Thursday, 02 13, 2014
Joe Hall 502-564-4886
State’s export growth rate is second-highest in the
FRANKFORT, Ky. (Feb. 13, 2014) – For the third
straight year, Kentucky’s exports set a new all-time annual record.
Governor Steve Beshear today announced the new mark of $25.3
billion in sales of Kentucky-made products and services in 2013.
The record represents a more
than 14 percent growth in exports since 2012, the second highest increase in
the country. By comparison, the average export growth rate nationwide was about
2 percent. In 2012, Kentucky’s exports totaled $22.1 billion.
“The fact that we’ve shattered records
three years in a row shows our export initiatives are working,” said Gov.
Beshear. “Expanding markets by selling domestically
and internationally is important to our business community, to our economy and
to all Kentuckians. As a result of our hard work, demand for Kentucky products
is growing at a rapid pace and other states are struggling to keep up.”
Leading Kentucky’s export
growth is aerospace products ($5.6 billion), followed by motor vehicles and
parts ($5.5 billion) and synthetic rubber and resin ($1.4 billion).
Among the state’s major
industries, the export that accounted for the highest percentage increase in
2013 was glass, up nearly 71 percent from the previous year. Other industries
to witness significant gains include communications equipment, and audio and
In 2013, the Commonwealth
exported to 198 nations. Kentucky’s top trading partner once again is Canada,
with $7.7 billion in products and services. Mexico ($1.9 billion), United
Kingdom ($1.8 billion), China ($1.3 billion) and Brazil ($1.1 billion) round
out the top five.
exports to Saudi Arabia jumped 381 percent. Nationally, Kentucky had the
largest increase in exports to Saudi Arabia and is now that country’s 11th
largest trade partner. The increase in exports to Saudi Arabia is attributable
to motor vehicles (up from $38 million in 2012 to $610 million in 2013).
To further expand trade
opportunities, Gov. Beshear will lead a Kentucky Export Initiative (KEI) trade
mission to the United Kingdom in May. Exports with the United Kingdom were up
more than 20 percent in 2013 with bilateral trade between Kentucky and the UK
topping $3 billion. The trip will
give Kentucky businesses the opportunity to have one-on-one meetings, build
relationships to increase sales and explore one of Europe’s most established
markets. Visit the KEI website at www.KyExports.com
for more information on the upcoming trade mission.
Kentucky’s strong network of trade
partners has aided companies across the Commonwealth in reaching global markets
and promoting the Kentucky brand. In late 2010, Gov. Beshear created the KEI to
better facilitate international trade opportunities for Kentucky businesses.
Since the KEI’s establishment, Kentucky exports have grown by 25 percent.
Information on Kentucky’s economic
development efforts and programs is available at www.ThinkKentucky.com. Fans of the Cabinet for Economic Development can
also join the discussion on Facebook
or follow on Twitter. Watch
the Cabinet’s “This is My Kentucky” video on YouTube.