Capital Region Machinery Exports Rebound
Capital Region exports inched up in 2022 as global shipments of machinery from the area rebounded and its computer and electronic product exports retained a spot among the nation’s top 50 exporting metros, according to a Center for Economic Growth (CEG) analysis of data from the U.S. International Trade Administration.
In 2022, exports from the five-county Albany-Schenectady-Troy metropolitan statistical area (MSA) totaled $3.4 billion, up 1 percent from a year earlier. Exports from the two-county Glens Falls MSA totaled $267.6 million, down 3.4 percent from the previous year. Among New York’s 13 metro area, the Albany-Schenectady-Troy and Glens Falls MSAs had the second and third lowest changes in annual exports. The Poughkeepsie-Newburgh-Middletown MSA led the state for export growth, increasing by 31.0 percent to $2.2 billion.
For the first time in seven years, machinery exports- experienced an annual gain, increasing by 43.9 percent to $294.5 million. Examples of machinery manufacturers in the area include NHS USA in Menands, Guyson in Saratoga Springs, and General Electric in Schenectady. Up until 2017, machinery was the Capital Region’s largest export.
Since 2017, computer and electronic products, which include semiconductor devices made by GlobalFoundries in Malta, have been the area’s largest export. Those exports continued a streak of 13 years of annual gains, but in 2022 they increased by 0.1 percent to $1.5 billion. Computer and electronic products export from the Glens Falls MSA also increased over the year by 23.6 percent to $13.4 million.
Forestry exports from the Albany-Schenectady-Troy MSA decreased by 27.3 percent to $8.4 million, but they increased in the Glens Falls MSA by 20.6 percent to $8.8 million. Albany-Schenectady-Troy MSA exports of paper were down 0.7 percent and those of chemicals were up 1.7 percent.
The European Union remains the leading destination of exports from the Albany-Schenectady-Troy MSA, increasing over the year by 8.6 percent to $1.5 billion. The Glens Falls MSA’s top trade region is the Asia-Pacific Economic Cooperation, with exports to there increasing over the year 6.9 percent to $144.9 million.
CEG Initiatives
To boost Capital Region exports, CEG is engaged in several Supply Chain Development initiatives. This includes supplier scouting, ISO gap analysis, supplier risk assessments, supplier opportunities, and custom supply chain consulting agreements.
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