come,” the news release said.