Colorado Exports Jump In 2003

February 27, 2004

Colorado exports of manufactured, agricultural and mineral products grew over $500 million in 2003 to a total of more than $6.1 billion, an increase of 10.6% over 2002. Exports from Colorado increased at a much higher rate than the 4.4% rise of U.S. exports as a whole. Greater international demand and stronger foreign currencies, which made U.S. products more competitive, contributed to export growth.

Sales of high tech products once again dominated the top export categories, led by semiconductors, up 59% from $645 million in 2002 to $1.03 billion in 2003. The second largest export category, computers and peripherals, grew from $850 million to $909 million, for a 7% increase. Other major product categories, in descending order, included office machine components, fresh or chilled beef, scientific/measuring instruments, medical instruments, animal hides, aircraft/spacecraft, and photographic plates and film.

'The growth of Colorado exports during 2003 is another indication of the increasing strength of many companies and industries in the state during the past several months and demonstrates the importance of international trade to Colorado's economy", noted Governor Bill Owens. Almost all of the increase in state exports took place during the second half of 2003, with mid-year figures only 2% above 2002 sales.

"Exports are important to job and revenue growth", slated Bob Lee, Director of the Colorado Office of Economic Development & International Trade. "According to the U.S. Department of Commerce, $6.1 billion in exports creates or retains about 68,000 jobs."

Canada was once again Colorado’s largest single export market, at over $1.4 billion, 23% of all foreign sales. Colorado's second largest market, Mexico, was over $570 million - a 54% increase from 2002 levels. Japan was Colorado's third largest market overall, and its largest overseas market at $443 million, followed by Korea, China (including Hong Kong), Malaysia, Germany France, Netherlands and the United Kingdom, respectively.

These statistics were prepared by the Massachusetts Institute for Social and Economic Research (MISER) from raw data supplied by the U.S. Census Bureau, Foreign Trade Division, Origin of Movement Series.