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| Mining and agriculture exports continue expansion; South Korea emerges as the state's third-largest export destination |
Boise, Idaho, Feb 15, 2014 - (ACN Newswire) - While the export value of semiconductors and transportation equipment dipped in 2013, a diverse array of other Idaho industry sectors experienced marked increases in export values during the year. In 2013, the value of Idaho's exports was $5.7 billion, with the mining and agriculture sectors showing particularly strong growth.
In the mining sector, gold was the highlight of 2013. By the end of the year the metal accounted for almost 40 percent of the total value of exported precious metals and semiprecious stones, up from only 11 percent in 2012. This increase is particularly notable given that the price of gold fell throughout 2013. Idaho also saw an increase in the export value of agriculture chemicals, with phosphorus exports increasing by almost 20 percent over 2012.
Idaho's agricultural exports also have been a bright spot for Idaho's economy, setting a record in 2013 for the third straight year. "Global economic growth has contributed to burgeoning middle-class populations around the world, which are driving the demand for quality food and agriculture products," said Celia Gould, director of the Idaho State Department of Agriculture. "Export markets provide tremendous economic opportunity for Idaho producers and agribusinesses."
Industries with traditionally smaller export values also saw big increases in 2013. In the apparel sector, exports increased by almost 50 percent, and the sale across borders of specialty woven fabrics more than doubled during the year. In terms of total export value, semiconductors, mining and agriculture continued to top Idaho's export charts.
Last year also marked the emergence of South Korea as a new key trading partner for Idaho. By the end of 2013, South Korea had replaced Taiwan as the state's No. 3 destination for exports. This increase of more than 17 percent is partially attributable to the April 2013 trade mission to South Korea led by Governor C.L. "Butch" Otter.
In 2014, the state of Idaho expects to see an increase in exports of agricultural machinery to Russia as a result of a November 2013 trade mission, also led by the Governor.
Contact:
Megan Ronk
Idaho Commerce
+1-208-334-2470
megan.ronk@commerce.idaho.gov
Contact:
Laura Johnson
Idaho State Department of Agriculture
+1-208-867-6005
Laura.johnson@agri.idaho.gov
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: STATE OF IDAHO via Globenewswire
Topic: General Announcement
Source: State of Idaho
https://www.acnnewswire.com
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