Trade Is A Key Element Of Florida's Economy
Florida's total international merchandise trade volume was equivalent to about 16.6 %of the state's Gross State Product in 2008 (about one in every six jobs). The state's total merchandise trade (goods that pass through one of Florida's seaports or airports) amounts to over $130.5 billion a year - $73.0 billion in exports and $57.3 billion in imports. Florida accounts for about 3.8% of U.S. trade with the world and is the 10th largest international trade region in the country.
Exports Create Jobs for Floridians
Florida exports that are produced in the state have the biggest direct impact on jobs and employment. Locally produced goods worth $54.3 billion were exported from the state last year. These Florida-origin exports include Office Machinery/Computer Equipment and Parts, Aircraft and Spacecraft Parts, Telecommunications Equipment, Fertilizer and motor cars and vehicles. Exports of professional services account for another $30.3 billion dollars annually. Altogether, exports of Florida goods and services support more than 1,021,000 jobs in the state, or about 13 % of all jobs in Florida. Over 43,000 companies export in Florida, accounting for 17.2 % of all U.S exporters. This is the second largest concentration of exporters in the country.
Florida has also emerged as a leader in the export of high-wage, high-value technology products. Florida is now the third exporter of high technology among the states. Since 2003, the value of Florida high tech exports has increased by 83% compared to only 28% for the U.S. as a whole.
Florida Is The Western Hemisphere's Trade Gateway
Being strategically located on the Southeast coast of the United States, the ports in Florida are uniquely positioned to capitalize on the growing volume of western hemispheric trade. Florida seaports and airports accounted for the majority of U.S. trade with Latin America and the Caribbean in 2008, including 37% of all U.S. merchandise exports to South America, 40% of U.S. exports to Central America, and 36% of U.S. exports to the Caribbean.
Florida's top foreign export markets for merchandise trade include Brazil, Venezuela, Colombia, Germany and Costa Rica. Motor cars & vehicles leads the list of top export products, followed by Fertilizers, Computer equipment & Office Machines , Telecommunications equipment and Aircraft/Spacecraft Products and Parts. On the import side, Japan, China, Brazil, Chile and Germany and the Chile are our leading markets. Top products imported include Vehicles and Parts, Mineral Fuel Oil, Aircrafts, Apparel and Accessories and Refined copper and Alloys.
Provided by Enterprise Florida. For more information visit
www.eflorida.com.