Q2 sees strong growth among Louisiana exportsStaff writer ▼ | August 21, 2014
Louisiana exports showed strong growth through the second quarter of 2014, up $15.02 billion for the quarter and more than $32 billion for the year, according to the World Trade Center of New Orleans.
Good news $15.02 billion up in one quarter
Louisiana's principal export markets through the second quarter were Mexico, China, Canada, the Netherlands, and Japan, with Colombia, Egypt, France, Brazil, and Panama close behind.
Strong export growth among top trading partners continued to be a theme, with particularly strong numbers coming from the Netherlands (87.92%), Colombia (123.52%), Egypt (68.24%), and France (89.57%) as compared to the same time last year. Exports to France are on pace to double in 2014, continuing trends of consecutive yearly increases of 55 percent, 104.5 percent, and 177.7 percent since 2011, driven by growth in Oil & Gas exports of 99.6 percent, 118.9 percent, and 208.3 percent for those years respectively.
Compared to this time last year, exports to the Netherlands are up nearly 87.93 percent, with particularly strong gains in Agriculture (17,579%) and Oil & Gas (107.9%). The extraordinary numbers in agricultural gains appear to have resulted from a large increase in Oilseeds & Grains, which have increased by around $84 million from the same time last year.
Colombian gains, on the other hand, were due both to petroleum products and agriculture, which grew $493 million (184%) and $377million (261%), respectively.
Petroleum remained the top export industry for Louisiana at the end of the second quarter, accounting for 39.41% of $32.12 billion in Louisiana's total export value for the year. The top ten export industries remained relatively consistent from last year, with the exception of Transportation Equipment rising from 10th to 5th largest, and Minerals and Ores falling from 6th to 9th overall.
Major growth in export industries were clustered in Agriculture, which grew $2.1 billion (35.6%), Transportation Equipment, up by $276 million (105.32%), and Metal Manufactures and Metal Products, which grew $141 million (41.6%) and $152 million (49.1%), respectively. Major drops were restricted to Non-Electric Machinery - down 36.95 percent to $1 billion
Transportation Equipment exports from Louisiana continue to grow, reaching a pace of 105.32 percent growth for the year, outpacing all other major export industries. ■