Note: This story originally appeared in the Albuquerque Journal.
New Mexico’s total exports grew by about 1.3 percent last year, thanks largely to increased trade with some Asian countries, while sales to Mexico and Canada declined.
Overall, exports worldwide rose from about $3.61 billion in 2017 to $3.65 billion last year, according to the latest U.S. Commerce Department statistics.
That reflects a hefty jump in trade with Asia, where sales climbed 26 percent, from $1.284 billion to 1.618 billion. In contrast, exports to Europe, and to the U.S.’s two North American trading partners, Mexico and Canada, declined by 2.8 percent and 10 percent, respectively.
Trade with Asia is dominated by exports to China, which grew by about 10 percent last year to $1.1 billion. That marks three straight years of increasing sales, pushing exports there up by 10-fold since 2015, when China imported $117 million in New Mexican goods.
Computers and electronics account for about 75 percent of exports to China, suggesting the rapid rise generally comes from the ebb and flow of Intel Corp. sales to sister facilities overseas, said Jerry Pacheco, executive director of the International Business Accelerator in Santa Teresa and president of the Border Industrial Association.