Oklahoma export growth among U.S.’ highest
OKCBusiness Staff
4/25/2006
According to a report released April 25 by The State Chamber, Oklahoma is the third-fastest growing exporter in the United States with worldwide product shipments valued at more than $4.3 billion in 2005, an increase of more than $1 billion over the previous year.
The 2005 Oklahoma Export Statistics Report, published annually by The State Chamber, compares export data produced by the U.S. Census Bureau's Foreign Trade Division. The purpose of the report is to demonstrate the importance of exports and foreign markets to the Oklahoma economy.
“The results of this report are impressive, and of great significance to the economic potential of the state,” said Dick Rush, president and CEO of The State Chamber. “Oklahoma is clearly taking the right steps, opening the doors to foreign trade.”
Oklahoma exports increased 35.8 percent from 2004 through 2005 with an increase in shipments to most regions of the world including Eastern and Western Europe, Africa and the Middle East, Latin America, and the Asia and Pacific region. The most significant improvement was in Saudi Arabia with a 360.6 percent increase in exports. Shipments to Canada - Oklahoma's largest trading partner - raised $539 million in 2005.
According to the report, the Oklahoma data may be understated due to the large number of goods that are shipped to other states before being exported abroad.
Rush attributes the success to a growing awareness and involvement of Oklahoma businesses in the global marketplace.
Oklahoma exports more than 30 different categories of products. Product categories with the greatest increase in exports were: transportation equipment (127.6 percent); electrical equipment, appliances and components (41.7 percent); and primary metal manufacturing (33.8 percent).
OKCBusiness Staff
4/25/2006
According to a report released April 25 by The State Chamber, Oklahoma is the third-fastest growing exporter in the United States with worldwide product shipments valued at more than $4.3 billion in 2005, an increase of more than $1 billion over the previous year.
The 2005 Oklahoma Export Statistics Report, published annually by The State Chamber, compares export data produced by the U.S. Census Bureau's Foreign Trade Division. The purpose of the report is to demonstrate the importance of exports and foreign markets to the Oklahoma economy.
“The results of this report are impressive, and of great significance to the economic potential of the state,” said Dick Rush, president and CEO of The State Chamber. “Oklahoma is clearly taking the right steps, opening the doors to foreign trade.”
Oklahoma exports increased 35.8 percent from 2004 through 2005 with an increase in shipments to most regions of the world including Eastern and Western Europe, Africa and the Middle East, Latin America, and the Asia and Pacific region. The most significant improvement was in Saudi Arabia with a 360.6 percent increase in exports. Shipments to Canada - Oklahoma's largest trading partner - raised $539 million in 2005.
According to the report, the Oklahoma data may be understated due to the large number of goods that are shipped to other states before being exported abroad.
Rush attributes the success to a growing awareness and involvement of Oklahoma businesses in the global marketplace.
Oklahoma exports more than 30 different categories of products. Product categories with the greatest increase in exports were: transportation equipment (127.6 percent); electrical equipment, appliances and components (41.7 percent); and primary metal manufacturing (33.8 percent).