AUSTIN, TX — For the 19th consecutive year, Texas has ranked number one as the top exporter amongst U.S states.
In the year 2020, Texas exported 279.3 billion dollars worth of goods around the globe, most of the state exports going to Mexico and Canada. Although the onset of the COVID-19 pandemic did have a detrimental effect on exports nationwide; this impact was felt less on Texas due to the state's diverse and resilient economy in business sectors such as energy resources, agriculture, and technology.
"Being the energy capital of the world helped us because there is a demand and they want to bounce back. So, in order to bounce back, they need to consume more energy and also feed their citizens so we got both, so that's why you see Texans bouncing back a lot quicker than other states and definitely much better than other countries in the world. " shared Luis Ribera, Professor & Economist at Texas A&M University.
In addition, the state's business-friendly environment, solid infrastructure, and no state income tax also played a role in the Lone Star State's economic resiliency.