In Spite of Anemic Growth, Tenn. Exports Reach Historic Highs
NASHVILLE, Tenn. (AP) — Tennessee's exports are in record-high territory, but a mid-state researcher says 2013 has actually been something of a disappointment.
Dr. Steven Livingston of the Business and Economic Research Center at Middle Tennessee State says exports are up by just 1 percent, but that was enough to push the state to all-time export highs.
Exports were $16 billion, up $300 million from the same period last year. Livingston says Singapore is this year’s bright spot.
“Singapore, which is growing very rapidly, is accounting for the lion’s share of export growth in 2013. A lot of that’s medical equipment that’s being shipped there.”
Livingston says an unusual drop in exports to Canada, historically one of Tennessee’s most reliable export destinations, is one of the reasons for this year’s anemic growth rate.
On a more positive note, he says exports to South Korea are growing rapidly, thanks to the recent signing of a free-trade agreement with the Southeast Asian nation.