Gov. Susana Martinez
ALBUQUERQUE—Gov. Susana Martinez has announced a record-breaking year of export growth in New Mexico.
The state’s total exports set an all-time high in 2014, increasing by more than $1 billion compared to 2013 figures. Exports to Mexico also set an all-time high of $1.549 billion, nearly doubling in one year. The U.S. Department of Commerce estimates that every $1 billion in export revenue supports or creates 6,250 jobs.
The latest export data also shows that the mix of goods being exported from New Mexico is greatly diversifying and the state is also exporting more goods to a wider range of countries.
For example, exports to Japan grew by more than $30 million in one year from $41 million in 2013 to $74 million in 2014, a 146.7 percent increase. Exports to South Korea doubled, from $21 million in 2013 to $42 million in 2014. Exports to Saudi Arabia increased five-fold and exports to Ireland doubled.
Additionally, during the past several years, fabricated metal product exports have doubled; shipments of aviation equipment and instrumentation have risen by more than $60 million, electrical equipment shipments nearly tripled and shipments of plastics and rubber products increased from $39 million in 2010 to $94 million in 2014, a 141 percent increase.
“This is incredibly encouraging news. It shows that more New Mexico businesses are exporting a wider range of products throughout the world than ever before,” Martinez said. “We are working to make New Mexico’s economy more diverse, and we’ve taken important steps to support manufacturers that send their products to other markets. As I’ve said many times, it is critical that we position New Mexico as a key corridor for trade in order to attract greater investment to our state. Clearly, we’re making an impact, but there’s more to do, and we need to act with urgency.”
Martinez has put forward a broad range of proposals intended to continue diversifying and growing New Mexico’s private sector economy. These include increased investment in critical highway infrastructure, the development of additional high-tech jobs and start-ups based around products and ideas built in New Mexico, a $50 million closing fund to grow small businesses and attract investment from around the world, the expansion of the overweight cargo zone at the U.S.-Mexico border, enactment of right-to-work legislation to make New Mexico more competitive and increased job training to make New Mexico an attractive place to hire new workers.
These efforts would build upon tax reforms enacted in previous years, including the reduction of New Mexico’s business tax rate, the enactment of a single sales factor for manufacturing and the curbing of tax pyramiding for construction contractors and manufacturers.