United Kingdom

Canada

Hong Kong

Mexico

China

2

Utah Export Snapshot – 2016

2016 Breakdown of Exports

Metals vs Value Added

2016 Top 5

Export DestinationsWTC Utah

Observations

Utah’s overall exports in 2016 experienced a significant decrease, mostly due to a significant decrease in the export of metals compared to metal exports in 2015. We can attribute the decline of metal exports to the overall decline of metal prices and demand in 2016.

As seen in the pie chart, value added exports made up nearly 59% of Utah’s total exports in 2016. It will be important for Utah to continue diversifying its export portfolio to hedge against the uncertainty of metal exports.

*All data used in this report was obtained from usatrade.census.gov. The most recent data is two month behind due to a lag in the data.

$1.04 BILLIONIn the Month of December… $1.03 BILLION

2015 2016 % Change

Year-end Total… $13.3 BILLION $12.07 BILLION -9.09%

$1.11 BILLION $1.01 BILLION

-9.27%

Monthly Average… -9.09%

41.30%

58.70%

Metals (NAICS 212 & 331) Value Added

$70

$577 $557 $618

$248 $300

$130

$482 $482

$305

$492 $491$188

$142 $158$157

$153$155

$135

$124 $124

$127

$119 $112

$391

$416 $456$467

$470$465

$441

$466 $466

$479

$434 $424$648

$1,135$1,171

$1,242

$871$920

$706

$1,073 $1,073

$911

$1,045 $1,027

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

January February March April May June July August September October November December

Exp

ort

s in

mill

ion

s o

f U

.S.

$

Breakdown of 2016 Utah Exports

All Other Exports

Computer & Electronics

Metals (NAICS 212 & 331)

3

WTC Utah Observations

If you compare the blue blocks (all other exports) and orange blocks (computer & electronics) in the bar graph above, with the gray blocks (metals), it becomes apparent how volatile metal exports were in 2016. Computer & Electronics exports continue to be the second largest export category after metals.

4

2015 & 2016 Comparison Snapshot

2015 2016

June: $1.31 billion Peak April: $1.24 billion

November: $0.91 billion Low January: $0.65 billion

$1.11 billion Average $1.01 billion

% Difference of Average-9.09%

$1,189

$982$1,064 $1,040

$1,102

$1,314

$1,156

$1,215

$1,120

$1,148

$911

$1,041

648

$1,135$1,171

$1,242

$871

$920

$706

$1,073$1,073

$911

$1,045

$1,027

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

January February March April May June July August September October November December

Exp

ort

s in

mill

ion

s o

f U

.S.

$2015 & 2016 Exports by Month

2015

2016

5

Top 5 Exports Breakdown in Millions of U.S. $

Metals (NAICS 212&331)

Computer and Electronic Products

Chemicals

Food & Kindred Products

Transportation Equipment

Jan

$70

$188

$79

$65

$59

Feb

$577

$142

$81

$69

$66

Mar

$557

$158

$87

$90

$67

Apr

$618

$157

$94

$77

$72

May

$248

$153

$84

$77

$84

Jun

$300

$155

$95

$75

$84

Jul

$130

$135

$82

$79

$70

Aug

$482

$124

$90

$76

$72

Sep

$717

$147

$98

$72

$72

Oct

$305

$127

$99

$87

$70

Nov

$492

$119

$89

$70

$73

Dec

$491

$112

$84

$83

$71

-

200

400

600

800

1,000

1,200

1,400

January February March April May June July August September October November December

Mill

ion

s2016 Top 5 Exports by Month

Metals Computer & Electronics Chemicals Food & Kindred Products Transportation Equipment Total Exports

6

1. United Kingdom – $3.07

3. Canada – $1.32

2. Hong Kong – $1.51

4. Mexico – $0.74

5. China – $0.65

6. Taiwan – $0.61

8. Netherlands – $0.45

7. Japan – $0.50

9. Germany – $0.34

10. South Korea – $0.32

2015 Top 10 Export Destinations – Total Export Value (billions of U.S. $)WTC Utah

Observations

The United Kingdom remains to be Utah’s largest export market in 2016. The United Kingdom along with Germany, the Netherlands and South Korea, were the only four export markets, out of the top ten, in which exports from Utah experienced growth.

Utah exports also experienced growth in other European markets such as Italy, France, Spain, Austria and Poland.

$375

$166 $165 $145$82

$223 $230$162

$84

$293

$159

$101 $133 $117

$125 $129$102

$108 $107$119

$111

$177

$75

$64$81

$61 $74$80

$61 $59$65

$83

$72

$93

$166 $125

$215$447

$617

$242

$315 $265 $315

$170

$66

$90

$68

$55$65

$59

$70 $76$86

$83

$68

$75$80

$58

$178

$43

$-

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

January February March April May June July August September October November December

Exp

ort

s in

Mill

ion

so

f U

.S.

$2015 Top 5 Export Destinations by Month

India

Switzerland

Mexico

Taiwan

United Kingdom

China

Canada

Hong Kong

7

2016 Top Export Destinations by Utah Economic Clusters

Aerospace & Defense

1. Germany2. Japan3. Netherlands4. China5. Canada

Energy & Natural Resources

1. Canada2. Mexico3. Japan4. Australia5. Belgium

IT & Software

1. Taiwan2. Singapore3. China4. Canada5. Hong Kong

Life Sciences

1. Netherlands2. Japan3. China4. United Kingdom5. Canada

Outdoor Recreation

1. Canada2. China3. Netherlands4. United Kingdom5. Germany

Non-Cluster

1. United Kingdom2. Hong Kong3. Canada4. Mexico5. China

8

As a result of the decline in exports of metals in the last few years, including a significant decline in 2016, total exports has experienced similar declines. The effect of metal exports on Utah’s overall export performance can be seen by how closely the blue line above (total exports) mimics the movement of the orange line (metal exports).

Value added exports have seen a slow and steady increase year over year until 2015, experiencing slight declines through 2016. It will be important for Utah to continues its focus on diversifying its exports portfolio to mitigate volatile metal export markets.

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

Dec

-11

Feb

-12

Ap

r-1

2

Jun

-12

Au

g-1

2

Oct

-12

Dec

-12

Feb

-13

Ap

r-1

3

Jun

-13

Au

g-1

3

Oct

-13

Dec

-13

Feb

-14

Ap

r-1

4

Jun

-14

Au

g-1

4

Oct

-14

Dec

-14

Feb

-15

Ap

r-1

5

Jun

-15

Au

g-1

5

Oct

-15

Dec

-15

Feb

-16

Ap

r-1

6

Jun

-16

Au

g-1

6

Oct

-16

Dec

-16

Exp

ort

s in

Bill

ion

s o

f U

.S. $

5-Year Rolling Total Export Overview by Month

Total Exports

Metals

Value Added

WTC Utah Observations

9

WTC Utah Observations

The export graph above is a good overview of the movement of Utah exports in the last 10 years. Utah experienced a steady increase in the export of metals from 2007 to 2011, but after a stagnant year in 2012, metal exports experienced decline in 2013. In 2016, the global economic and political uncertainty, as well as the overall decline in the demand and price of metals have caused Utah metal exports to decline significantly.

$3.8$4.8

$5.7

$8.0

$12.6 $12.5

$8.5

$4.5$5.9

$5.0$4.0

$5.5$4.6

$5.8 $6.4 $6.8$7.6 $7.7 $7.4 $7.1

$7.8

$10.3 $10.3

$13.8

$19.0$19.3

$16.1

$12.2$13.3

$12.1

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Bill

ion

s10-Year Export Overview

Metals (NAICS 212 & 331)

Value Added

All Commodities