Ohio’s Exports to the EU on Pace to Slightly Grow
Like Indiana, Ohio’s exports to the Eurozone have grown in the first six months of 2010, and is now on pace to reach $5 billion this year. While this would be $1.2 billion more than 2009, it is still only a return to 2006 levels—unlike Indiana, where exports to the Eurozone could be a record high this year. In fact, Indiana’s exports to these 16 countries could actually exceed those of Ohio, as Indiana is on pace to export $5.8 billion worth of goods, despite the fact that it has a smaller economy than Ohio.
In addition, as the second graph shows, growth in exports to the Eurozone has grown much more rapidly than compared to the 27 members of the European Union as a whole. This trend is similar to that of Indiana, as both states are seeing growth in exports to the Eurozone between 25 and 30 percent. However, the Buckeye State’s exports to the EU27 is expected to be a mere 1.49% higher than in 2009 (compared to 12.56% in Indiana). As a result, while the EU and the Eurozone may be a major source of economic growth for Indiana, it does not appear that Ohio will be seeing the same benefits from the appreciating euro as Indiana.
For more information on Ohio’s ties with the European Union, the Indiana University European Union Center has two brochures, which are available here. In addition, the “Euro and its Effect on the Midwest” will also be examining Indiana in a comparative perspective with its neighbors.