Connecticut ranked third in the country in terms of U.S. aerospace and defense gross exports in 2015. The state also boasted a 30 percent rise in exports in 2015 compared to 2010.
That’s based on Deloitte’s “U.S. Aerospace and Defense Export Competitiveness Study” released today. Despite an overall decrease in total U.S. exports in 2015, U.S. aerospace and defense exports were up $5 billion, an increase of 58.9 percent over the last five years.
The aerospace and defense sector was the largest contributing sector to America’s net exports increase from 2010 to 2015. Aerospace and defense exports are expected to grow another 3.2 percent – or $4.6 billion – in 2016.
The aerospace and defense industry accounted for 9.5 percent of total U.S. exports in 2015, up from its contribution of 7.1 percent in 2010. The sector’s trade balance reached $76 billion, which is higher than other sectors such as agricultural products, petroleum and coal products, and manufacturing.
The U.S. remained the largest exporter of commercial and defense products worldwide. The U.S. also accounted for one-third of global defense exports in 2015 and 39.2 percent of commercial aerospace exports worldwide in 2014.
U.S. sector products are expected to remain in high demand by foreign customers, despite the higher price point in U.S. currency, according to the Deloitte study. However, the market is competitive and may be affected by: established European companies, and Russia in particular; continued weak crude oil prices; and the strengthening dollar.
