Indicator 5: Exports
How Does Massachusetts Perform?
Massachusetts has seen some variability in the destination of its exports between 2012-2017, with historically important trading partners such as the United Kingdom and Canada purchasing fewer goods from Massachusetts businesses. Canada was the largest export destination for Massachusetts in 2017, even though exports to that country have declined 18.8% since 2012. Exports to Mexico (#2), Hong Kong (#6), and Switzerland (#10) have all experienced tremendous growth. Except for Canada (#1), the United Kingdom (#4), and Germany (#5) all other countries within the top ten export destinations have seen increases in trade from 2012-2017. Massachusetts is 12th among the LTS in exports as a percentage of GDP in 2017, moving up from 13th in 2016.
U.S. exports increased by approximately $95B from 2016-2017, and Massachusetts’ reached $27.7B, its highest peak since the post-recession peak of $27.8B in 2011. Massachusetts’ 2017 exports were $1.7B higher than in 2016 and higher than the 10-year average, which includes the record peak of $28.4B in 2008, by $1.1B.
The Commonwealth's top three export commodities in 2017 have all increased in trade value from 2016. They consisted of Medical Instruments and Appliances (up $37.6M), Machines & Apparatus for the Manufacture of Semiconductors (up $97.8M), and Electronic Integrated Circuits, Processors and Controllers (up $103.6M).
Data Source for Indicator 5: U.S. Census Bureau Foreign Trade Division, Staying Power II Report, xe.com