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Tuesday, November 26, 2013

Kentucky’s motor vehicle exports up 43%
so far, ensuring 2013 will be a record year

(Photo from ThinkKentucky)

(Photo from ThinkKentucky)


Kentucky’s auto industry is booming. Officials today announced that motor vehicle exports are up 43.2 percent through the first three quarters of 2013. In all, Kentucky exported more than $3 billion in motor vehicles, ensuring that 2013 will be a record year for the industry.

“This is great news for Kentucky,” said Gov. Steve Beshear. “We take great pride in the quality of our products, and the world is taking notice. The growing demand for Kentucky exports means more production, more jobs, more investment and, ultimately, a stronger economy here in the Commonwealth.”

At the current growth rate, motor vehicle exports are expected to exceed $4 billion in 2013. The previous state record for annual motor vehicle exports was $2.7 billion last year. Kentucky’s motor vehicle exports grew third fastest among major motor vehicle producing states.

This growth is due, in part, to a significant increase in motor vehicle exports to Saudi Arabia, which are up nearly 2,000 percent from $23.4 million in September 2012 to $469.7 million in September 2013. This increase makes Saudi Arabia the state’s second largest motor vehicle export destination and Kentucky’s ninth largest trade partner. Canada remains the top consumer of vehicles produced in the Commonwealth.

Overall, exports of Kentucky-made products and services are on pace to top last year’s record of $22.1 billion. As of September, year-to-date export totals for the Commonwealth reached a record $18.4 billion, an 11.3 percent increase. Kentucky’s percentage increase is second highest among the states and is well above the national average of 1.6 percent.

In addition to export growth in motor vehicles, aerospace products and parts (up 39.4 percent) and glass and glass products (up 127.8 percent) have accounted for much of Kentucky’s export growth in 2013.

From Office of the Governor



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