Independent Student Newspaper Since 1969

The Badger Herald

Independent Student Newspaper Since 1969

The Badger Herald

Independent Student Newspaper Since 1969

The Badger Herald

Advertisements
Advertisements

Wisconsin reports record export increase

Wisconsin exports reached an all-time high in 2004, with an overall 10.4 percent annual increase reported by the Wisconsin Department of Commerce.

“They have never been higher than they currently are,” Wisconsin Department of Commerce Communications Director Tony Hozeny said of Wisconsin’s exports.

Gov. Jim Doyle announced Tuesday that Wisconsin exports reached a best-ever $12.7 billion in 2004 after three years of record export growth, according to a release.

Advertisements

Doyle said that Wisconsin’s export growth “is another sign that our economy is on the move, and that our workers can compete with anyone in the world.”

Wisconsin’s top export products in order of profit included industrial machinery, medical instruments, electrical machinery, transportation equipment and paper.

Industrial machinery, historically the apex of Wisconsin’s exports, rose another 14.73 percent this year to reach $4.46 billion. Medical instruments, transportation equipment and paper are at $1.63 billion, $968 million and $686.63 million, respectively. After a dramatic increase of 43.09 percent, electrical machinery rose to claim third place at $1.28 billion.

Hozeny said because of Wisconsin’s “high quality” products, the state has gained a credible “reputation around the world” and is able to foster strong international economic connections.

Mexico is one of Wisconsin’s strongest trading ties with exports increasing by 35.07 percent to reach $1.06 billion. Mexico has risen from Wisconsin’s third- to second-largest export market in the past year.

“Fifteen years ago Mexico wasn’t even in the top 10,” Hozeny said. “In 1996, Mexico was only the sixth-largest with $360 million, and since then there has been significant growth in their market.”

Hozeny continued by citing Doyle’s “influential role” in Mexico’s growing market. Further promoting U.S. economic ties with Mexico, Doyle will be leading his third foreign trade mission comprised of Wisconsin businesses and government leaders to Mexico.

Doyle’s delegation to Mexico follows last year’s trip to China, in which trading relations were promoted in a similar mission. Trade missions are integral to Doyle’s “Grow Wisconsin” initiative, a strategy to generate more jobs and strengthen the state’s economy.

Canada was Wisconsin’s only other billion-dollar export market with an 11.66 percent increase in trade to $4.86 billion. Finishing third was Japan, though the nation faced a 23.52 percent decline to $656.63 million. The United Kingdom was fifth at $517.30 million after a 4.72 percent increase.

The dramatic drop in exports to Japan is presently inexplicable, as the information acquired is “all aggregated data,” according to Hozeny.

Regarding Japan’s percent decline, the Department of Commerce was unable to “generate specific reasons” to explain the decrease in exports.

Though “[Wisconsin’s] exports didn’t grow quite as fast as the nation’s as a whole (which is about 13 percent) … to grow in double digits coming out of a recession is a strong performance,” Hozeny said.

Other government officials expressed optimism in light of these recent findings.

“The growth in exports is yet another sign that Wisconsin economy is doing well,” spokesman for State Sen. Scott Fitzgerald, R-Juneau, said. “The work that the Legislature has done with Gov. Doyle is paying off.”

Advertisements
Leave a Comment
Donate to The Badger Herald

Your donation will support the student journalists of University of Wisconsin-Madison. Your contribution will allow us to purchase equipment and cover our annual website hosting costs.

More to Discover
Donate to The Badger Herald

Comments (0)

All The Badger Herald Picks Reader Picks Sort: Newest

Your email address will not be published. Required fields are marked *