Western Hemisphere Receives Nearly Half of Arkansas Exports
Nearly half of all Arkansas’s exports go to Western Hemisphere countries, according to a new report from the World Trade Center Arkansas.
In 2018, Canada was Arkansas’ overall top export destination with over $1.2 billion in goods exported.
Likewise, Arkansas’ exports to Mexico increased by 2.3% with respect to 2017, from $851 million to $870 million.
In addition, 48% of Arkansas’ agricultural exports to its top five markets go to Western Hemisphere countries.
These countries include Mexico at 23%, followed by Canada at 15%, then Haiti at 10%.
Countries of Opportunity
Canada and Mexico are Arkansas’ largest trading partners by billions of dollars, and trade with the two countries supports more than 120,000 jobs in Arkansas, representing almost 35% of all trade jobs.
In 2018, Arkansas’ exports to Canada and Mexico combined amounted to approximately $2 billion in goods and $276 million in services, which together represented about 36% of all Arkansas exports.
New Reports Compiled
Recently updated reports by Mexico’s Office of Economic Affairs and the Center reveal how NAFTA has supported Arkansas’ export industry.
Trend highlights from these reports include:
- Since NAFTA, Arkansas’ exports to Mexico have increased by 732.2%, while those to the rest of the world rose by 312.9%.
- In 2018, Canada accounted for 18.7% of Arkansas’s exports worldwide, and Mexico accounted for 13.5%.
- Arkansas’ exports to Mexico have grown at an annual average rate of 8.8% in the 25 years of NAFTA.
- Arkansas’ other top customers include Saudi Arabia, France and China.