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2020 Texas Exports Drop 17.7% from One Year Earlier
In 2020, Texas’ exports of manufactured goods totaled $154.14 billion, a 17.7% drop from $187.30 billion one year earlier. Apart from an 8.1% uptick in exports of agricultural products in 2020, Texas exports declined in every major category, according to a recent report by Beacon Economics.
The report indicates that exports of non-manufactured goods (typically farm produce and raw materials) amounted to $74.45 billion, down 12.4% from $84.95 billion in 2019. Moreover, re-exports (shipments of goods that had previously been imported to the U.S.) were valued at $50.70 billion, off by 12.9% from $58.24 billion in 2019.
Since the four-decade-old federal ban on the export of crude oil was lifted in 2015, crude oil shipments from Texas have jumped from a 2.2% share to a 22.8% share of all Texas’s export trade. Although the top five destination markets in 2010 were the same 10 years later (Mexico, Canada,
China, South Korea and Japan), the share of Texas exports going to other countries has increased from 44.2% to 55.4%.
Texas imported less merchandise in 2020 as well. Imports were down by 15.9%. Declines among the state’s top 10 imports ranged from a slim 0.7 percent in electrical equipment and appliances to a deep 37.6 percent drop in petroleum and coal products, Beacons indicates.
For comments, questions or concerns, please contact Lisa Brown
- ◦Economy
