HELPING UTAH THINK, ACT, AND SUCCEED GLOBALLY

Q2 2020

Utah Quarterly

EXPORT REPORT

EXPANDING PROSPERITY ACROSS THE STATE BY ATTRACTING INVESTMENT AND INCREASING EXPORTS

Japan

UnitedKingdom

Canada

China

Taiwan(ROC)

2

Utah Export Snapshot – Q2 2020

Breakdown of ExportsMetals vs Value Added Top 5 Export Destinations

WTC Utah Observations

*All data used in this report was obtained from usatrade.census.gov. The most recent data is two months behind due to a lag in the data.

2019 2020 % Change

Q2 2020 $4.23 BILLION $4.06 BILLION - 4.02%

Utah2020Q2exportsdecreasedfromQ22019by4.02%.Utah’sexportsduringQ2remaindrivenbyprimarymetalexports,withmetalexportsremainingconstantata0.09%increasefromQ22019.

Alongwithanincreaseinmetalexports,otherkeyindustriesexperiencedincreasedexportsaswell,mostnotablycomputerandelectronicsandfood&kindredproducts(10%and12%increasesrespectively).

TheUnitedKingdom,Canada,andJapanallcontinuetobetopexportmarketsforUtahgoods,especiallyinkeyeconomicclusterindustries(seepg.6).

Formorespecifictradedata,contacttheWTCUtahtradeservicesteamat435-512-1890.

46.7% 53.3%55.1%

44.9%

Metals (NAICS 212 & 331) Value Added

3

$695$872

$709 $807$620

$809

$132

$143

$144$128

$127

$127

$478

$521$579 $485

$457

$496

$1,304

$1,536$1,433 $1,421

$1,204

$1,432

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

January February March April May June July August September October November December

ExportsinmillionsofU.S.$

UtahExports (Metals,Computer&Electronics,AllOtherExports)Q22020

AllOtherExports

Computer&Electronics(NAICA334)

Metals(NAICS212&331)

$1,086

$756

$1,132

$963

$1,262$1,206

$916

$1,010$931

$728$939

$655

$1,304

$1,536$1,433 $1,421

$1,204

$1,432

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

January February March April May June July August September October November December

ExportsinmillionsofU.S.$

2019&2020ExportsbyMonth

2019

2020

4

WTCUtahObservations

Inthesecondquarterof2020,Metalsaccountedfor55.1%ofUtah’sexportswithavalueof$2.23billion.Computers&ElectronicsandFood&KindredProductsexperiencedsignificantgrowthincomparisonto2019’ssecondquarter.MiscellaneousManufacturedcommoditiesreplacedtransportationequipmentinthetop5industriesmakingupUtah’sexports.Whileultimatelyexperiencinga4.02%decreaseinexportsforthequarter,alltop5industriesexperiencedanincreaseinexportsascomparedtoQ22020.

9.9%

55.1%

8.9%

6.4%

5.2%

14.4%

Utah'sTop5ExportCommodities2Quarter2020

Computer &Electronic Products (NAICS334)Metals(NAICS212&331)Chemicals(NAICS325)Food&Kindred Products (NAICS311)MiscellaneousManufactured Commodities (NAICS339)Other

5

Duringthesecondquarterof2020,theUnitedKingdomremainedUtah’stopexportdestination,withanotable$206millionincreasefromMaytoJune.ExportstoCanada(aUSMCAcountry)increased,alongwiththeNetherlands(EUmemberstate),China,Taiwan,SouthKorea,andSingapore..

Utah’sexportstoJapanfellby12.94%,inQ22020ascomparedtoQ22019.ExportstoMexico(USMCAcountry)dropped$85.73million,causingthemtoslipfrom3rdto7th amongUtah’stopexportdestinations.

WTCUtahObservations

2020Q2Top10ExportDestinations– TotalExportValue(billionsofU.S.$)

1.UnitedKingdom- $1.99

2.Canada- $0.42

4.China- $0.17

3.Japan- $0.17

5.Taiwan(ROC)- $0.15

10.Singapore- $0.06

7.Mexico- $0.12

6.SouthKorea- $0.13

8.Netherlands- $0.12

9.Germany- $0.08

$603

$829

$637 $635 $579

$785

$109

$112

$165 $210

$102

$108

$67

$70

$63

$68

$56

$56

$59 $78

$52

$50

$52

$63

$52

$58

$5659

$60

$53

$-

$200

$400

$600

$800

$1,000

$1,200

January February March April May June July August September October November December

ExportsinMillion

sofU

.S.$

2020Top5ExportDestinationsbyMonth

Switzerland

Netherlands

China

Taiwan

Germany

Japan

Mexico

Canada

United Kingdom

6

Q22020TopExportDestinationsbyUtahEconomicClustersInmillionsofU.S.$

1. Japan2. Germany3. Netherlands4. China5. Canada

1. Belgium2. SouthKorea3. Canada4. Japan5. Netherlands

1. Taiwan2. Singapore3. Canada4. France5. Mexico

1. Japan2. Netherlands3. France4. Singapore5. Ireland

1. China2. Canada3. SouthKorea4. Japan5. Mexico

1. UnitedKingdom2. Canada3. China4. SouthKorea5. Japan

Energy&NaturalResources- $60.64 IT&Software- $55.98

LifeSciences- $101.31

Aerospace&Defense- $121.44

OutdoorRecreation- $12.86 Non-Cluster- $1,069

7

WTCUtahObservations

TheeffectofmetalexportsonUtah’soverallexportperformancecanbeseenbyhowcloselythebluelineabove(totalexports)mimicsthemovementoftheorangeline(metalexports).Metalexportsconsistentlyaccountformorethanhalfoftotalexportsin2019throughthesecondquarterof2020.Inthesecondquarterof2020,Utahexported$2.2billionworthofmetals,a0.09%increasefromthepreviousyear..

Valueaddedexportsaccountedfor44.9%ofexportsduringthesecondquarterof2020.ItisimportantthatUtahcontinuestofocusondiversifyingState’sexportstomitigatevolatileexportmarkets.%.

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

Jun-15

Aug-15

Oct-15

Dec-15

Feb-16

Apr-16

Jun-16

Aug-16

Oct-16

Dec-16

Feb-17

Apr-17

Jun-17

Aug-17

Oct-17

Dec-17

Feb-18

Apr-18

Jun-18

Aug-18

Oct-18

Dec-18

Feb-19

Apr-19

Jun-19

Aug-19

Oct-19

Dec-19

Feb-20

Apr-20

Jun-20

Exportsin

BillionsofU.S.$

5YearTotalExportOverviewbyMonth

TotalExports

Metals

ValueAdded

8

UtahExportStatsQ22020

Q22019 Q22020 %change2020-2019

TotalExports $4,227,006,439 $4,057,066,672 -4.02%

Top5Industries(NAICS)

Metals(NAICS212&331) $2,234,425,384 $2,236,372,257 0.09%

334Computer&ElectronicProducts $362,521,681 $401,746,565 10.82%

325Chemicals $349,840,966 $362,565,454 3.64%

311 Food&KindredProducts $232,517,311 $261,017,617 12.26%

339MiscellaneousManufacturedCommodities $197,657,980 $212,061,499 7.29%

Top5Destinations(rankedby$value)

UnitedKingdom $1,845,809,629 $1,999,261,141 8.31%

Canada $384,970,643 $420,093,570 9.12%

Japan $206,503,263 $179,766,904 -12.95%

China $154,823,379 $172,442,167 11.38%

Taiwan $151,092,914 $159,557,144 5.60%