Georgia’s exports to Brazil, Korea, Australia and Japan all experienced substantial growth in the first quarter of 1995 in comparison to last year, according to Wachovia Bank of Georgia.
As usual, Canada was Georgia’s largest customer, purchasing 18% of the state’s exports for a 19% increase to $526 million. Japan was in second place, increasing 54% to $353.5 million, well above the 17% growth rate of national exports to Japan. And Korea placed third with a 208.7% increase in exports to $159.4 million.
Top 10 Importers of Georgia Goods
First Quarter 1995(in millions rounded)
1. Canada $526
2. Japan 353
3. Korea 159
4. U.K 154
5. Mexico 130
6. Brazil 115
7. Germany 112
8. Australia 93
9. Netherlands 75
10. Hong Kong 69
Exports to Brazil increased 262% to $155.2 million and sales to Australia grew 98.5% to $93.4 million. Brazil and Australia ranked the sixth and eighth largest customers for Georgia exports.
“There is a tendency for substantial movement from quarter to quarter,” said John Dutton, a professor at North Carolina State University, who compiles the figures for the bank. “A few million dollars of exports can make a big difference.
Dr. Dutton also pointed to the figures for Mexico, which ranked as the fifth destination for Georgia exports with purchases of $130 million, 2% above the first quarter of 1994, comparing favorably with a 6% drop in national exports to Mexico.
He said prime exports to Brazil include instruments and related products, industrial machinery and equipment and electronics and other electric equipment and agricultural crops. Textile mill products and food and kindred products saw growth in exports exceeding 2,000% to Brazil.
In the case of Korea, transportation equipment and industrial machinery and equipment were responsible for the largest increases. Transportation equipment, industrial machinery and equipment, and chemicals and allied products were the major drivers for export growth to Australia.
Tobacco products accounted for more than 82% of the export growth to Japan. Transportation equipment was a distant second with 18.4% growth. Some categories experienced declines in exports to Japan including food and lumber and wood products.
For more information, Dr. Dutton may be reached by telephone at (919) 515-6948; fax at (919) 515-5564.