By Derrick Small
Nevada businesses ready to export may take advantage of revenue growth consistent with the increased export of “Computer and Electronics Products” each year since 2011. In 2013, U.S. exports neared $2.3 trillion and in 2014 U.S. exports accounted for $2.34 trillion. A nominal increase when speaking in terms of trillions; however, consider Nevada’s growing contribution.
In 2014, Nevada accounted for over $7.7 billion in the export of merchandise. The United States’ consistent rise in exports to Free Trade Agreement Partners shows 136% increase since 2004. Nevada’s revenue from FTA partner countries is $2.2 billion, which accounts for nearly 30% of the state’s total revenue for the export of merchandise.
How does this impact the computer and technology industry?
In 2014, the “Computer and Electronic Products” was the second largest export in Nevada with revenue in excess of $1.6 billion. While the largest export industry remains primary metal manufactures, profits from the industry’s largest revenue gaining commodity, gold, decreased by 28.2% from previous year.
Commodities from the “Computer and Electronic Products” have consistently increased from year to year. From 2013 to 2014, commodity revenue of electronic integrated circuits increased by 27.9%, and processors and controllers increased by 36.8%.
Emerging Markets have high demand for Computer and Electronic Products
Although, Switzerland, Canada, China and India have accounted for more than half of the Nevada’s 2014 export success, many other international markets are great candidates. Nevada exports to Germany brought in approximately $123 million in revenue. Also, Germany is one of the top 10 of exports of the state.
Export.gov reports that “Information and Communications Technology (ICT) is one of the strongest U.S. export sectors in Germany. “Computer & Electronic Products” was the second largest U.S. export sector with USD 6.9 billion of exports to Germany in 2014 (second only to Transportation Equip, followed by Chemicals and Machinery); according to the Census.”
Essentially, Germany is as an export place with growing interest in the technology industry. Additionally, Germany is host to some of the world’s largest Information and Communications Technology trade shows, which makes the country a prime marketplace for attracting global partners and buyers.
Join in the success.
The data shows that Nevada exports of “Computer and Electronic Products” continue to rise. Businesses ready to export should contact their local U.S. Export Assistance Centers in Reno and Las Vegas.
Hannover Messe is the world’s leading trade fair for industrial technology. The event takes place in Germany from April 25-29, 2016. Hannover Messe affords export ready companies the opportunity to meet with over 200,000 attendees, including global investors, buyers, distributors, resellers, and members of the business media.
Lastly, consider learning more about the Trans Pacific Partnership and its potential relationship to Nevada.