Much of the focus recently, and habitually, has centered on the risk globalization poses for the national and local economies. Yet, exports are a key factor supporting companies, incomes, and jobs.
Here in San Diego, exports have soared during the past two years. Shipments of goods produced in this region and sent to other countries will likely exceed $600 million in 2011. Following last year’s 77% surge, San Diego’s exports have climbed another 48% so far this year. Growth during the past two years has been about triple the rise seen nationally.
Exports generate many different types of jobs, including manufacturing, warehousing, distribution, financing, logistics, insurance, legal, and accounting. A wide range of skills are involved, including low, medium, and high skilled professions.
Europe represents four of San Diego’s top ten export destinations (Switzerland, the United Kingdom, France, and Germany). With Europe headed for recession in 2012, some slowing in our export potential is therefore likely for the year ahead, offset in part by significant further gains to emerging markets such as Malaysia and China.