Tech Imports On The Rise
Behind cars and airplanes (and hopefully gold medal speed skaters), technology is the second biggest US export, with $204B in tech merchandise going abroad in 2012. It’s a 1.3% jump from 2011. Texas exports the most tech at $45.1B, followed (for the first time) by California at $44.8B and Florida at $14.5B. This is according to TechAmerica’s latest Tech Trade in the States study released on Capital Hill Tuesday with the help of Rep. Kenny Marchant. Some of the growth is being driven by countries like Vietnam, which has increased its demand for US tech goods by over 92%; Russia was the second fastest-growing export market, demanding over $1B in tech.
So what kind of tech are we exporting? Semiconductor manufacturing still leads the pack but four sectors are gaining: navigational equipment, magnetic and optical media, communications equipment, and computer and peripheral equipment. DC had the fastest growth rate in the nation for tech exports, tripling between 2011 and 2012 to $368M. (The world sees Chuck Schumer tweeting and wants whatever he's having.) It ranks 41st among states. Maryland, which also saw its tech exports increase, is ranked 25th, with $1.78B in tech products being exported. Virginia ranks 20th with $2.36B in tech exports.
