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Brookings: International exports impact local economies

In 2010, the City of Staunton, City of Waynesboro and Augusta County micropolitan area exports of goods and services totaled $643 million according to Brookings Institution’s recent report – Export Nation 2012.  Exports accounted for 13.7% of the region’s GDP, compared to the state average of 11.2%.  An estimated 4,291 jobs were supported, directly or indirectly, by companies engaging in exports throughout the region.

Export-supported jobs clearly illustrate the impact of exports on local employment in the area.  The machinery industry supported roughly 727 jobs and accounted for nearly $121 million in exports during 2010.  Other top industries in the region to provide export related jobs include: food, transportation equipment, textiles, and travel & tourism.

During 2010, the city of Staunton, city of Waynesboro and Augusta County micropolitan area’s exports of goods equated to 81.1% of the total value while service exports comprised the remainder.

By export value, top industries in the region for exporters of goods include: machinery, transportation equipment, food, fabricated metal products, and textile mills.

By export value, top industries in the region for exporters of services include: business services, travel & tourism, royalties, financial services, and freight and port services.

“Virginia companies are increasingly deriving growth from international sales and their trade relationships are more important than ever” says Paul Grossman, Director of International Trade & Investment at the Virginia Economic Development Partnership. “This data demonstrates the significance of exports across Virginia.”

For comparison, in 2010, Virginia’s total exports of goods and services increased by 9.8% from the previous year to reach $32.4 billion.  With regard to overall export values, the composition of goods and services exported equated to 57.4% and 42.6%, respectively. Virginia companies supported approximately 236,000 jobs throughout the state with export related activities.