Western Hemisphere Receives Nearly Half of Arkansas Exports
Nearly half of all Arkansas’s exports go to Western Hemisphere countries, according to new state export data obtained this year from the International Trade Administration’s (ITA) TradeStats Express. According to the ITA’s report, more than 46 percent of all Arkansas exports go to Western Hemisphere countries.
In addition to this, a report released by Agriculture and Agri-Food Canada using U.S. Census Data in April shows that 58 percent of Arkansas agriculture exports to its top five markets go to Western Hemisphere countries. These countries include Mexico, Canada, Haiti and Guatemala.
Nearly half of all exports and 72 percent of all Arkansas agriculture exports go to Western Hemisphere countries.
Countries of Opportunity
According to the report, 43 percent of total agriculture exports go to Canada and Mexico. Furthermore, 34 percent of all exports from Arkansas go to Canada and Mexico, according to recently updated data from the U.S. Census Bureau.
New Reports Compiled
Recently updated reports by the ITA TradeStats Express State Export Data explore Arkansas’s total exports to Western Hemisphere countries as well as the growth of agriculture exports to these countries.
Trend highlights from these reports include:
- The Western Hemisphere substantially grew by 20% YOY after a decline since 2013.
- Canada is Arkansas’s largest export market followed by Mexico
- 72% of all agricultural exports from Arkansas go to Western Hemisphere Countries, the highest since 2007.
- Over 46% of all Arkansas exports now go to Western Hemisphere countries.
- 34% of all exports from Arkansas go to Canada and Mexico.
- 43% of all agricultural exports from Arkansas go to Canada and Mexico.
- 4 out of the top 5 agricultural export countries from Arkansas are in the Western Hemisphere
- Western Hemisphere significantly outperformed all other regions both in YOY export growth and export market share (Accounted for Euro vs. US Dollar Currency Exchange Rate Benefit in Europe)
- Arkansas exports of agricultural commodities since 1994 have increased by 911% compared to the rest of the world at 167%.
- This translates into an agricultural export growth rate from Arkansas to Mexico of 5.46 times higher than its agricultural export growth rate to the rest of the world.