To find some positive business news these days, we typically have to glance in the rear-view mirror.
But that’s okay: the state’s Department of Economic & Community Development (DECD) has just released its annual report of Connecticut’s export performance in 2019. And the news is positive.
Well, sort of. For 2019, the state’s commodity exports totaled $16.28 billion. That represents a 6.41-percent decrease from the $17.40 billion registered in 2018. But it’s up from the $14.4 billion in commodities that Connecticut companies exported in 2017. So that’s good.
Right? And here’s more: In New England in 2019, only Massachusetts’ exports value ranked higher than Connecticut’s. We’re No. 2 — we try harder!
As a regional trading bloc, New England’s commodity exports totaled more than $56.64 billion in 2019, a 2.39-percent decrease from 2018. The top five export destinations for New England commodities were Canada, Germany, the UK, China and Mexico.
Nationwide, Connecticut ranked 28th in the U.S. in 2019 in measure of export commodity dollars. The top ranking U.S. states were (in order) Texas, California, New York, Louisiana and Washington. The fastest-growing export state in 2019 was New Mexico, whose export commodity dollars increased by 31.16 percent last year, driven largely by a surge in computers and computer parts.
Connecticut’s top export commodities reflect the state’s advanced-manufacturing strengths. For 2019, the state’s top export commodities were (in order): 1) aircraft, spacecraft and parts thereof; 2) industrial machinery (including computers); 3) optic, photo, medical, and surgical instruments; and 4) electric machinery, audio and video equipment and their parts.
In the top category of aerospace and defense, Connecticut’s top export commodities in 2019 included civilian aircraft, engines and parts; exports of repaired imports (!); and turbojets and turbo propellers.
The top five trade partners for Connecticut companies last year (in order) were Germany, Canada, France, the UK and China — all of which purchased in excess of $1 billion in products from Connecticut exporters. More than $2.54 billion went to Germany alone last year.
