A new report projects that the Sunshine State’s resiliency will lead to solid growth in global exports.
A new report has emerged projecting the state will continue to grow this year in international trade, despite an 11% drop in 2020.
The report, released by Florida TaxWatch, shows Florida’s international trade value grew from $111.6 billion to $137.7 billion between 2010 and 2019. When the pandemic hit in 2020, international trade slid back to $122.5 billion.
“Emerging from the pandemic, Florida has defied estimates,” says Jonathan Guarine, Florida TaxWatch research economist and primary author of the international trade report. And that’s exactly what has happened with international trade. By the end of 2021, the report shows that the state’s value bounced past pre-pandemic levels, to $149.1 billion.
Guarine contributes the increase in international trade value to Florida’s location, its transportation environment through the number of airports and seaports and the business environment. “It’s a prime place to do work,” he says.
Florida TaxWatch Executive Vice President Tony Carvajal adds that Florida is a diplomatic hub. “There are people who live and work in Florida who have relatives in Latin America so language is not a barrier,” he says. ‘It’s geographically positioned in an awesome spot.”
In addition, state exports are predicted to increase 18.9% by the end of this year for a cumulative total of $65.9 billion. The report shows that these exports support over 223,000 jobs throughout the state, with 93% of those jobs in manufacturing.
“Resiliency must be front and center,” Guarine says. “The state must understand certain risks taken (working) with other countries, leverage existing relationships, manufacture more and expand trade opportunities with growing markets.”