Grand Canyon Times

International trade in Arizona reached unprecedented levels in 2024, with the state's international trade valued at $74.4 billion, as reported during Governor Hobbs' International State of the State Address. Arizona’s exports surged to $32.2 billion, marking an 11.6% increase from 2023 and outpacing national growth rates.

During her address, Governor Hobbs stated, "Arizona’s international partnerships will chart the course and set the standard for human technological achievement in the years and decades to come, while providing good-paying jobs and generational opportunity for Arizonans of all backgrounds."

The event was attended by more than 50 diplomatic partners representing over 35 countries. It was organized by the Phoenix Committee on Foreign Relations and the Arizona Commerce Authority's international forum, a two-day event showcasing Arizona's favorable investment environment.

Sandra Watson, President and CEO of the Arizona Commerce Authority, emphasized the significance of international projects in Arizona’s economic growth. "Projects from global industry leaders continue to be a sizable source of economic growth for Arizona. We’ve worked closely with Governor Hobbs to expand Arizona’s international ties and create more opportunities for Arizona companies to enter global markets, and appreciate the close collaboration from so many of our diplomatic and industry partners," Watson said.

In terms of exports, Arizona ranks first in metal ores with $2.8 billion exported, fifth in semiconductor components and computer equipment with $3.4 billion and $3 billion respectively, and tenth in aerospace parts with $5.4 billion exported. Key export destinations included Mexico, Canada, the Netherlands, China, and the United Kingdom.

The state also saw a notable rise in imports, totaling $42.2 billion in 2024, representing a 19.4% increase from the previous year. Mexico, China, Taiwan, Canada, and Japan were the top importing countries.

Arizona has attracted significant international investments, totaling over $35 billion and creating 11,000 jobs since 2023. This includes major investments like TSMC's $100 billion announcement and projects by LG Energy Solution and Nestle.

Governor Hobbs announced the opening of a new Arizona Trade and Investment Office in Canada. Arizona currently operates similar offices in several countries, aimed at enhancing global economic and trade relationships.

Recent initiatives included a trade mission to Taiwan and another delegation to the Netherlands and Belgium. Last year, Governor Hobbs and Canadian Trade Minister Mary Ng announced the establishment of a new Canadian trade office in Arizona.

Additionally, Arizona is fostering partnerships with countries like the Netherlands, focusing on semiconductor collaboration and strengthening business ties.