Exports Surge by Nearly $300 Million in Nevada

Increase Adds More Than 2,000 New Jobs to State

CARSON CITY, Nev., Sept. 20 /PRNewswire-USNewswire/ -- The U.S. Department of Commerce recently announced that Nevada exports increased by $291.7 million during the first half of 2010, creating 2,227 new jobs. This is a growth of 22.9 percent compared to the same period in 2009.

(Logo:  http://photos.prnewswire.com/prnh/20100614/DC20557LOGO)

(Logo:  http://www.newscom.com/cgi-bin/prnh/20100614/DC20557LOGO)

"It is extremely gratifying to see the Nevada Commission on Economic Development's (NCED) concerted efforts help produce such a powerful surge in the amount of exports by Nevada's companies," said Nevada's Lt. Gov. Brian K. Krolicki, chair of NCED.  "While the domestic economy has been extremely sluggish, we have adjusted our strategies to include establishing new international markets for Nevada products.  Our companies are successfully competing in these new markets for their products - including Asia.  This is outstanding news for our state."  

Nevada exports, including precious metals (mainly gold and some silver) were up over two percent during the first half of 2010, showing a remarkable recovery from the almost 14 percent decrease during 2009. Since the price and demand of gold and silver are both governed by world markets, it is difficult for the Nevada mining industry to control the export demand for these products. Seven of the 10 top export categories showed increases from 18 percent to more than 2,000 percent compared to 2009 including:

• Articles of plastic, +75%
• Electrical Machinery, +57%
• Ores, +53%
• Vehicles and parts, +39%
• Food and agricultural products, +34%
• Toys, games and sporting equipment, +18%

The top five countries receiving Nevada's exports during the first half of 2010 were:

• China, +92%
• Belgium, +89%
• Mexico, +89%
• Israel, +75%
• Hong Kong, +58%

During the first half of 2010, Nevada companies exported to 160 countries around the world. In looking at the world regions, the majority of the State's exports, 54 percent, go to Europe. However, if all of the gold exports to Switzerland were excluded from the calculations, Europe comprises 19 percent of exports and North America and Asia are tied as our largest export regions, each with 20 percent. During the same time frame, exports to Asia grew 32 percent over 2009 while exports to North America grew 22 percent. Although South America comprises only 3 percent, Nevada's exports to the region for the first half of 2010 grew 52 percent, greater than any other world region. This contrasts sharply with 2009 when the State's exports to South America were down 13 percent versus 2008.

"In order to continue to grow Nevada's economy the President's new National Export Initiative is a multi-year effort to increase U.S. jobs by increasing the number of companies exporting and expanding the number of markets to which current U.S. companies sell," said Alan Di Stefano, director of Global Business Development for the Nevada Commission on Economic Development. "The Nevada Commission on Economic Development, together with the federal government's trade promotion and export finance agencies, will implement together those programs that are ready to help Nevada businesses large and small to meet this challenge."

More information about NCED can be accessed at www.diversifynevada.com or by calling 800-336-1600.

SOURCE Nevada Commission on Economic Development