New Data Shows Louisville is a Leading Metropolitan Area for Exports
The U.S. Department of Commerce?s International Trade Administration has announced new export data that shows merchandise exports from the Louisville-Jefferson County metropolitan area totaled a record $8.9 billion, an increase of 16 percent or $1.2 billion from 2012 to 2013. This growth helped Louisville to remain a top metropolitan area for exports in 2013.
?The Department of Commerce is dedicated to assisting U.S. firms meet the needs of global consumers while strengthening our economy and supporting jobs throughout the Louisville metropolitan area and our nation,? said Under Secretary of Commerce for International Trade Stefan M. Selig. ?U.S. companies of all sizes are exploring the possible benefits of exporting, and looking beyond our borders to expand their customer base. More than 95 percent of potential consumers live outside the United States and crave the world-class products offered by American businesses.?
Key merchandise export categories for the Louisville-Jefferson County metropolitan area in 2013 included transportation equipment, chemicals, computer and electronic products, machinery, and processed foods. Canada, Mexico, China, the Netherlands, and Saudi Arabia were the leading destinations for Louisville exports.
?Increasing exports help businesses of all sizes grow and create jobs and it?s a vital part of our plan to create a 21st century economy,? Mayor Greg Fischer said. ?That?s why we?ve made export growth one of the top components of our Bluegrass Economic Development Movement to grow the region?s economy.?
The city, in partnership with the JPMorgan Chase Foundation, has a program that provides grants to area small businesses that wish to start or grow exports.
According to international trade figures, 156 U.S. metropolitan areas exported more than $1 billion in merchandise in 2013. Thirty-three of the top 50 metropolitan areas for exports registered positive growth between 2012 and 2013 ? with 26 reaching record export levels.
?Kentucky companies continue to tailor their export strategies to meet growing international demand for high-value U.S. products and services,? said Peggy Pauley, Director of the U.S. Commercial Service in Louisville. ?Many smaller businesses have proven that exporting is viable and profitable. The Internet, improved logistics options, and available U.S. Government export assistance has made exporting for small businesses more attainable than ever.?
The Department of Commerce?s International Trade Administration works with American businesses of all sizes to identify export opportunities for their products and services to bolster President Obama?s National Export Initiative (NEI). A focus of the NEI is helping metropolitan areas identify regional strengths in order to increase their exports, boost the local economy, and create jobs for American workers.
For more information on exporting, contact the U.S. Commercial Service Export Assistance Center in Louisville at (502)582-5066 or visit http://www.export.gov/kentucky/.
For more information on the impact of Metropolitan Statistical Areas on U.S. exports, including fact sheets for the top 50 exporting MSAs in 2013, visit http://www.trade.gov/mas/ian/metroreport/index.asp.
International Trade Administration
The International Trade Administration (ITA) is the premier resource for American companies competing in the global marketplace. ITA has 2,100 employees assisting U.S. exporters in more than 100 U.S. cities and 72 countries worldwide. For more information on ITA visit www.trade.gov.