(Undated) – Indiana’s exports reached a record high in 2012, totaling $34.4 billion.
A report released Thursday by the Indiana Business Research Center at Indiana University's Kelley School of Business showed Indiana exports grew by 6.6 percent last year, a rate better than the national growth of 4.4 percent. In 2011, Indiana exports totaled $32.2 billion.
There is a bright outlook for this year as well. The International Monetary Fund has predicted that Indiana's primary trading partners will grow by 1.2 percent this year and by 2.1 percent next year.
Canada is Indiana’s largest foreign market with exports there reaching $11.9 billion, however, China is becoming a larger destination for Hoosier exports.
"Over the last 10 years, Indiana's exports to China have increased almost seven-fold," report co-author Tanya Hall said. "China is the dominant BRICS country and has had one of the highest growth rates for both imports and exports."
A BRICS country is a term coined to group five large emerging markets: Brazil, Russia, India, China and South Africa.
Exports are more important to Indiana than most other states. According to the IBRC, the Hoosier state’s dependency on exports ranks 11th nationally.