But Exports to Mexico, China Both Increased around 1% from 2014
DENVER – According to newly-released data from the U.S. Census Bureau, Colorado businesses saw increased exporting to top markets in 2015, even as state and U.S. exports nationwide declined after five consecutive years of record exports.
In all, Colorado companies exported to 203 countries in 2015, totaling $7,977,922,451. By contrast, companies accounted for $8,337,260,753 in exports for 2014, resulting in a 4.3 percent decrease year after year.
With the data, two of Colorado’s largest export markets saw slight increases. Exports to Mexico accounted for $1,078,600,848, a 1 percent increase from 2014. This was followed by exports to China, which saw a 1.1 percent increase in 2015, totaling $662,390,697. Canada, Japan and Malaysia round out the top five markets for Colorado goods and services. Malaysia saw a slight increase in exports totaling 5.4 percent. Exports to Canada saw a nearly 14.5 percent decrease from 2014, together with the Japanese market which saw a more than 8.4 percent decrease.
Paul Bergman, Director of Commercial Service Denver, said several factors had affected global markets in 2015, but that Colorado products were still being sought out from several markets.
“There were many head winds facing Colorado exporters in 2015, but a strong U.S. dollar played the largest role in holding down the state’s export growth,” said Bergman. “For example, the Canadian dollar lost 15 percent of its value when compared to the U.S. dollar last year, which would make our products more expensive to a Canadian customer.”
Bergman also noted last year saw a renewed interest between state and federal entities in supporting Colorado companies with exporting.
“From city and state agencies to the federal government, as well as local economic development agencies, we’re really seeing a bigger push to connect Colorado companies to the global market,” he said. “With nearly 95 percent of all consumers in the world living outside of the United States, varying organizations see the value in ensuring businesses remain globally competitive.”
Interested in learning more about this information from Colorado? Contact Stephen Collier with the U.S. Commercial Service at (303) 489-0414 or email@example.com.