February Group Watch: AL Exports Heading for Record Year
Alabama exports are bouncing back from global trade frictions and disruptions caused by the COVID-19 pandemic, which interrupted years of momentum that lifted overseas shipments of Alabama-made goods. While full year results are not yet available for 2022, existing trade data show that Alabama exports approached $23.4 billion in value through November, a figure that already eclipses the annual record of $21.7 billion set in 2017. Trade data indicate that the value of Alabama exports through the first 11 months of 2022 were tracking 23% higher than in the same period for the previous year. Many of Alabama’s top export categories showed robust upticks during the first 11 months of 2022, including:
- Chemicals ($2.5 billion) – up 22%
- Minerals and ores ($1.9 billion) – up 194%
- Primary metals ($1.5 billion) – up 24%
- Paper ($1.4 billion) – up 35 %
Germany, the No.1 international destination for Alabama goods in 2021, remained the top destination for Alabama exports for the first 11 months of 2022, with shipments valued at nearly $3.9 billion. Other leading export destinations during the period were Canada, China, Mexico and South Korea.
