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Utah Export Snapshot – 2016 2015

2016

% Change

Year-end Total…

$13.3 BILLION

$12.07 BILLION

-9.09%

Monthly Average…

$1.11 BILLION

$1.01 BILLION

-9.09%

In the Month of December…

$1.04 BILLION

$1.03 BILLION

-9.27%

WTC Utah Observations Utah’s overall exports in 2016 experienced a significant decrease, mostly due to a significant decrease in the export of metals compared to metal exports in 2015. We can attribute the decline of metal exports to the overall decline of metal prices and demand in 2016. As seen in the pie chart, value added exports made up nearly 59% of Utah’s total exports in 2016. It will be important for Utah to continue diversifying its export portfolio to hedge against the uncertainty of metal exports.

2016 Breakdown of Exports Metals vs Value Added Metals (NAICS 212 & 331)

2016 Top 5 Export Destinations

Value Added

United Kingdom Hong Kong 41.30% 58.70%

Canada Mexico

China

*All data used in this report was obtained from usatrade.census.gov. The most recent data is two month behind due to a lag in the data.

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Breakdown of 2016 Utah Exports $1,400 $1,242 $1,135

Exports in millions of U.S. $

$1,200

$416

$0

$871

$142

$158

$157

$470

$188

$153 $248

February

March

April

$466

May

June

All Other Exports $434

$424

$124

$124

Computer & Electronics Metals (NAICS 212 & 331)

$119

$112

$492

$491

$127 $135

$482

$482 $305

$130

$70 January

$466

$155 $300

$1,027

$479 $441

$618

$1,045 $911

$465

$391 $557

$1,073

$920 $706

$577 $200

$456

$648

$600 $400

$1,073 $467

$1,000 $800

$1,171

July

August

September

October

November December

WTC Utah Observations If you compare the blue blocks (all other exports) and orange blocks (computer & electronics) in the bar graph above, with the gray blocks (metals), it becomes apparent how volatile metal exports were in 2016. Computer & Electronics exports continue to be the second largest export category after metals.

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2015 & 2016 Exports by Month $1,400 $1,135

Exports in millions of U.S. $

$1,200

$1,171

$1,314

$1,242

$1,215

$1,102

$1,120

$1,156

$1,189 $1,000

$1,064 $982

$1,045

$1,073

$920

$1,040

$1,073 $911

$800

$871

$600

$1,148

$911

$1,041 $1,027 2015

$706

2016

648

$400 $200 $0 January

February

March

April

May

June

July

August

September

October

November

December

2015 & 2016 Comparison Snapshot 2015

2016

Peak

June: $1.31 billion

April: $1.24 billion

Low

November: $0.91 billion

January: $0.65 billion

Average

$1.11 billion

$1.01 billion

% Difference of Average

-9.09%

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Millions

2016 Top 5 Exports by Month 1,400 1,200 1,000 800 600 400 200 January

February

Metals

March

April

Computer & Electronics

May

June

Chemicals

July

August

Food & Kindred Products

September

October

November

Transportation Equipment

December

Total Exports

Top 5 Exports Breakdown in Millions of U.S. $ Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Metals (NAICS 212&331)

$70

$577

$557

$618

$248

$300

$130

$482

$717

$305

$492

$491

Computer and Electronic Products

$188

$142

$158

$157

$153

$155

$135

$124

$147

$127

$119

$112

Chemicals

$79

$81

$87

$94

$84

$95

$82

$90

$98

$99

$89

$84

Food & Kindred Products

$65

$69

$90

$77

$77

$75

$79

$76

$72

$87

$70

$83

Transportation Equipment

$59

$66

$67

$72

$84

$84

$70

$72

$72

$70

$73

$71

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2015 Top 5 Export Destinations by Month $1,000

$43 $68

Exports in Millions of U.S. $

$900 $800 $700 $600 $500 $400

$90 $93 $75 $159

$300 $200

$375

$100

$70

$76

$166

$125

$64 $101

$81 $133

$178

$86 $68 $215 $117

$617 $447

$80 $61

$74

$102

$166

$165

$145

$125

$129

$82

February

March

April

May

June

July

WTC Utah Observations The United Kingdom remains to be Utah’s largest export market in 2016. The United Kingdom along with Germany, the Netherlands and South Korea, were the only four export markets, out of the top ten, in which exports from Utah experienced growth. Utah exports also experienced growth in other European markets such as Italy, France, Spain, Austria and Poland.

$80

$315

Switzerland

$65

$265

$315

$108

$59 $107

$65

$223

$230

$242

$January

India

$75

$83 $55

$61

August

$170

$119

September

$58

October

Mexico

$177

United Kingdom

$293

Canada Hong Kong

$84 November

Taiwan

China

$83 $111

$162

$59 $66 $72

December

2015 Top 10 Export Destinations – Total Export Value (billions of U.S. $) 1. United Kingdom – $3.07

6. Taiwan – $0.61

2. Hong Kong – $1.51

7. Japan – $0.50

3. Canada – $1.32

8. Netherlands – $0.45

4. Mexico – $0.74

9. Germany – $0.34

5. China – $0.65

10. South Korea – $0.32

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2016 Top Export Destinations by Utah Economic Clusters

Aerospace & Defense 1. 2. 3. 4. 5.

Germany Japan Netherlands China Canada

Life Sciences

1. 2. 3. 4. 5.

Netherlands Japan China United Kingdom Canada

Energy & Natural Resources 1. 2. 3. 4. 5.

Canada Mexico Japan Australia Belgium

IT & Software 1. 2. 3. 4. 5.

Outdoor Recreation

1. 2. 3. 4. 5.

Canada China Netherlands United Kingdom Germany

Taiwan Singapore China Canada Hong Kong

Non-Cluster 1. 2. 3. 4. 5.

United Kingdom Hong Kong Canada Mexico China

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5-Year Rolling Total Export Overview by Month

$2.00

$1.50 Total Exports Metals

$1.00

Value Added $0.50

Dec-16

Oct-16

Aug-16

Jun-16

Apr-16

Feb-16

Dec-15

Oct-15

Aug-15

Jun-15

Apr-15

Feb-15

Dec-14

Oct-14

Aug-14

Jun-14

Apr-14

Feb-14

Dec-13

Oct-13

Aug-13

Jun-13

Apr-13

Feb-13

Dec-12

Oct-12

Aug-12

Jun-12

Apr-12

Feb-12

$0.00

Dec-11

Exports in Billions of U.S. $

$2.50

WTC Utah Observations As a result of the decline in exports of metals in the last few years, including a significant decline in 2016, total exports has experienced similar declines. The effect of metal exports on Utah’s overall export performance can be seen by how closely the blue line above (total exports) mimics the movement of the orange line (metal exports). Value added exports have seen a slow and steady increase year over year until 2015, experiencing slight declines through 2016. It will be important for Utah to continues its focus on diversifying its exports portfolio to mitigate volatile metal export markets.

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Billions

10-Year Export Overview $25.0

$19.0

$20.0

$13.8

$15.0 $10.3 $10.0

$5.0

$16.1 $12.6

$12.5

$12.2

$13.3

Metals (NAICS 212 & 331) $12.1

$10.3

$8.0

$7.8 $3.8$4.0

$19.3

$5.5 $4.8

$5.7 $4.6

2008

2009

$5.8

$6.4

$6.8

$8.5 $7.6

$7.7

$7.4 $5.9

$4.5

$7.1

Value Added All Commodities

$5.0

$0.0 2007

2010

2011

2012

2013

2014

2015

2016

WTC Utah Observations The export graph above is a good overview of the movement of Utah exports in the last 10 years. Utah experienced a steady increase in the export of metals from 2007 to 2011, but after a stagnant year in 2012, metal exports experienced decline in 2013. In 2016, the global economic and political uncertainty, as well as the overall decline in the demand and price of metals have caused Utah metal exports to decline significantly.

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2016 Year End Export Report  
2016 Year End Export Report  
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