Capital Region Computer and Electronic Product Exports Move up to 28th Largest in US
Amid the global chip shortage, the Capital Region’s computer and electronic industry climbed to the 28th largest exporter in the country, according to a Center for Economic Growth (CEG) analysis of data from the U.S. Department of Commerce’s International Trade Administration.
Computer and Electronic Products
In 2021, the Albany-Schenectady-Troy metropolitan statistical area exported $1.53 billion in computer and electronic products, which includes semiconductors. That was a 2.4 percent increase from the previous year and the local industry’s 12th consecutive year of annual export growth. The increase pushed the Albany metro, which houses GF’s most advanced fab in Malta (Fab8), to the 28th top computer and electronic product exporter, up from the 30th the previous year.
Computer and electronic products are now the area’s largest export, whereas 10 years earlier they were its fifth. The 2021 gain in computer and electronic product comes as GF prepares to develop a second chip fab that will create 1,000 more jobs in Saratoga County.
Total Exports
Albany metro area total exports were $3,398,446,098 in 2021, the most in three years, when adjusting for inflation. That made the Albany metro the nation’s 76th top exporter. In addition to computer and electronic products, the Albany metro ranked as a top 50 exporter of chemicals ($1.01 billion), paper (71.4 million), forestry products ($11.5 million), and livestock ($6.2 million).
The Glens Falls MSA (Warren Washington Counties) had $277,207,253 in total exports, up 13.5 percent and the most in three years, when adjusting for inflation. The Glens Falls MSA was the 271st biggest exporting metro, but it was a top 50 exporter in forestry products ($7.3 million) and paper ($66 million).
Destinations
Over the year, the Albany metro area exports grew fastest to Africa (44.9 percent to $37.7 million) and Asia (29.4 percent to $1 billion) while those to South America declined (-30.6 million). During the same period, Glens Falls metro area exports grew the fastest were to South America (84.6 percent to $4.8 million) and the European Union (19.7 percent to $118 million).
To boost Capital Region exports, CEG is engaged in the following activities:
Exportech: This is a CEG Business Growth Solutions (BGS) program that provides manufacturers with a step-by-step system for expanding into new markets, adding customers and driving profitable growth.
Supply Chain Development: CEG BGS can have import/export assessments completed based on products codes using our Import Substitution program.
Global NY: This is the state’s one-stop shopping center for New York businesses looking to enter foreign markets, providing them with loan and grant opportunities, export marketing assistance services and State Trade Expansion Program (SET) funding.
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