116 3rd St SE
Cedar Rapids, Iowa 52401
Cedar Rapids exports hit record in 2013
George C. Ford
Sep. 4, 2014 4:00 pm, Updated: Sep. 4, 2014 4:34 pm
CEDAR RAPIDS - Merchandise exports from the Cedar Rapids metropolitan area reached a record $930 million in 2013, an increase of 5 percent or $41 million from 2012, according to new government data.
The U.S. Department of Commerce's International Trade Administration reported key export categories were processed foods, machinery, primary metal manufactures, computer and electronic products, and electrical equipment. The agency said the Asia Pacific Economic Cooperation and the European Union were the leading destinations for Cedar Rapids exports.
'Iowa companies - large and small - continue to tap the growing spending power of the 95 percent of world consumers who live outside of the United States,” said Patricia Cook, director of the U.S. Commercial Service in Des Moines. 'Our U.S. Export Assistance Center assists hundreds of businesses in the Cedar Rapids/Iowa City Corridor each year to help them realize their export goals.”
The International Trade Administration reported 156 U.S. metropolitan areas exported more than $1 billion in merchandise in 2013. More than 200 metropolitan areas registered positive export growth between 2012 and 2013, with 134 reaching record export levels.
The Commerce Department on Thursday reported the nation's trade deficit unexpectedly narrowed in July to the lowest level in six months as exports climbed to a record. The gap shrank 0.6 percent to $40.5 billion, the smallest since January, from a revised $40.8 billion in June that was narrower than previously estimate.
Sales to foreign customers climbed 0.9 percent on growing demand for American autos and petroleum products. U.S. petroleum product sales swamped purchases of foreign crude, leaving the trade gap on the fuel at the lowest level since May 2009.
Sales of American products to countries such as Mexico, Brazil and Britain helped make up for slowing purchases from the European Union.