West Virginia Executive Spring 2017 - Page 80

EXPORTS Given the state’s large share of production of globally traded goods and commodities, export markets have always been an important source of demand for West Virginia. They have accounted for a growing share of the state’s economic output over the past decade or so and also served to buoy the state’s economy during the Great Recession. Export activity deteriorated markedly in the past few years, falling 51 percent from its 2012 peak to 2015. Even with this decline, the dollar value of exports still represented the equivalent of 8 percent of state economic output in 2015. Graph 2.20 WV Exports Graph 2.22 Figure 2.22: Top 10 Export Commodities, 2015 Top 10 Export Commodities, 2015 Figure 2.20: West Virginia Exports 14 Billions of $ 9.0 7.7 8 7.0 6.3 6 5.3 4.0 3.0 2.9 2.9 4.5 3.8 3.8 3.0 2 5.8 4.9 Share of Total West Virginia Exports (%) 1,722 29.6% 527 9.1% Flywheels and Pulleys 517 8.9% Aluminum Alloy Plates 206 3.5% Civilian Aircraft, Engines, and Parts 184 3.2% Polyamides 181 3.1% Polysulfides 151 2.6% Artificial Joints, Parts & Accessories 119 2.0% Polyacetals 111 1.9% Polyesters (NESOI) 98 1.7% 5,815 - All Export Commodities 0 Export Value (millions of $) Gears and Related Parts Bituminous Coal 9.6 10 4 Exports Commodity 11.9 12 Source: US Census Bureau Source: International Trade Administration *Note: Data are adjusted for inflation and expressed in 2015 dollars; 2016 is a projection SOURCE: International Trade Administration Graph 2.21 WV Top Five Exporting Industries SOURCE: U.S. Census Bureau Graph 2.23 Figure 2.23: Top Destination Countries for West Virginia Exports Top Destination Countries for WV Exports, 2015 Exports Destination Country Export Value (millions of $) Percent change 2012-2015 $1,755 -2% China $456 -49% Netherlands $401 -58% Japan $325 -58% Brazil $308 -55% India $223 -70% Ukraine $221 -38% United Kingdom $212 -63% Belgium $211 -36% Germany $190 -45% Canada Source: US International Trade Administration SOURCE: International Trade Administration 78 WEST VIRGINIA EXECUTIVE SOURCE: International Trade Administration