Economic Development

Indiana's annual exports hit another record high: State sent $19.1 billion in goods to other countries

April 18, 2005

Boosted by a strong fourth quarter, Indiana export sales jumped significantly in 2004, hitting a record high of $19.1 billion, the Indiana Economic Development Corp. reported.

Indiana's 2004 export total was 16.5-percent higher than 2003's figure of $16.4 billion, exceeding the national pace of export growth of 13 percent.

Indiana exported $4.9 billion worth of goods in last year's fourth quarter, 22.7 percent more than in the third quarter of 2004 and 16 percent more than the fourth quarter of 2003.

Indiana trade officials said the state has enjoyed remarkable export growth over the past two years. Indiana exported 26.4-percent more goods in 2004 than it did in 2002, the highest two-year growth figure of any state in the region except for Tennessee's 36.3-percent mark.

Indiana's export sales increased to almost every one of its top 15 trading partners, except for small reductions to Belgium and Brazil.

Exports to Canada increased the most in dollar terms-almost $1.1 billion.

In terms of one-year growth rates, Spain led the top 10 destinations with a 46.7-per cent increase in Indiana exports.

Increases of more than 20 percent were also seen in France, the Netherlands, China, and Mexico. Double-digit increases were recorded to Canada, Japan and Australia.

Indiana's vehicles exports transcended the $5 billion mark for the first time, reaching almost $5.4 billion and accounting for 28 percent of all Indiana exports in 2004.

The state's next largest export was machinery, with sales just under $4 billion.

The strongest export sales gains in 2004 came from pharmaceutical products (32 percent), iron and steel (31 percent), and organic chemicals (27 percent.
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