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The U.S. Department of Commerce has released new data showing the impact of exporting on our national economy, with New Mexico as one of only 11 states to achieve double-digit export growth last year from 2011.
In reality, New Mexico did much more than double its exports – the state experienced a 42 percent increase in overall export growth, and increased exports to Israel by 193 percent, making it the best-performing state in 2012.
Not only is this a remarkable moment in time for the state of New Mexico, but for the job-creating businesses and the workers who made it possible.
The latest export data proves that significant and serious business opportunities exist beyond our borders; in fact, 95 percent of the world’s consumers live outside of the U.S. For many New Mexico companies, international marketing has become a critical element to business sustainability and growth.
In 2012 alone, $3 billion in merchandise was exported from New Mexico, equating to the preservation and creation of thousands of new jobs in the industries of electronics, metal products, machinery and transportation.
New Mexico is part of a positive trend of states fueling our nation’s economic growth and reinforcing America’s position as a magnet for quality jobs: According to the latest data, U.S. jobs supported by exports increased to 9.8 million in 2012.
Exporting success stories are happening across the state.
Take Old Wood, LLC, a commercial flooring company in Las Vegas, N.M., which was contacted by a prospective client in Kuwait in April 2012. The company’s owner, Dave Wood, did his due diligence on the prospective buyer with guidance from the U.S. Export Assistance Center in Santa Fe, and with significant help from federal and state resources, the company was awarded a nearly $900,000 contract late last year for wood block flooring.
With all the products manufactured here in New Mexico, the contract resulted in the hiring of eight new employees, the leasing of an additional space, and a substantial investment in Old Wood’s existing facility.
Stories like these tell us that exports are making a difference in New Mexico’s economic recovery.
The once-familiar refrain that America “imports everything and exports nothing” has now given way to these success stories and many more. And the trend is one that will continue due to the entrepreneurial spirit of America’s businesses and workers.
But it’s clear that there are far more opportunities than what New Mexico businesses have experienced thus far.
It all starts with businesses and government working together to take advantage of a unique window of opportunity. Since 2010, the International Trade Administration has helped more than 16,000 U.S. companies achieve a verified export sale for a total of $164 billion in exports supported. This level of support is only expected to grow during the coming years, as President Obama referenced in his most recent State of the Union, and there are more resources available to local businesses than ever to explore the potential of exports.
The U.S. Commercial Service Office in New Mexico is providing local businesses like Old Wood, LLC and others with trade counseling, market intelligence, business matchmaking, and commercial diplomacy to connect with lucrative business opportunities.
Rapidly emerging markets across the globe are creating unprecedented demand for the kind of state-of-the-art products being developed here in New Mexico. Businesses across the state are already seeing that first hand.
As we applaud this latest achievement of New Mexico’s economic recovery, we must also commit to ensuring that its momentum continues. Continuing the creation of opportunities and support for U.S. companies to export their goods and services makes good economic sense – and American workers deserve nothing less.
