Florida is the 3rd Largest Exporter of High-Tech Goods in the U.S.
When people think of Florida-based exports, they tend to think of agricultural products like fruits, sugar, vegetables and other commodities. However, 92 percent of Florida-origin exports are manufactured goods, which create high-skill, high-paying jobs for Floridians and contribute $53.8 billion to Florida’s economy. High-tech products, in particular, accounted for nearly 1 in 4 of Florida’s exports in 2014 and contributed $13.9 billion a year to Florida’s export market, making Florida the 3rd largest exporter of high-tech goods in the nation.
With research from the Florida Chamber Foundation’s Trade & Logistics Study 2.0 showing that 95 percent of the world’s consumers live outside the U.S., what is your business doing to diversify into new markets and become globally competitive?
Global Markets Create New Opportunities for Florida’s Economy
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CONTACT: Edie Ousley, 850-521-1231 or 850-251-6261
Trade with Asia Pacific, Middle East/Africa
Accounts for 19 Percent of Florida-Origin Exports
TALLAHASSEE, FL. (May 20, 2015) – Emerging markets in Asia-Pacific and Middle East/Africa provide Florida with incredible opportunity, with 19 percent of Florida origin exports shipped to these regions, the Florida Chamber of Commerce announced today.
“Florida is the gateway to international trade and our state is in a position where we can really take advantage of strong international relationships,” said John Walsh, CEO and Port Director of Canaveral Port Authority. “Emerging economies such as those in Asia, the Middle East and Africa really provide a unique opportunity for Florida to lead the nation in trade and logistics, manufacturing and more. At Port Canaveral, our ability to use highway, rail and air resources for distribution and logistics helps keep Florida a leader in international trade and logistics efforts.”
It’s these resources that allow Florida to take advantage of the opportunities emerging markets represent. Middle Eastern and North African economies (known as the MENA region) are one of the largest emerging market economic blocs. In fact, the International Monetary Fund (IMF) forecasts that it will be the third fastest-growing region in the world over the next five years. The MENA region has one of the youngest populations in the world, helping to create a vibrant and energetic start-up culture. In Africa, this younger generation is also better educated and ready to meet the demands of global business.
The Middle East will be one of the world’s fastest growing aviation markets during the next 20 years with an extra 237 million passengers flying to, from and within the region. A report from the International Air Transport Association (IATA) predicts the UAE aviation market will lead the region with average annual growth of 5.6 percent.
The impact of international trade to Florida’s economy cannot be denied.
- International business and foreign direct investment accounts for approximately 17 percent of Florida’s economic activity, and
- Directly supports more than 1 million Florida jobs.
- Florida is the seventh largest exporter of state-origin products with Florida-origin exports totaling more than $58.6 billion and exports from Florida supporting 275,221 U.S. jobs in 2013.
“Florida is in a unique position to take advantage of growing global economies,” said Alice Ancona, Director of Global Outreach for the Florida Chamber of Commerce. “Japan is one of Florida’s leading investors. Hong Kong alone represents $2.4 billion in Florida origin exports, with more than $653 million in high tech exports. Florida has a once in a lifetime opportunity to capitalize on the Panama Canal expansion and changing trade become the global hub for international trade.”
The Florida Chamber’s Global Florida Program’s mission is to educate and promote business opportunities, collaborate and advance policy initiatives in each of the four major geographic regions: Americas, Asia Pacific, Europe and Middle East/Africa. Agriculture Commissioner Adam Putnam recently sponsored the Florida World Trade Month resolution, which was signed by Governor Scott, Attorney General Pam Bondi and CFO Jeff Atwater.
The Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations, aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as critical to secure Florida’s future. The Florida Chamber works closely with its Political Operations and the Florida Chamber Foundation. Visit www.FloridaChamber.com for more information.