Texas has surpassed California for the first time to become the largest tech exporting state in America, according to a report by TechAmerica Foundation.
Technology exports from Texas increased 7 percent from 2011 to 2012, the latest year that figures are available, to total of $45 billion.
Technology exports, such as semiconductors, computer equipment and communications equipment, accounted for 17 percent of all exports from Texas in 2012, significantly higher than the national average of 13 percent.
Texas’ largest trading partner by far is Mexico with $22 billion in tech exports flowing across the border. Second is Canada with $4 billion followed by South Korea with $3 billion.
“The high tech industry is not only growing in Texas, but it is also yielding thousands of high paying jobs in our state,” says U.S. Rep. Joaquin Castro, D-San Antonio. “This report places Texas at the forefront of technology exports and highlights the encouraging and important role technology exports will continue to have in America’s future economic prosperity.”
Nationally, technology trade in the U.S. totaled $204 billion in 2012, growing by 1.3 percent or $2.7 billion. But technology imports into the U.S. from the rest of the world totaled $355 billion in 2012, up by 3.2 percent or by $11 billion, giving the U.S. a tech trade deficit of $151 billion.
“By plugging into international markets, Texas now exports more high-tech products than any other state in the country,” says U.S. Rep. Kenny Marchant, R-Dallas. “While America stands at the cutting edge of tech trade growth, we must continue building an environment in which entrepreneurship, creativity, and open markets freely flourish.”
To see the full report from TechAmerica go to www.techamericafoundation.org.