According to the Greater Houston Partnership’s latest “Global Houston Report,” the city seems to have more than regained its strength in global trades last year. The symptoms of the pandemic are now definitely behind, as Houston leads the whole of the United States in terms of exports of goods and commodities. Here is what the report says.
Houston in Front of New York City
The city of Houston was the clear leader in terms of exports in 2022, by a wide margin. As its economy recovered from the damages done by the coronavirus crisis, it reached an amount of $191.8 billion of shipped goods and commodities to countries abroad. The second city on the list of best exporters is New York City, as it exported a tad bit more than 60% of what Houston did, during that period ($120.6 billion). Completing the podium, is the city of Chicago which came in a distant third, having exported about half of the goods and commodities of NYC, and not even a third of Houston.
This is a new record for the Texan city. The previous one was set in 2021, with exports worth $140.8 billion. There are more and more companies in the city that have engaged in international business. Although it can be complex to expand and to do business in other countries, as it implies a heavy load of paperwork, such as certified or legalized documents needing to be produced, it is obvious that it is well worth it in Houston. For businesses wanting to join in exports, they can also call upon a company that provides apostilles services in Texas to ease the process. Let’s note that in 2022, there were 44 business expansions from companies that had their headquarters outside of the US, which is an increase of 25% on the previous year.
International Factors Don’t Seem to Affect Houston’s Exports
The report from which the data are taken also shows that there are a variety of international factors that are still slowing down the world’s economy. In fact, the war in Ukraine and a continuous inflation, are elements that create instability, which in turn affects trades. But in case of the city of Houston, they are but speed bumps on the road and they are not expected to have a major effect on the export results of 2023. If anything the report mentions that Houston will continue to attract more partners to the state of Texas and will create new jobs throughout the whole year, in many different industry sectors.
All data comfort these economic previsions, especially if the past is an indicator of the future. As the report shows, exports have exceeded imports in Houston every year over the last 10 years. That is in great part due to the fact that the city’s companies trade with over 200 different countries worldwide. Its capacity to attract foreign businesses has been beyond average, with over 1,700 having opened an office or a factory/distribution center, locally. Houston businesses are also well established abroad, with close to 150 companies running subsidiaries outside the US borders.
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