Home Aviation State’s commodity exports down nearly 5.5 percent last year

State’s commodity exports down nearly 5.5 percent last year

Commodity exports in Connecticut totaled $14.4 billion last year, down nearly 5.5 percent from 2015’s $15.2 billion, according to the International Trade Administration.

The decline was larger than that experienced by the nation at large, where commodity exports totaled $1.45 trillion in 2016, a 3.3 percent decrease from the previous year’s $1.5 trillion.

The Connecticut data does not include state-level service exports, which encompasses insurance and financial services, according to Laura Jaworski, an analyst with the Department of Economic and Community Development, in the Connecticut Economic Digest.

The state’s data indicates that 5,717 companies exported from Connecticut in 2014. Eighty-nine percent of those companies were small and medium-size, with fewer than 500 employees, and accounted for 23 percent of Connecticut commodity exports.

Connecticut’s ranking among the states held steady at 27th in 2016. In New England, only Massachusetts’ exports value ranked higher than Connecticut’s, as has been the case since 2005, Jaworski noted. As a regional trading block, New England’s commodity exports totaled more than $52.47 billion in 2016, a 0.16 percent decrease from 2015.

Connecticut’s top five export commodities were aircraft, spacecraft and parts thereof; industrial machinery, including computers; electric machinery, sound equipment, TV equipment, and parts; optic, photo, medical or surgical instruments; and special classification provisions. The state’s top five commodity export destinations were France, Germany, Canada, the United Arab Emirates and Mexico.

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