4 Factors to Consider When Relocating Your Production
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Wisconsin companies exported just under $22.5 billion worth of goods and services to other countries in 2015, a drop of 4.2 percent from the previous year, according to data released today by the U.S. Census Bureau.
Wisconsin was 20th in the nation with $22,445,100,000 worth of exports.
The state imported $22,963,700,000 worth of goods and services for the year, a 2.3 percent drop.
Joe Jurken, partner at The ABC Group, said he expects to see an increase in imports in 2016.
“I believe imports, particularly from China, are going to rise a great deal in 2016 because of the currency,” Jurken said. “I think it’s a winning opportunity for local manufacturers to outsource product to China under the current conditions. Exports are going to be difficult, but importing should be something that will be on the rise in 2016.”
The United States exported $2.23 trillion worth of goods and services in 2015. That figure was down $112.9 billion from 2014 or 4.8 percent. The country imported $2.76 trillion of goods and services, down $89.7 billion or 3.1 percent.
The country’s trade deficit of $531.5 billion was up $23.2 billion, or 4.6 percent, in 2015.
Jurken said the decreases, particularly in exports, are driven by a strong U.S. dollar making exports more difficult. He also said that a slower world economy hampers the figures.
In manufacturing in particular, Jurken said over capacity around the world is making things difficult. He said this is particularly true in China where facilities were built to help fuel growth and in anticipation that growth would continue.
While exporting is more difficult with the strong U.S. dollar, Jurken said companies with a solid product should still be able to find opportunities in other countries.
“It’s important to stay true to what you are as a company,” he said.
Read more economic data reports on the BizTracker page.