State Exports Plummet As A Result of COVID-19
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Forbes Reports: State Exports Drop Significantly In Q2 2020 As Covid-19 Thrashes U.S. Economy
We are months into the pandemic and every part of the economy is feeling the negative impacts, especially state exports. Based on data from the Missouri Economic Research and Information Centers, across the country, state exports have dropped massively.
The total value of all 50 states’ exports fell by 26.3%, from $395.69 billion in Q1 2020 to $291.47 billion in Q2 2020. Year over year, the total value of exports fell by 29.8%, from $414.95 billion in Q2 2019 down to $291.47 billion at the end of Q2 2020.
Only one state has experienced a year-over-year increase in export value - Nevada. The state had an increase of 7.6%. Every other state has seen a steady decline, quarter-to-quarter and year-over-year.
Michigan is the state whose exports have been hit the most in 2020. From Q1 2020 to Q2 2020, the value of Michigan’s exports fell by 45.1%, from $12.95 billion down to $7.11 billion. Worse, from Q2 2019 to Q2 2020, the value of Michigan’s exports plummeted by 52.3%, from $14.91 billion down to $7.11 billion. Other Midwest states hit the worst include North Dakota, which saw its export value decline by 44.8% from Q1 to Q2 2020 and 42.9% year over year; Ohio is the other, with a decline of 41% from Q2 2019 to Q2 2020, as the value of its exports dropped from $13.84 billion to just $8.17 billion.
Many southern states are also taking a hard hit, especially states with major manufacturing centers like Alabama. The southern state with the sharpest decline is export values is South Carolina. The state exported $10.47 billion in Q2 2019 and fell to $5.33 billion on Q2 2020.
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