First-of- its-kind analysis of Virginia’s exports and their impact on Virginia’s economy
The Virginia Chamber of Commerce Foundation’s Center for Trade has released the benchmark “Virginia International Trade Profile.” The study is the first of its kind to utilize data based on where goods and services were produced, rather than the more commonly used data based on the point of export. The study includes a regional breakdown of the economic impact of the exports of goods and services and an analysis of tax revenue, income per job and Virginia Gross State Product (value-added) associated with trade.
An executive summary of the Virginia International Trade Profile is available here. Key findings include:
- Exports represent 30 percent of Virginia’s economic growth over the last five years
- Virginia exports generated $2 billion in tax revenue in 2014
- Nearly half of Virginia’s exports are in services sectors, a significantly higher share than the U.S. overall
- While the majority of exports in Virginia come from the three largest export regions, exports represent a greater share of the local economy in other regions of the state
- Middle market firms represent the greatest opportunity for new export activity that can be assisted by state trade development efforts