Fourth straight year for record growth
Kentucky-made products are being sold around the world at a record pace. Gov. Steve Beshear today announced that the Commonwealth exported a state-record $27.5 billion in 2014. Its the fourth-straight year Kentucky has broken the previous mark.
Kentuckys impact on the global economy is significant, said Gov. Beshear. The fact that weve shattered export records for four years running shows our initiatives to help businesses succeed are working. Expanding Kentuckys market is important to our business community, to our economy and to the prosperity of every person in the Commonwealth.
The record represents a 9 percent growth in exports since 2013. By comparison, the average export growth rate nationwide was just over 2 percent. In 2013, Kentuckys exports totaled $25.3 billion.
Leading Kentuckys export growth is aerospace. Last year, the state shipped out $7.8 billion in aerospace parts and products, a 38 percent increase from 2013. Kentuckys other top exports include motor vehicles, parts, and bodies and trailers ($5.9 billion), synthetic rubber and resin ($1.4 billion) and pharmaceuticals ($1.3 billion).
Among the states major industries, the export that accounted for the highest percentage increase in 2014 was motor vehicle bodies and trailers, up nearly 2,100 percent from the previous year. The products are being sold in Canada, Mexico and Japan.
In 2014, the Commonwealth exported to 191 nations. Kentuckys top trading partner is Canada, with $7.6 billion in products and services. Mexico ($2.3 billion), United Kingdom ($2.3 billion), France ($2 billion) and China ($1.7 billion) round out the top five.
Kentucky experienced a significant jump in exports to France. Exports to France grew 93 percent. The increase in exports to the region is attributable to aerospace products and parts (up from $832 million in 2013 to $1.8 billion in 2014).
The Commonwealths yearly exports have increased 42 percent since Gov. Beshear created the Kentucky Export Initiative (KEI) in 2010. KEI is designed to better facilitate international trade opportunities for Kentucky businesses. Gov. Beshear also has led KEI trade missions to the United Kingdom and Canada. Another international trade mission also is being planned.
To achieve success, we have to be focused on the global marketplace, said Mandy Lambert, commissioner of business development in the Kentucky Cabinet for Economic Development. We make world-class products in Kentucky, and now the world is taking notice.