Texas’s export trade up 49% in March 2022
AUSTIN — Texas reported a more than 49% increase in export trade in March 2022 over the same month last year and exceeded the year-to-date 2021 trend by more than 40% — according to data from the Bureau of Economic Analysis (BEA) released May 4.
In March 2022, Texas reported export trade amounting to $42.1 billion, an increase over the $28.3 billion in trade exports reported in March 2021. Texas reported March 2022 year-to-date export trade of $112.4 billion, versus $80.5 billion year to date in March 2021.
“This data shows that Texas exports are increasing on a percentage basis more than two times the levels for the United States as a whole — both for the month and year to date,” said Robert Allen, president and CEO of the Texas Economic Development Corporation in Austin.
Texas is No. 2 in gross domestic product (GDP) and has been No. 1 in export trade for two decades. This spring Texas won the Governor’s Cup for the total new economic development projects for the 10th year in a row. Chief Executive Magazine last month designated Texas as the Best State for Business for the 18th time.
“Why is Texas so successful? We have an unprecedented track record of economic strength and stability,” Allen said. “This track record is undeniable evidence that Texas’s model of less government, lower taxes, a reasonable regulatory environment and outstanding quality of life resonates with business decision makers.”
Texas is also outperforming the export trade output of the four next largest states combined, according to BEA data.
Texas year-to-date export trade, at $112.4 billion, was greater than the combined $109.4 billion of the next four largest states: $45.4 billion for California; $25.6 billion for Louisiana; $20.3 billion for New York; and $18.1 for Illinois.
The United States posted March 2022 gains of more than 18% over March 2021, according to BEA data and a more than 18% increase year to date.