State's high-tech exports rising at fast pace

Posted on Jun 29, 2011 :: Insight on Business, Web Exclusive.
Avatar
Posted by of Insight Publications

High-tech exports in Wisconsin, including medical and scientific instruments and biotechnology products, are rising at a rate faster than five Midwestern state neighbors and the United States as a whole.

The figures were reported in a study commissioned for the Wisconsin Technology Council by NorthStar Economics Inc., a Madison-based firm that serves as the official economic adviser to the Tech Council. The figures were released during the 2011 BIO International Convention, which is going on this week in Washington, D.C.

Wisconsin ranked 13th nationally in high-tech exports and 15th nationally in tech export concentration, the study concluded. Wisconsin experienced the largest increase among Midwest states in tech exports as a percentage of total exports from 2003 to 2009, with tech exports growing by 41.7 percent. That compared to Illinois (up 35.8 percent), Michigan (16.9 percent), Indiana (15 percent) and Iowa (2.4 percent) during the same period. Tech exports in the United States grew by 13 percent during the same period.

According to the Tech America Foundation’s “Trade in the Cyberstates 2010,” 19 percent of Wisconsin’s total exports in 2009 were tech-related. That represented $3.2 billion out of total exports of $16.7 billion. Wisconsin’s exports rose to $19.8 billion overall in 2010 as the economy recovered from recession.

Wisconsin’s leading export destinations in 2010 were Canada ($6.04 billion), Mexico ($2.01 billion), China ($1.33 billion), Germany ($750 million), Japan ($730 million), the United Kingdom ($620 million), Australia ($580 million), France ($560 million), Brazil ($560 million) and Chile ($420 million).