Hartford Business Journal

10 HARTFORDBUSINESS.COM | FEBRUARY 24, 2025 What's Trending CT exports surged 10% in 2024, as lawmakers propose trade commissions to broaden international trade ties Trade commissions Meantime, the state legislature's Commerce Committee is consid- ering bills that would establish two separate trade commissions. House Bill 6450 would establish a Connecticut-Taiwan Trade Commis- sion, while House Bill 5008 would create a Connecticut-Puerto Rico Trade Commission. In an effort to strengthen interna- tional business ties last year, state lawmakers approved the creation of a new trade commission between Connecticut and Ireland. According to an early version of the bill, the Connecticut-Taiwan Trade Commission would advance bilateral trade and investment, initiate joint action on policy issues of mutual interest and promote business and academic exchanges between both parties. The commission would also encourage mutual economic support and investment between Connecticut and Taiwan. The bill has been introduced by three Democratic lawmakers — Reps. Kevin Ryan, Aundre Bumgardner and Gregory Haddad — and Republican Rep. Christie M. Carpino. In 2024, Taiwan was Connecti- cut's 14th-largest export trade partner, federal data shows. The state shipped $294 million in goods to Taiwan last year, while Taiwan shipped $215 million in goods to Connecticut. The Connecticut-Puerto Rico Trade Commission would serve the same functions, according to the bill, and was introduced by three House Democrats: Reps. Christopher Rosario, Juan R. Candelaria and Geraldo C. Reyes. Connecticut has a large Puerto Rican population. In fact, Puerto Ricans are the largest Hispanic group in Connecticut, with close to 300,000 residents in the state, according to U.S. Census Bureau data. 100% focused on our owners: Our Customers As a mutual bank, we're 100% committed to the best interests of the individuals we serve, the businesses we support, and the communities we're building together. No wonder we retain so many customers for life. Learn more at WindsorFederal.com. Windsor | East Windsor | South Windsor | Bloomfield | Granby | Suffield windsorfederal.com By Greg Bordonaro gbordonaro@hartfordbusiness.com C onnecticut international exports surged by nearly 10% in 2024, and now lawmakers are looking to broaden the state's global business ties with the forma- tion of two new trade commissions. According to recently published data by the U.S. Census Bureau and U.S. Bureau of Economic Analysis, Connecticut exports to foreign coun- tries totaled $17.4 billion in 2024, up 9.69% from $15.4 billion in 2023. Last year's total was the highest annual exports the state has recorded since 2018. The state's top export trade part- ners remained unchanged in 2024 — Canada was the top export destina- tion, with goods totaling $2.3 billion. That was followed by Germany ($1.8 billion), Mexico ($1.67 million) and China ($1.5 billion). The top products that Connecticut exported were manufacturing goods, including aerospace products and parts, industrial machinery and other general purpose machinery, according to the International Trade Administration. Conversely, Connecticut interna- tional imports totaled $22.7 billion in 2024, up 3.41% from a year earlier. That was the highest total of inter- national imports since at least 2018, federal data shows. The state's top import trade part- ners were Canada, Mexico, Germany and the Netherlands, and the vast majority of goods were manufac- turing products, International Trade Administration data shows. While Connecticut exports have increased for four consecutive years, it's unclear how 2025 will play out, given that foreign trade has been a top focus area for the Trump administration. President Trump has ordered 25% tariffs on all steel and aluminum imports into the United States starting next month. He's also imposed a 10% tariff on all Chinese imports to the U.S., and has threatened tariffs on other nations, including some of Connecticut's top trade partners. CT'S TOP 2024 IMPORT TRADE PARTNERS RANK PARTNER TOTAL IMPORTS (IN MILLIONS) 1 CANADA $5,740 2 MEXICO $3,605 3 GERMANY $1,597 4 NETHERLANDS $1,384 5 CHINA $1,343 6 UNITED KINGDOM $885 7 ITALY $584 8 VIETNAM $536 9 SWITZERLAND $520 Source: U.S. International Trade Administration CT'S TOP 2024 EXPORT TRADE PARTNERS RANK PARTNER TOTAL EXPORTS (IN MILLIONS) 1 CANADA $2,306 2 GERMANY $1,789 3 MEXICO $1,670 4 CHINA $1,458 5 NETHERLANDS $1,239 6 UNITED KINGDOM $1,027 7 FRANCE $831 8 SINGAPORE $738 9 JAPAN $527 10 SOUTH KOREA $429 Source: U.S. International Trade Administration

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