Alabama shatters new trade record, topping $25.5B in 2022
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Governor Kay Ivey this week announced Alabama exports top $25.5 billion in 2022, shattering the previous record in 2017 by a whopping $3 billion.
According to the Alabama Department of Commerce, last year’s export activity was driven by the increase of overseas shipments in:
- Made vehicles
- Aerospace parts
- Chemicals
- Minerals
- Metals
- Paper products
Breaking records
The value of Alabama’s exports in 2022 jumped 22% compared to the prior year.
“Our record-breaking success when it comes to our exports is yet another example of the far reach of the ‘Made in Alabama’ brand and a direct result of our incredible companies and top-notch workforce,” Governor Ivey said.
Top 5 destinations
Alabama’s exports were sent to over 196 countries worldwide in 2022. If you’re curious to where all the overseas shipments are going, here are the top 5 destinations:
- Germany: $4.3 billion, a 16% gain
- China: $3.8 billion, a 10% increase
- Canada: $3.2 billion, up 3%
- Mexico: $2.8 billion, a 11% rise
- Japan: $1 billion, a 42% jump
“Seeing a new annual export record demonstrates the success of operating and producing in Alabama. Growth in production from exports means job creation for our communities,” said Christina Stimpson, director of the Alabama Department of Commerce’s Office of International Trade
Top 5 export categories
Alabama’s number one export category is transportation equipment. This category includes motor vehicles and parts, aerospace products and parts, ships, and more. Our state sent over $11 billion of transportation goods overseas in 2022.
All of Alabama’s top-ranking export categories posted major gains. The top five exports following transportation equipment are:
- Chemicals ($2.7 billion) — up 19.5%
- Minerals and ores ($2 billion) — up 178%
- Primary metals ($1.6 billion) — up 20%
- Paper ($1.6 billion) — up 35%
Unemployment rate in Alabama
Alabamians are reaping the benefits of global trade. Unemployment in the state is at one of the lowest level in history.Last month, Governor Kay Ivey announced the unemployment rate for the state of Alabama was 2.8% in December 2022.
“As we close out our economic reporting for 2022, I’m pleased to say that Alabama has recovered well from the pandemic and has maintained positive momentum throughout the year,” said Governor Ivey.
What do you think about this record-breaking news for Alabama’s economy? Let us know and tag us @TheBamaBuzz
