Gov. Kay Ivey awards six Alabama companies with Trade Excellence
On Wednesday, Alabama Governor Kay Ivey hosted the Governor’s Trade Excellence Awards Ceremony. During the event, Governor Ivey signed a proclamation proclaiming May as World Trade Month. This year’s ceremony recognized six of Alabama’s top international trade exporters and finest trade companies, as well as the 2023 Trade Advocate of the Year. “I recognized @TuskegeeUniv and six Alabama companies for their trade success in the global market,” Gov. Ivey said on Twitter. “Their economic activities ranged from automotive manufacturing to food production.” The six exporters honored in the Governor’s Trade Excellence Awards were: · Adah International LLC · Bud’s Best Cookies · Canfor Southern Pine · Hyundai Motor Manufacturing Alabama · ICONN Orthopedics · Pinnacle Solutions, Inc. “Their work has sparked record-breaking economic growth across the state,” Ivey stated. “Thanks to tremendous levels of innovation, craftsmanship, and ingenuity, Alabama’s talented workers turn out products that are in demand around the world,” Governor Ivey said. “These products really elevate the ‘Made in Alabama’ brand and transmit the message internationally that top-quality goods come from our state.” Governor Ivey presented Tuskegee University with a 2023 Governor’s Trade Excellence Award for extraordinary results in international initiatives that include partnerships with dozens of overseas universities and hosting students from more than 20 countries in recent years. Economic developer Dr. Nicole Jones told Alabama Today, “Alabama has a plethora of international trade partners that exemplify the Made in Alabama brand. The Governor’s Trade Excellence Awards gives outstanding organizations well-deserved recognition for their contributions to our state’s success in global markets. Considering the myriad of global disruption that has dominated worldwide news in recent years, it is impressive that Alabama maintained $25.5 billion in exports in 2023. Other countries have demonstrated a continued need for made-in-Alabama goods, especially in the industries of transportation, aerospace, chemicals, minerals, and paper products.” Greg Canfield is the Secretary of the Alabama Department of Commerce. “Exporting is a driving force in Alabama’s economy, providing benefits here at home that include new jobs and investments,” Sec. Canfield said. “The vision of our companies to be international leaders in their respective fields is most impressive, and we look forward to seeing their continued success in overseas markets.” Christina Stimpson is the Director of Commerce’s Office of International Trade. “We are proud to have worked with all the companies represented today and to have assisted them in identifying international opportunities,” Stimpson said. “The communities where they are located are fortunate to have them because, through exporting, they’re diversifying the economy, growing their production, and creating and sustaining jobs.” Alabama exports surged to a record $25.5 billion in 2022. The Department of Commerce’s Office of International Trade offers resources to assist Alabama companies enter new overseas markets. The Office uses its frequent trade and business development missions, training, foreign-market information, and international contacts to further Alabama companies’ international presence. “Economic development is a continuous process of cultivating relationships, investing in human capital, and working with communities to find their hidden talent within,” Jones explained. “Governor Ivey, the Alabama Department of Commerce, and leaders within the public and private sector work every day to make Alabama a place where a myriad of industries can grow and prosper.” To connect with the author of this story or to comment, email brandonmreporter@gmail.com.
Foreign investment accelerates with new growth projects in Alabama
With new growth projects underway in key industries such as automotive and aviation, foreign direct investment continues to be a powerful catalyst in Alabama’s economy, casting a wave of job creation and triggering positive ripple effects. Since 2018, foreign companies have launched investment projects valued at more than $13 billion across Alabama, generating nearly 17,000 job commitments, according to the Alabama Department of Commerce. While final figures aren’t tallied for 2022, foreign direct investment (FDI) projects topping $2.6 billion were announced and will bring at least 2,600 new jobs to the state, according to a preliminary estimate from the Department of Commerce. Those figures exceed the FDI totals for 2021 when $1.1 billion of new investment generated 1,700 job commitments. “The success of the companies operating in Alabama is a story that’s being told around the world, and that’s helped us recruit many important global companies to our state,” said Greg Canfield, secretary of the Alabama Department of Commerce. “Here at home, that’s meant much-needed new investment and lucrative jobs for communities across the state,” he said. Major FDI projects launched in 2022 include: After a $300 million investment, Hyundai is building the hybrid version of its Santa Fe SUV and the first electrified Genesis GV70 SUV at its Montgomery plant. (Hal Yeager / Governor’s Office) Global gateway Foreign investment has long been a major economic driver for Alabama. Select USA, a government initiative that facilitates foreign business investment across the nation, estimates that more than 120,000 jobs in Alabama are tied to FDI projects in industries, led by automotive, plastics, metals, and chemicals. Top sources for foreign investment in Alabama are Germany (23%), Japan (16%), and South Korea (13%), according to Select USA. Christina Stimpson, director of the Commerce Department’s Office of International Trade, said FDI accounts for a substantial share of the new and expanding industry activity in Alabama each year. Her office supports FDI attraction efforts to heighten awareness that Alabama represents a global gateway to the U.S. “Clearly, facilitating foreign investment is a huge priority for us as a state, and we’re fortunate to have a diverse base of industries, along with a highly skilled workforce, to attract and retain these commitments from global companies year after year,” Stimpson said. “We know that FDI adds vitality to local economies seeking strong industries and job-creation potential because we can point to many examples in Alabama where this has had a huge impact,” she said. Mercedes-Benz opened a battery factory on the automaker’s Bibb County campus a few months before starting production of electric vehicles in Alabama in 2022. (Hal Yeager / Governor’s Office) Rural spark Foreign direct investment has spurred economic growth in recent years in rural parts of the state. Between 2015 and 2021, Alabama’s 40 “targeted” counties attracted almost $1.9 billion in FDI through growth projects, with more than 4,200 job commitments, according to Alabama Department of Commerce data. This investment has primarily flowed from South Korea, Canada, Japan, and Germany. Brenda Tuck, Rural Development manager for the Alabama Department of Commerce, said rural Alabama locations such as Chambers County, Selma, and Fayette are among those that have seen job creation through foreign investment. The Scott G. Davis Industrial Park in rural Bibb County illustrates the power of FDI. The 564-acre park is home to a Mercedes-Benz EV battery plant and other operations, along with a factory run by auto supplier MöllerTech. Together, the German companies have invested more than $600 million in the park, creating 1,200 jobs. “The high level of FDI activity shows decision-makers around the world that rural Alabama is an ideal location for doing business, and the companies locating there often expand their operations because they are getting the critical support they need to be successful,” Tuck said. This story originally appeared on the Alabama Department of Commerce’s Made in Alabama website. Republished with the permission of The Alabama NewsCenter.
State sets new record in exports in 2022
Governor Kay Ivey on Thursday announced that Alabama exports surged to over $25.5 billion in 2022, setting a new annual record. Ivey said this is yet another indicator that the state’s economy is performing strongly. “Our record-breaking success when it comes to our exports is yet another example of the far reach of the ‘Made in Alabama’ brand and a direct result of our incredible companies and top-notch workforce,” said Gov. Ivey. “Exporting is a fundamental economic pillar that supports growth in Alabama, contributing economic vitality and spurring job creation across the state.” 2022’s surging export activity was driven by rising overseas shipments of Alabama-made vehicles, aerospace parts, chemicals, minerals, metals, and paper products, according to data from the Alabama Department of Commerce. The value of Alabama exports in 2022 jumped 22% compared to 2021, which also saw a substantial increase from the COVID-19 stunted 2020. Alabama exports have soared almost 47% since 2020 when global trade tensions and the COVID-19 pandemic dragged down shipments. The 2022 export total surpassed the previous record year – 2017’s $21.7 billion – by 17.5%. Greg Canfield is the Secretary of the Alabama Department of Commerce. “Setting a new annual export record is just another example of the economic success that Alabama is enjoying right now,” said Sec. Canfield. “Despite turbulence on the national scene, Alabama’s economy is really humming on all cylinders and can keep rolling as a bounty of growth projects bring in new jobs and investment.” Economic developer Dr. Nicole Jones told Alabama Today, “The Made in Alabama brand is recognized throughout the world thanks to driven folks in the public and private sector who have positive business relationships and ongoing communication with our trade partners.” Alabama exports spanned the globe during 2022, going to 196 countries. The Top 5 destinations for Alabama exports were: · Germany: $4.3 billion, a 16% gain over 2021 · China: $3.8 billion, a 10% increase over the previous year · Canada: $3.2 billion, which was up 3% · Mexico: $2.8 billion, an 11% increase · Japan: $1 billion, a 42% jump from 2021 Other top destinations were South Korea, Brazil, the United Kingdom, Belgium, and Australia. Christina Stimpson is the director of Commerce’s Office of International Trade. Stimpson said that broad-based gains for Alabama exports represent good news for companies back home because it generates increased production, additional investment, and new jobs. “Seeing a new annual export record demonstrates the success of operating and producing in Alabama. Growth in production from exports means job creation for our communities,” said Stimpson. “Export Alabama is here to support Alabama businesses launching into export or expanding to new global markets.” Commerce’s Office of International Trade offers resources to help Alabama companies enter profitable new overseas markets through frequent trade and business development missions, training, foreign-market information, and international contacts. The Office of International Trade is a partner in Export Alabama. It is a seamless network of international trade agencies that share the fundamental objective of helping Alabama companies expand their business internationally. “The strength of Alabama’s companies is a result of dedicated human capital,” Jones said. “These newest export numbers speak volumes; products made by Alabamians are an integral part of the global economy.” Alabama’s No. 1 export category — transportation equipment — helped power the state’s record performance during 2022, climbing above $11.4 billion, a gain of 9%. The category includes motor vehicles and parts, aerospace products and parts, and ships, among other things. The largest part of this category was the exports of Alabama-made vehicles which approached $8.9 billion last year, an increase of 13%. The top international destinations for Alabama-made vehicles were Germany, China, and Canada, which all saw increases in 2022. According to Commerce data, overseas shipments of aerospace products and parts increased by an incredible 21% to exceed $1.7 billion. All of Alabama’s top-ranking export categories posed major gains during 2022. Alabama exported $2.7 billion in chemicals – an increase of 19.5%. Alabama exported $2 billion in minerals and ore — up 178%. The state exported $1.6 billion of primary metals — up 20%. Alabama exported $1.6 billion in paper products — up 35% To connect with the author of this story or to comment, email brandonmreporter@gmail.com.
Alabama exports near $23.4 billion in 2022
The Alabama Commerce Department reports that the state’s exports were up in 2022. According to preliminary trade data, Alabama exports approached $23.4 billion in value through November — a figure that already eclipses the annual record of $21.7 billion, set in 2017, showing that Alabama’s economy was back on track after the COVID-19 global pandemic and the forced economic shutdowns. Alabama businesses that export their products to an international customer base have made a strong recovery during 2021, and that growth accelerated in 2022. Trade data indicate that the value of Alabama exports through the first 11 months of 2022 were tracking 23% higher than in the same period in 2021. Alabama-made goods went to 194 countries in 2022. “Alabama is full of next-level innovation taking place in key industries, and we’re ready to bring what’s happening inside our factories and laboratories and within our entrepreneurial ecosystem to the world,” said Alabama Commerce Secretary Greg Canfield. Economic developer Dr. Nicole Jones told Alabama Today, “Alabama has an impressive track record with exports. In 2021, our state exported goods and services at a total of almost $21 billion, which increased 21.8% from 2020. New data from 2022 shows a 23% increase from the same time period in the previous year. Pandemic-related global trade disruptions led to economic uncertainty, but fortunately, demand increased for Alabama-made products.” Christina Stimpson is the director of Commerce’s Office of International Trade. “Alabama’s vibrant export community has overcome significant challenges in the past few years, and it’s positioned for sustained growth because its high-quality products are in demand around the world,” Stimpson said Alabama’s No. 1 export category is transportation equipment. During the first 11 months of 2022, that category reached nearly $10.4 billion, an 8.4% increase from 2021. The category includes motor vehicles and parts, aerospace products and parts, and ships, among other things. $8 billion of that were Alabama-made vehicles. Shipments of aerospace parts rose 31% to $1.6 billion in the first eleven months of 2022. Mercedes-Benz motor vehicles were Alabama’s No. 1 export in 2022. Alabama exported $2.5 billion in chemicals in 2022, an increase of 22%. Exports of minerals and ores were up 194% to $1.9 billion. The exports of primary metals were up 24% to total $1.5 billion. Alabama exported $1.4 billion worth of paper and paper products, an increase of 35%. Jones credited the hard work of the Alabama workforce as well as the sound corporate governance of Alabama companies for the good export news. “Our quality and skilled workforce pushed through,” Jones said. “The strength of Alabama’s companies is a result of dedicated human capital, innovative products and services, and continued communication and positive relationships with nations throughout the world.” “For companies ready to forge ahead on a new path and discover the benefits of exports, the members of Export Alabama are always available as a resource for collaboration and guidance in this process,” Stimpson said. Germany was the No. 1 international destination for Alabama goods in 2022. A spot the country held in 2021. During the first 11 months of 2022, shipments to Germany were valued at nearly $3.9 billion. Alabama’s other leading export destinations during 2022 were Canada, China, Mexico, and South Korea. Commerce’s Office of International Trade and its partners in Export Alabama assist Alabama companies in accessing foreign markets to increase international sales, providing trade education and training opportunities, and organizing international trade missions and shows for Alabama firms to identify opportunities in foreign markets. Export Alabama provides comprehensive international trade services, all on a confidential basis, to help Alabama companies succeed in the global marketplace. Services provided to Alabama companies include advocacy, export education workshops, export finance assistance, identifying foreign distributors and buyers, international market research, and trade missions. Michael Brooks is the associate director of the Alabama International Trade Center at the University of Alabama. “Export Alabama plays a vital role in connecting companies with the experts, tools, and resources they need to access foreign markets and compete globally,” said Brooks. “Alabama’s competitiveness on the international stage is key to accelerating the state economy; companies that export tend to hire more people, pay higher wages, and are more resilient in economic downturns,” he added. Export Alabama launched a new web presence on Monday that features resources, helpful advice, success stories, and contacts to further increase its aid to Alabama companies competing in the global marketplace. To connect with the author of this story or to comment, email brandonmreporter@gmail.com.
