New Hampshire Exports Set Record for Second Straight Year
CONCORD, NH – For the second year in a row, the value of New Hampshire's exports reached an all-time high in 2018, according to the latest federal trade data.
The exports totaled over $5.2 billion last year, 2.68 percent higher than 2017. Industrial machinery was the state's chief export, at $1.2 billion, up 7.82 percent from 2017. Germany nudged out Canada as the state's top trading partner, with Ireland, Mexico and China rounding out the top five trading partners.
"From aerospace to the life sciences, New Hampshire is home to companies at the pinnacle of innovation," said Governor Chris Sununu. "Throughout the last two years, we have focused on implementing a pro-growth agenda that opens doors of opportunity for companies not just in New Hampshire, but across the nation and the world – and the new record-setting export numbers prove it's working!"
"International trade is a growing component of our state's economy and this trade data reinforces the work we are doing to improve access for New Hampshire businesses in international markets," said Commissioner Taylor Caswell of the New Hampshire Department of Business and Economic Affairs.
The third most traded commodity in 2018, at $841 million, was aircraft and spacecraft parts, up over 68 percent from 2017. Pharmaceutical products, which range from bandages to blood plasma, were valued at $411 million, up 22 percent from the previous year.
"We are seeing significant growth in our aerospace and life sciences sectors, which are diverse and innovative, and in demand in the global marketplace," Caswell said.
In the decade since the recession, Granite State businesses have realized the value and opportunities of international trade as ways to diversify their customer base. Six years ago this month, the New Hampshire Aerospace and Defense Export Consortium was created to bring 350 businesses and manufacturers across the state to leverage in overseas markets industries that employ more than 65,000 people, earning an average $91,000.
The Office of International Commerce, an agency within Business and Economic Affairs, works with state and federal partners, including the US Commercial Service, to provide New Hampshire businesses export compliance training and other resources to expand into world markets.