WASHINGTON: Local economic-development officials want to see the Columbus metropolitan area rank 25th or better in the country by 2020. And despite a slight drop in the value of exported goods last year, central Ohio took two steps in that direction. Exports of goods from the Columbus metro area fell slightly last year from the record set in 2014, according to a federal report that ranks central Ohio as the 46th largest exporter in the U.S.
Central Ohio was the 46th largest exporter nationally last year, with $6.2 billion worth of goods leaving the country. That’s down slightly from $6.24 billion in 2014, the report from the International Trade Administration showed. But other regions reported bigger declines, so central Ohio moved up from 48th in the ranking. Exports have more than doubled since 2009. The report does not include the exports of services. Economic-development officials locally see increasing exports as a way to add jobs in the region.
Columbus 2020, central Ohio’s economic-development arm, has set a goal of becoming one of the top 25 metro areas for exports by 2020. In addition, the group’s goals include increasing the number of foreign companies planning projects in central Ohio and increasing the number of non-Japanese companies investing in central Ohio. That goal includes the export of both good and services.
The most recent data from the Brookings Institution has ranked the Columbus 2020 region 38th in terms of exports when both goods and services are included. “We’re certainly doing our part to try and connect potential and existing exporters with export-related services. We’re working with local development partners that have the capacity to export — and export more,” said Jung Kim, Columbus 2020’s research director. Boosting exports can be instrumental in strengthening a local economy, said Ben Ayers, senior economist at Nationwide. “Some industries, particularly in the manufacturing sector, are tied to exports. When those companies export well, they increase production and add employees,” he said. “When the opposite happens, that means job losses for manufacturing.”
Canada is the top export market for central Ohio, accounting for about a third of all exports. It is followed by Mexico, China, Germany and the United Kingdom. Chemicals make up about a fifth of all exports from central Ohio. After that, the top exports are transportation equipment; plastics and rubber products; computer and electronic products; and machinery. The Cincinnati area is the top exporter of goods in the state, exporting more than the next five metro areas in Ohio combined. The region includes parts of Kentucky and Indiana and is the 13th largest exporter among the metro areas.
Cincinnati’s exported goods were valued at $24.1 billion at 2015, a $1.8 billion increase from 2014, the fourth biggest jump among the metro areas. Exports from the Cleveland metro fell by $1.1 billion from 2014 to $9.6 billion last year, according to the report. Exports also fell in Akron, Dayton and Toledo. A strong dollar, struggling overseas economies and lower energy prices get much of the blame for the drop, Kim and Ayers said. “It’s basic economics,” Ayers said. “With our dollar higher, that means the cost of our goods to ship over there is relatively more expensive. They’re looking at buying from us (something) that is more expensive or going someplace else.”
