Energy Boom Fuels Record-High International Exports from Oklahoma
Filed by KOSU News in State Impact.
August 22, 2012
U.S. Department of Commerce
Thirty-four states set records for exports, according to the U.S. Department of Commerce. In Oklahoma, export growth was fueled by goods manufactured for the energy industry.
Oklahoma exports reached record levels during the first half of 2012, according to a report by the U.S. Department of Commerce.
The outflow of more than $3.4 billion worth of goods is an increase of 12 percent, markedly higher than the national average of 7 percent, reports the Tulsa World’s Kyle Arnold.
Thirty-four states set records for exports, according to Commerce officials. In Oklahoma, energy industry-related manufacturing fueled much of that growth. Sada Joshi of Joshi Technologies, a Tulsa-based company that operates international oil wells in places like India and Ecuador, tells the paper that U.S.-made equipment has a better reputation than competing products made in China.
Joshi said he believes Oklahoma exports will continue to grow as long as oil prices remain above $60 a barrel.
Despite a slump in 2009, Oklahoma’s exports have climbed steadily since 2002. Machinery was the largest export from January through June this year, the World reports. Exports of transportation equipment and computer and electronics were also robust.
Canada and Mexico are still Oklahoma’s top trade partners, followed by Japan China and Singapore.
Oklahoma companies significantly increased sales to Argentina, Singapore, Australia and the United Arab Emirates, which increased its imports from the state by 119 percent.
“We’re seeing openings to areas like Japan and South America,” said Chuck Prucha, president of the Oklahoma Manufacturing Alliance. “These are some areas that we couldn’t imagine selling to a few years ago.”
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