Page 10 - March 2015 Lane Report

Fast Lane

A compilation of economic news from across Kentucky

STATE: Kentucky Exports Reach record high for STATE: Register now to
participate in canadian
4th straight year, far exceeding national rate export trade mission

Toyota photo For the fourth consecutive year, Registration is now underway
Kentucky’s exports have hit a for businesses interested in partici-
record high. pating in a Kentucky Export Ini-
Gov. Steve Beshear announced in tiative (KEI) trip to Canada, scheduled
February that the commonwealth for May 25-30.
exported $27.5 billion in Kentucky-
made products in 2014. The record rep- “Canada is the largest destination
resents a 9 percent growth in exports for Kentucky-made products, but there
since 2013. By comparison, the average are many additional opportunities for
export growth rate nationwide was just our small businesses to build partner-
over 2 percent. In 2013, Kentucky’s ships with our neighbors to the north,”
Among Kentucky’s major industries, the export that exports totaled $25.3 billion. said Gov. Steve Beshear, who will lead
accounted for the highest percentage increase in 2014 the delegation. “This trade mission will
was motor vehicle bodies and trailers, up nearly Leading Kentucky’s export growth is the give Kentucky businesses the opportu-
2,100 percent from the previous year. The products aerospace industry. Last year, the state nity to have one-on-one meetings, form
are being sold in Canada, Mexico and Japan. shipped out $7.8 billion in aerospace parts relationships to increase sales and
and products, a 38 percent increase from explore international markets.”
2013. Kentucky’s other top exports include motor vehicles, parts, and bodies and trailers
($5.9 billion), synthetic rubber and resin ($1.4 billion) and pharmaceuticals ($1.3 billion). The KEI delegation will make stops
In 2014, the commonwealth exported goods to 191 nations. Kentucky’s top trad- in Ottawa, Montreal and Toronto. The
ing partner is Canada, with $7.6 billion in products and services. Mexico ($2.3 bil- visit will be KEI’s second trade mission
lion), United Kingdom ($2.3 billion), France ($2 billion) and China ($1.7 billion) to Canada in the past three years.
round out the top five.
Kentucky experienced a significant jump – 93 percent – in exports to France. Debra Dudley, president of Oscar-
The increase in exports to the region is attributable to aerospace products and parts ware Inc. in Hart County, participated in
(up from $832 million in 2013 to $1.8 billion in 2014). last year’s trade mission and said she is
Kentucky’s yearly exports have increased 42 percent since the Kentucky Export continuing to see very positive results.
Initiative (KEI) was launched in 2010. KEI is designed to better facilitate interna-
tional trade opportunities for Kentucky businesses. “The trade mission afforded me the
opportunity to grow my business and show-
STATE: KCTCS Receives National Acclaim for Its case a product that people outside the U.S.
weren’t familiar with,” Dudley said. “It’s
Enrollment growth, workforce development such a unique opportunity to expand your
business on a global scale, which isn’t
Kentucky’s public postsec- KCTCS photo always easy for a small company to do. Par-
ondary two-year system has ticipating in a trade mission is like having
risen from a fragmented the red carpet rolled out for your business.”
group of technical and transfer-ori-
ented colleges into one of the most Kentucky exports to Canada have
comprehensive community and played a key role in boosting the com-
technical college systems in the monwealth’s economy. In 2014, Ken-
country, according to a new report tucky’s exports of products and services
by the National Center for Higher to Canada generated $4.3 billion for
Education Management Systems Kentucky’s GDP and supported more
(NCHEMS). than 51,000 jobs in the state.
The report ranks the Kentucky
Community and Technical Col- For more information and to register,
lege System (KCTCS) fourth in visit kyexports.com or call the World Trade
the nation for total credentials KCTCS now ranks fifth in the nation in terms of improving its Center Kentucky at (502) 574-1599. Com-
awarded among the nation’s com- reach to young adults ages 18-34. panies interested in participating should
act quickly due to limited spacing. Grant
munity and technical college sys- funding to offset the cost of the trip is avail-
tems and fifth in enrollment growth improvement. Since 2000, KCTCS has experienced able to small businesses that qualify.
a dramatic increase in annual enrollment from 73,000 students to 135,000 in the 2012-
2013 academic year, the time period studied by NCHEMS. Submissions Welcome
One reason for that growth is online education. The report noted the explosion
in the number of students enrolled in at least one online course, which showed a To submit news and photographs for
little more than 3,000 in 2000 to nearly 52,000 in the 2012-2013 academic year, mak- publication in Fast Lane, please send via
ing KCTCS the largest provider of online education in the state. e-mail to [email protected] or mail
The report also praised the “innovative” work the system’s 16 colleges are doing information to: The Lane Report, 201 East
to serve the needs of Kentucky’s employers and for effectively linking postsecondary Main Street, 14th Floor, Lexington, KY
education with workforce and economic development. Last year, KCTCS served just 40507-2003.
over 5,500 businesses and trained nearly 50,000 employees.
Color photographs are preferred, either in
standard form or digital. For digital photo-
graphs, a resolution of 300 dpi is required,
formatted in either jpeg or tif.

8 March 2015 lanereport.com • The Lane Report