Wisconsin recored a record high $22.0 billion in exports in 2011, an increase of 11.4%, or $2.259 billion compared to 2010 ($19.789 billion). Wisconsin ranks 18th in the country in export value.
Top 5 Wisconsin export destinations for 2011:
|
Country |
% of total exports |
Total exports |
2011 Increase/decrease |
|
Canada |
32.27% |
$7.1 billion |
17.54% |
|
Mexico |
9.01% |
$1.98 billion |
-1.12% |
|
China |
6.26% |
$1.38 billion |
+3.59% |
|
Germany |
4.00% |
$882 million |
+17.96% |
|
Australia |
3.46% |
$762 million |
+30.82% |
Top Wisconsin Export Categories in 2011:
|
Item |
% of total exports |
Total exports |
2011 Increase/decrease |
|
Industrial Machinery |
31.21% |
$6.88 billion |
8.30% |
|
Agriculture |
12.9% |
$2.84 billion |
18% |
|
Electrical Machinery |
11.25% |
$2.48 billion |
9.66% |
|
Scientific & Medical Instruments |
9.73% |
$2.14 billion |
-1.35% |
|
Transportation Equipment |
6.42% |
$1.41 billion |
29.64% |
|
Paper Products |
4.27% |
$941 million |
12.80% |
Wisconsin Ag Exports
Wisconsin agricultural exports with a total value of $2.85 billion. The state’s agricultural exports in 2011 grew by 18% over 2010 to $2.85 billion. Wisconsin was ranked 16th among states for agricultural exports in 2011, an improvement from a rank of 17th in 2010. The top agricultural export markets for Wisconsin in 2011 were: Canada, Mexico, South Korea, China, and Japan. The most valuable agricultural export category to Wisconsin in 2011 was cereal grains, which includes wheat, corn and barley. Other top exports categories include: beverages; miscellaneous foods; dairy, eggs and honey; and baking-related products.
Source of trade data:Global Trade Information Services
More Wisconsin Export Facts
Exports to Mexico were likely hurt by domestic inflation and currency issues in Mexico. The Mexican government had set a 2-4% inflation boundary, and it is currently at 3.94%, prompting fears the government may have to intervene in the economy. Second, the peso has risen in value against the US Dollar, thereby causing Wisconsin exporters to find value related issues in exporting to Mexico.
The strength of the Canadian market for Wisconsin exports is founded upon the fundamentals of the Canadian financial system itself. It has tight regulations and therefore has avoided the recession concerns of the rest of the world. Their currency has begun to fall in value against the US Dollar, therefore making Wisconsin exporting opportunities more attractive. In addition, interest rates have been kept low, allowing for Wisconsin investment in operations in Canada to be attractive during 2011.
Exports to France were down this year due to large declines in Pharmaceutical and Electrical Machinery exports. While this was likely partly caused by the ongoing Euro crisis, there is a larger issue at hand. France, the largest pharmaceutical market in the world, faced a pharmaceutical crisis during 2011 after it became known that the regulatory agency approved a drug that ended up causing nearly 2000 deaths. In July 2011, the Minister of Health announced additional regulation processes that will hinder the market.
The growth in exports to Australia was largely driven by 100+% increases in Vehicle and Furniture exports. The vehicle increase was largely due to the cut in federal funding for the Australian domestic automobile industry. This has caused foreign cars to become far more attractive.
