HARTFORD, CT - On Wednesday, Governor Ned Lamont and Lt. Governor Susan Bysiewicz encouraged businesses across state to participate in Connecticut Export Week 2019. Organized by the U.S. Commerce Department International Trade Administration in Middletown, Connecticut Export Week is the only free event of its kind in the nation and is designed to encourage more businesses to take the first steps towards going global. Businesses of all sizes looking to grow through exporting can participate in a series of free events and webinars throughout the week and will have access to the experts in building a global marketplace now through Friday, May 3.
“Connecticut has made impressive strides by reaching an all-time high rate of exports totaling $17.4 billion in goods,” Governor Lamont said. “While that’s a 17% increase from the previous year, we still have more work to do to stay globally competitive and further strengthen our state’s economy. Connecticut is proud to be an international exporter of goods ranging from aircraft and spacecraft parts to industrial machinery and surgical instruments. Businesses looking to expand into international markets or those looking to grow through exporting, should take advantage the resources and opportunities offered during Connecticut Export Week.”
“Trade is a driver of economic growth and job creation. It doesn’t matter if you’re business is large or small, if you’re completely new to exporting, or if you’re already an experienced exporter, there’s something for everyone during Connecticut Export week,” Lt. Governor Bysiewicz said. “I encourage companies who are looking to expand in the global market to take advantage of this great opportunity.”
For a full list of Connecticut Export Week events, visit http://ctexportweek.com/.
Connecticut Exports at Record High
To assess Connecticut’s export status, The Connecticut Economic Digest conducts an annual review of the state’s export performance. In 2018, Connecticut’s commodity exports totaled a record $17.39 billion, a 17.70% increase and positive upswing from the $14.78 billion registered in 2017.
Connecticut’s top five export customers are:
· France: $3.2 billion
· Germany: $2.3 billion
· Canada: $1.9 billion
· United Kingdom: $1.5 billion
· Mexico: $948 billion
The top exports in Connecticut are highly technical in nature with companies shipping billions in aircraft, spacecraft and parts, industrial machinery, optical, medical and surgical instruments, and electronics.
It is important to note, as significant as commodity exports are, they omit service exports, for which the collection of data is inexact and unavailable at the state level. All U.S. states face this data gap. This means that export figures for a state like Connecticut, with a large concentration of insurance, financial and other services, understate the true magnitude of its overall export value.