Colorado companies have exported more than $6.64 billion worth of goods this year through October, a 19 percent increase over the comparable period a year ago, state records show.
That jump represents the largest percentage and dollar increase for the state since at least 1996, the year Colorado adopted a new reporting system for measuring exports.
In 2005, the state exported $6.78 billion worth of goods, a 1.9 percent increase from 2004. Colorado is on pace to post its fourth consecutive yearly increase in exports.
The state’s top export sector is semiconductors, up 80 percent this year. Other top industries include fresh or chilled meat, up 75 percent, and medical-related products, up 29 percent.
The surge this year is being partly driven by the decline in the U.S. dollar, which has lost about 11 percent of its value this year compared with the euro.
The decline in the dollar has helped boost local manufacturers by making exports cheaper and imports more expensive, said Jim Reis, president and chief executive of the World Trade Center Denver.
Reis said the surge in exports will help the state’s economy grow.
“It means more jobs. It’s a good omen for the state,” he said.
Jon Stone, a manager of international sales for Golden-based Epilog Laser, a manufacturer and designer of equipment used for engraving, said revenue from customers overseas has grown by up to 30 percent from a year ago.
“All of a sudden, your products are not overpriced,” Stone said of the weak dollar making his company more competitive in Europe and elsewhere. “The exchange rate with the euro has been very favorable for us.”
While the surge in exports is good for the state, the weak dollar means that imports such as electronics and clothing are becoming more expensive, said Tucker Hart Adams, U.S. Bank regional economist. She said traveling abroad is also more costly.
“It should be bad for imports, but we keep buying stuff from overseas,” she said, pointing to the nation’s massive trade deficit.
The U.S. trade gap, or the amount that imports exceed exports, shrank to $58.9 billion in October, the smallest in more than a year.
So far this year, Colorado’s top export destinations are Canada ($1.5 billion), Mexico ($844 million) and China ($589 million).
Staff writer Will Shanley can be reached at 303-954-1260 or wshanley@denverpost.com.
