Growing Natural State exports
G lobal trade is the lifeblood of economic health and expansion, helping ensure commodities and products do not sit idle or worse, perish, due to a lack of demand in our own backyards. Our country is once again being reminded of the importance of this truth, and in no place is it more apparent than with agriculture. In fact, the first U.S. Department of Agriculture U.S. ag trade forecast for fiscal year (FY) 2025 expects another record deficit, increasing from negative $30.5 billion in FY 2024 to a new record of negative $42.5 billion.
Failing to maintain our competitive advantage in the global marketplace is detrimental for farmers, ranchers, foresters, manufacturers and other industries that depend on access to new markets. At the federal level, there has been too little focus on this critical mission for the past several years.
Fortunately, the same is not true in Arkansas as work continues on the ground to grow our state’s footprint in this vital area.
We know international trade is highly competitive, which is why it’s so important to prioritize building and expanding our access to customers around the world through innovative strategies and constant attentiveness.
We’re blessed to have so many talented and experienced partners across the state that dedicate tremendous resources to exactly that, including the team at World Trade Center Arkansas. For nearly twenty years, its intensive efforts to help Natural State companies identify opportunities and leverage strengths and advantages have demonstrated what a positive return on investment its work is to foster economic growth for Arkansas, extending our businesses’ reach to literally the rest of the world.
It is particularly adept at helping our industries pursue bilateral trade opportunities, including with our neighbors to the north and south – Canada and Mexico – that also happen to be our state’s top trading partners, accounting for around a third of our total exports yearly and supporting tens of thousands of jobs.
There’s no disputing the impact trade between our state and other nations has on the strength of our economy. Seventy-five percent of the world’s purchasing power is beyond America’s borders.
Whether it’s aircraft parts, apparel, agricultural commodities, purchased steel products or any number of other goods – our state benefits when businesses of all scope and size can market and sell them across borders.
That’s good for enterprise, it’s good for workers whose wages rise with expanded access to the global marketplace, and it helps elevate the quality of life in our state overall.
I believe the path to a more prosperous and successful Arkansas is through tapping additional markets for our agriculture operations, manufacturers, and small and medium-size businesses. I’m proud to support initiatives that are championing that vision and making significant progress toward opening more opportunities for companies across our state to not just explore, but fully seize on and thrive in.
We applaud the World Trade Center Arkansas and so many others who have stepped up to accomplish this crucial goal and share the view of how essential it is in helping create an even better Arkansas for tomorrow. I will continue pressing federal officials to follow our lead and fiercely advocate for our producers and businesses on the world stage.
Sen. John Boozman
