Alaska's sales of goods to foreign countries during the first three quarters of 2003 posted an increase of $106 million to over $2.1 billion, up 5 percent over the same period last year. The third quarter saw the value of the state's exports of seafood products rise by $54.5 million, and precious metals rise by $50 million, according to figures released by the Department of Community and Economic Development's Division of Trade and Development.
That increase comes on the heels of a 13 percent surge in export numbers in the first half of 2003, compared to a 1 percent decline in the first half of 2002.
The data showed seafood product exports increasing 5 percent to $2.65 billion for the first nine months of 2003, with most species showing gains. During the nine-month period frozen sockeye salmon sales grew 4 percent, frozen cod increased 14 percent and halibut exports were up 63 percent. Fresh salmon exports grew 4 percent, fresh halibut exports were up 18 percent and fresh cod sales gained 40 percent, according to state Trade Economist Mark Edwards.
Wood product exports showed a mild recovery during the nine-month period, to $97.2 million in exports compared with $81.9 million in the same period of 2002. Wood products exports in both 2002 and 2003 were down from $116.2 million for the first nine months of 2001, however.
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Sales of fertilizer, from the Agrium Inc. ammonia and urea plant at Nikiski, near Kenai, were up in value for the first nine months of 2003 compared with the same period of 2002. U.S. Commerce Department data showed $145 million in sales for Agrium for the nine-month period compared with $122.6 million in sales for the same period of 2002. In 2001, Agrium sold $153.8 million in the first three quarters of the year, the commerce department data indicated.
"I'm very pleased to see these kinds of positive trade numbers, because expanding international trade brings new revenues to our state, creates jobs in our economy and provides hope for thousands of Alaskans across the state," said Governor Frank H. Murkowski in a press release. "It is continuing evidence that natural resources are the foundation of our prosperity."
For the first nine months of 2003, export sales were up 5.6 percent to $2.165 billion compared with $2.058 billion in the same period of 2002. In 2001 Alaska exported $2.007 billion in products in the first three quarters of the year.
The U.S. Department of Commerce estimates that every $1 billion of exports creates 25,000 jobs in the local economy. Using these figures, international export growth in the first nine months of 2003 helped to contribute 2,650 new jobs for Alaskans.
Seafood is Alaska's largest export, accounting for just over $1.2 billion in sales already this year. Fish roe is the largest export commodity with sales of $281 million in nine months, an increase of 10 percent over the same period last year. Frozen non-fillets of all species totaled $661 million, up 12 percent over 2002. Frozen cod sales were up 14 percent to $82 million, and sockeye salmon rose 4 percent to $76 million. Fillets of all species accounted for $400 million in exports.
The remaining top commodities exported include minerals, energy, fertilizers, wood products, and precious metals.
The minerals category is driven by zinc exports, which totaled over $234 million in the first nine months of the year. Lead added another $62 million in exports.
Liquefied natural gas (LNG) accounts for $111 million of the total $211 million in energy exports. It is important to remember that 100 percent of the state's crude petroleum production is sold domestically to the United States, and therefore, is not included in these figures.
Rising demand for precious metals in global markets have helped boost exports. Higher prices for gold added $53 million to Alaska's trade during the nine-month period. Fertilizer exports of urea and ammonia totaled $145 million, up 18 percent, and wood products are also experiencing a growth of 19 percent for a total of $97 million thus far in 2003.
The top destination for Alaska's commodities continues to be Japan, whose total imports of Alaskan products was $824 million through September of 2003. This is nearly a 9 percent decline compared with last year. Seafood represents 66 percent of the product mix sold to Japan, with energy comprising 21 percent, forest products 7 percent, and minerals 5 percent.
Korea remains in the second position and has shown the largest gains in dollar terms, rising 33 percent, with a $115 million increase over last year. Korea's total purchases of $468 million through September 2003 surpass the entire year-end totals of 2002 by $51 million in just nine months. Seafood, fertilizers, minerals and forest products are Korea's primary imports.
Canada is Alaska's third-largest trading partner and has increased their purchases by 23 percent in 2003 for a total of $147 million in nine months. Seafood, zinc, lead and forest products are the major commodities sold to Canada.
Trade with China, Alaska's fourth-largest export market thus far in 2003, has grown by 10 percent to a total of $140 million, mainly from improvements in seafood sales. Europe has an increasing interest in Alaska's exports, with 12 countries represented on the state's top-20 list of product destinations.
