Illinois’ Exports to Europe Grow
Like Indiana and Ohio, it appears that exports from Illinois to Europe are on the rebound, as exports are up by 11% to the Eurozone compared to a year ago. Total exports to EU as whole only increased by 3.6% over the same period. As a result, Illinois is on pace to export $6.4 billion to the Eurozone and about $8.8 billion to the 27 member states of the EU. As a result, 2010 will be a better year for Illinois trade with Europe than 2009, but still below 2008 levels. While, Illinois exporters are no doubt happy that the state’s exports to Europe are again growing, Illinois’ rate is still lower than either Indiana or Ohio. As the second chart shows, exports in machinery have really fallen off in the past few years. In addition, chemicals exports had declined as will since their peak in 2007, but it appears that they will exceed the 2009 level this year. As a result, Illinois’ ties with the Eurozone are increasing, but not as quickly as some exporters may hope.