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Washington export numbers strong in 2008

For Immediate Release: February 19, 2009

OLYMPIA � Washington exports set a new record in 2008 by growing to $66.8 billion, a $400 million increase over 2007. The state also maintained its rank as the 4th largest exporter in the U.S. by total value.

Agricultural exports were especially strong, led by a 90 percent increase in cereal exports over 2007. A weak U.S. dollar during part of the year contributed to the increased demand for agricultural products. Exports of aerospace products, which were impacted by the two-month labor strike, fell nearly 20 percent in 2008. Growth in most other sectors, including industrial machinery, forest products, and high-tech equipment, made up for the shortfall.

The trade statistics released today by the Washington State Department of Community, Trade and Economic Development (CTED) were compiled by the World Institute for Strategic and Economic Research (WISER).

�Washington�s strong export numbers illustrate how the diversity of our economy can help offset some of the impact of the current recession� said Gov. Chris Gregoire. �Washington offers to our companies some of the best global trade connections and infrastructure in the world. That makes our economy stronger and more competitive.�

China, Japan and Canada remained the top export destinations and exports to Asia made up more than half the state total. Exports to India and much of Europe, including the UK, France and Ireland, all declined from the previous year.

With the global economic downturn, the slump in U.S. exports that began in late 2008 is expected to continue into 2009. The credit crisis has left many foreign buyers unable to finance the purchase of foreign goods, adding to the uncertain outlook for U.S. exports.

�Although we expect 2009 exports to be below the last two years as a result of a stronger U.S. dollar and the global recession, it�s important for companies to continue to consider exports a large part of their business strategy,� said Larry Williams, CTED Interim Director. �For many small businesses, international market opportunities can help offset the negative impact of reduced domestic sales. CTED helps Washington companies expand sales and increase their presence by developing and sharing international market research and using our overseas relationships to connect them to buyers, distributors, and joint venture partners.�

To support and promote Washington trade, CTED has a number of programs and events to educate Washington businesses on how to develop successful export strategies. From March 16 to 20, CTED�s international trade representatives will travel to cities around the state for Trade Week: Bringing the World to You. These representatives will offer current and potential exporters insight into foreign markets and teach local businesses how they can capitalize on a global marketplace.

To see the complete WISER report on 2008 exports, visit: http://www.cted.wa.gov/site/122/default.aspx.

These statistical data represent the value of exported goods that originated in Washington state. They do not include services, which includes software and professional services such as legal, financial, architectural and engineering services.

CTED is the lead state agency charged with enhancing and promoting sustainable community and economic vitality in Washington. For more information, visit www.cted.wa.gov.



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