Western Hemisphere Recieves 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 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.
“The fact that nearly half of all exports and more than half of all Arkansas agriculture exports go to Western Hemisphere countries really underscores the economic importance of this region to the state,” said Melvin Torres, Director of Western Hemisphere Trade for the World Trade Center Arkansas. “This report also shows that four of the top five markets for Arkansas’s agriculture exports are Western Hemisphere countries.”
Regions of Opportunity
According to the report, 43 percent of total agriculture exports go to Canada and Mexico. Furthermore, one third of all exports from Arkansas go to Canada and Mexico, according to recently updated data from the U.S. Census Bureau.
“We are constantly working to help Arkansas companies access the global market,” Torres said. “There are certain regions like the Western Hemisphere that offer many opportunities in multiple sectors for our state and we are growing those opportunities.”
New Reports Compiled
The World Trade Center Arkansas recently launched a new web page dedicated to Western Hemisphere-related trade data, statistics and reports.
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.
- 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 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.
The mission of the World Trade Center Arkansas is to grow trade and increase Arkansas exports by connecting Arkansas businesses to the world through international trade services. The Center is part of the University of Arkansas and serves as the trade promotion arm for the Arkansas Economic Development Commission. For more information and valuable updates, please follow the Center on Facebook and Twitter, or subscribe to the World Trade Center Arkansas newsletter.