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Nevada Leads the Nation in Adapting to World Trade Demands

20 June 2011

CARSON CITY, Nev., June 16, 2011 /PRNewswire-USNewswire/ — Lt. Gov. Brian Krolicki, chair of the Nevada Commission on Economic Development, announced recently that Nevada ranked No. 1 in export adaptability according to a new ranking of international exports by Ball State University’s Center for Business and Economic Research.

“Our state is producing what the world demands,” said Krolicki. “As the domestic economy slowly emerges from the recession, Nevada has recognized that expanding to foreign markets will accelerate the state’s recovery.”

Ball State’s “U.S. Export Adaptability at the State Level” examined the export adaptability of individual states to changing demands from Organisation for Economic Co-operation and Development (OECD) countries during the period of 1999 – 2009. Nevada increased exports in demand-dynamic sectors such as pharmaceuticals, chemicals, machinery, electrical and medical products, while overall U.S. exports declined during this time frame. Even large volume export states Texas and California (ranked 9th and 28th respectively) haven’t responded as quickly to global demand.

Also during this period, Nevada saw an almost 400 percent increase in agricultural exports of food and related products to developing countries, like China, that are demanding Western products with higher food safety regulations.

Nevada has also seen substantial growth in exporting technology-based products such as:

* Lithium for batteries
* Ore for electronics
* Aviation related components
* Primary metals like copper, gold and silver
* Electrical machinery
* Optical and medical equipment

NCED and its Global Trade division identified changing international demand early on and were able to take advantage of opportunities by focusing time and resources to help Nevada companies serve growing foreign markets. By expanding the presence of Nevada companies in the global market place, thousands of Nevada jobs have been supported and created as a result of these efforts including:

* The creation of the International Trade Representatives program in 2002 to help broker business development between Nevada companies and various countries including China, Brazil, Germany and Italy.
* Attendance at 40 trade shows and 19 trade missions around the world that introduced Nevada companies to international customers with a focus on the emerging markets in Asia and Latin America.
* Targeted outreach and marketing to international travelers through a 30-page feature in Delta Air Lines’ popular Sky magazine, the world’s most-read onboard magazine reaching an estimated 5 million readers monthly.
* Strategic partnerships such as the memorandum of understanding with China signed by Lt. Gov. Krolicki in September 2009, the first of its kind between Nevada and the Chinese government.

Nevada’s ability to serve emerging markets including Brazil, Russia, India and China is evident in the 800 percent increase in exports collectively to these countries since 2001. These markets represent areas of significant growth potential as they are becoming some of the world’s best customers. Investing in these key markets will strengthen the state’s economy in the long-run.

SOURCE Nevada Commission on Economic Development