The Trans-Pacific Partnership Would Expand Market Access
The Trans-Pacific Partnership (TPP) offers tremendous opportunities for U.S. exporters. TPP members comprise a population of roughly 800 million and these dynamic economies generate nearly 40 percent of global GDP. The United States already has strong trade and investment ties to this region; we exported $697.8 billion in goods to all TPP markets in 2013, or about 44 percent of total U.S. exports, and are seeking through TPP to further deepen our economic relations.
Vermont Trade Facts
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In 2017, Vermont exported $2.8 billion of Made-in-America goods to the world. In 2016, exports from Vermont supported an estimated 12 thousand jobs.
Exports from Vermont and Jobs
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Vermont was the 44th largest state exporter of goods in 2017.
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In 2017, Vermont goods exports were $2.8 billion, an increase of 25 percent ($909 million) from its export level in 2007.
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Goods exports accounted for 8.6 percent of Vermont GDP in 2017.
- Vermont goods exports in 2016 (latest year available) supported an estimated 12 thousand jobs. Nationally, jobs supported by goods exports pay up to an estimated 18 percent above the national average.
Made-in-America Manufacturing Exports from Vermont and Jobs
- In 2017, Vermont exported $2.7 billion of manufactured products.
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Vermont exports of manufactured products supported an estimated 11 thousand jobs in 2016.
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The state's largest manufacturing export category is computer & electronic products, which accounted for $1.8 billion of Vermont's total goods exports in 2017.
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Other top manufacturing exports are food & kindred products ($157 million), machinery, except electrical ($155 million), miscellaneous manufactured commodities ($115 million), and chemicals ($92 million).
Exports Sustain Thousands of Vermont Businesses many of which are SMEs
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A total of 1,086 companies exported from Vermont locations in 2016 (latest year available). Of those, 932 (86 percent) were small and medium sized enterprises with fewer than 500 employees.
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Small and medium-sized firms generated 22.6 percent of Vermont's total exports of goods in 2015.
Vermont Depends on World Markets
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The state’s largest market was Canada. Vermont exported $1.1 billion in goods to Canada in 2017, representing 39 percent of the state’s total goods exports.
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Canada was followed by Hong Kong ($260 million), China ($202 million), Korea, South ($174 million), and Malaysia ($173 million).
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Vermont’s exports (2017 value) to major world areas included:
|
|
2017 Value |
|
APEC |
$2.3 billion |
|
Asia |
$1.1 billion |
|
European Union |
$397 million |
|
South/Central America and Caribbean |
$42 million |
|
Sub-Saharan Africa |
$4 million |
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51 percent of Vermont’s exports ($1.4 billion) go to current FTA partners.
Agriculture in Vermont depends on Exports
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Vermont is the country’s 44th largest agricultural exporting state, shipping $198 million in domestic agricultural exports abroad in 2016 (latest data available according to the U.S. Dept. of Agriculture).1
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Top Agricultural exports (2016 value) were:
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|
2016 Value |
2016 State Rank |
|
other plant products |
$104 million |
33 |
|
dairy products |
$64 million |
18 |
|
other livestock products |
$7 million |
46 |
|
beef and veal |
$6 million |
41 |
|
other poultry products |
$5 million |
37 |
International Investment Creates Jobs in Vermont
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In 2015 (latest data available), foreign-controlled companies employed 12,400 Vermont workers. Major sources of foreign investment in Vermont included Canada, Canada and France.
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Foreign investment in Vermont was responsible for 4.7 percent of the state's total private-industry employment in 2015.
Vermont’s Major Metropolitan Areas Benefit from Exporting
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In 2016 (latest data available), the following metropolitan areas in Vermont recorded goods exports: Burlington-South Burlington ($1.4 billion).
1Estimates of state exports of agricultural products by the U.S. Dept. of Agriculture and goods exports by the U.S. Dept. of Commerce are based on different methodologies and are not directly comparable.
