Exports grow Kentucky’s economy.
Exporting helps companies ride out seasonal and regional fluctuations in sales, extend the life cycle of their products, develop and adapt new products, and diversify their dependence on sectors and clients.
In the U.S., Kentucky ranks 11th in the for exporting on a per capita basis. That’s an impressive distinction considering Kentucky is neither a coastal or boarder state. While Kentucky is home to a number of large exporters, the majority of the state’s exporters are small and medium-sized businesses.
Snapshot of Kentucky’s Exports*:
- Kentucky exports totaled $19.3 billion in 2010.
- Kentucky ranks 19th in the nation in total exports.
- Kentucky’s total exports have increased by 101% from 2000 to 2010.
- Kentucky’s 2010 exports added approximately $4.7 billion to the commonwealth’s direct state GDP and directly created 47,000 jobs.
- Manufactured goods accounted for more than 96% of all Kentucky exports in 2010.
- Transportation equipment, chemicals, machinery, and computer and electronic products accounted for 72.2% of Kentucky’s 2010 exports.
- Canada, the United Kingdom, Mexico, Japan, Germany, Brazil, and the Netherlands are Kentucky’s top export markets.
KSBDC consultants have the tools necessary to help your business enter the exporting arena. Contact your area KSBDC today!
*Sources: U.S. Department of Commerce, Kentucky Export Initiative