Exports from South Carolina rose 22% in 2007, reaching $16.6 due to huge demand for all kind of products, thereby driving the state economy.
Exports from South Carolina rose to $16.6 Billion in 2007 with 22% increase compared to the total exports in 2006. Depreciation in dollar and rise in demand of all kind of products ranging from General Electric gas turbine to BMW car are responsible for this growth, says the South Carolina Commerce Department, as reported by Thestate.
The commerce Department also disclosed that in 2007, South Carolina’s major exports went to Germany, replacing Canada as the largest importer, with income crossing $3.76 Billion. With this huge rise in exports, South Carolina took the ninth place among 54 US states, including territories, but ranked first in the southwest region. Among the top 25 products exported from the country, steel and iron together grew by 105.7% and their revenue reached to $163 Million. Other growing product sectors include spacecraft and aircraft that collectively contributed $94 Million and grew 105.6%. Automobile export surged by 64.4%.
Majority of the sectors in which exports rose exponentially are identified by South Carolina as crucial for building the state economy and have high demand outside. Automobile, textiles and chemicals seemed to help the state in making its presence felt along with potential to grow in future.
With these industrial initiatives, the South Carolina state is building industry clusters in areas which have high unemployment rate. Another reason for focusing on establishing industry clusters is to attract top companies and talent that lead to intensification in R&D and providing high salary jobs.
Trade development program of the Commerce’s International Business Solutions team that target to make the state hub of small- and medium-sized companies having potential to expand their operations in overseas market also boosted the industrial export of South Carolina. Infact, it is providing opportunities for companies to expand their export markets by organizing trade shows, and by opening the domestic companies to international market.
A Research Analyst at RNCOS said, “Growing business activities are driving the South Carolina exports industry across all segments. The sate manufactures variety of products that have huge demand across the world. This export has created job opportunities for the South Carolinians, thus fuelling the state economy.”
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