Presented to the Senate Special Committee on the Arctic March 26, 2015 Alaska’s Place in the World: How Exports Drive Alaska’s Economy 1.

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Presentation transcript:

Presented to the Senate Special Committee on the Arctic March 26, 2015 Alaska’s Place in the World: How Exports Drive Alaska’s Economy 1

Crisis = Danger… and Opportunity Will we succumb to the danger or rise to the opportunity? 2

RankingCountryAmount (USD Millions) 1.China$1,462 2.Japan$1,024 3.South Korea$670 4.Canada$515 5.Germany$322 6.Spain$182 7.Singapore$141 8.Australia$111 9.Netherlands$ South Africa$ Others$522 Total:$5,153 Alaska’s Total Overseas Exports Full Year 2014 ($5.15 Billion ) Source: U.S. Census Bureau 3

Alaska’s China Era Continues (2000 – 2014 Comparison, USD Million) Source: U.S. Census Bureau “The Dragon Decade” 4

Alaska’s Exports to China by Commodity - Full Year 2014 (1.46 Billion) Source: U.S. Census Bureau 5

Where We’ve Been (in USD Billion) Source: U.S. Census Bureau Exports on the Rise – Doubled in 20 years 6

Alaska’s Top Export Commodities Full Year 2014 (5.15 Billion) Source: U.S. Census Bureau 7

Right Place - Alaska’s geographic location on the Pacific Rim. Fast growing economies and populations Right Time - Economic liberalization and modernization. Migration to the cities and growth of the middle class Right Commodities - Alaska has world ‐ class reserves of natural resources. The building blocks of economic development. What people need versus what they want. Current Trends: The Three “Rights” 8

The Fourth “Right” Right Direction: - Alaska and the world are heading North Access to natural resources Transportation infrastructure Maritime shipping opportunities Flowing from commercial development of the Arctic 9

Opportunities for Alaskan Companies: Resource development (offshore & onshore) - oil & gas, mining etc. Infrastructure build-out - engineering, permitting, construction, maintenance etc. Maritime logistics & support - mapping, fuel, spill prevention & response, communications etc. Trade & Commerce - exports, new “silk route” potential 10

International Trade is Big Business for Alaska Overseas Exports $5.2 billion in 2014 This represents nearly 10% of the Alaska’s Gross State Product (GSP) New Money into Economy Thousands of Direct and Indirect Jobs Results in stronger, more diversified economy 11

International Trade is Big Business for Alaska (cont.) Substantial component of Alaska’s economy. Exports typically account for approximately 10% of the GSP. Export total does not include the export of services from Alaska — such as construction, engineering and oil & gas services. Exports now bring between $4 and $5 billion of new money into our economy. New money, not recycled money. Also, exports account for nearly $2 billion in induced and indirect economic benefits, according to a study by Northern Economics. Exports allow companies to become larger through expanded markets and customer base. For some Alaska companies, their best bet for growth is overseas markets. 12

Exports = Jobs Exports support nearly 15,000 direct and 10,000 indirect and induced jobs in Alaska Export jobs are high paying jobs. Export-related jobs typically pay 13-16% more than jobs tied solely to domestic economy 13

How Do We Rank? Alaska ranks 40 th among all states by the value of exports As a percent of GSP, Alaska ranks 14 th On a per capita basis, Alaska ranks 4 th According to the U.S. Department of Commerce, there are approximately 300 companies that export from locations in Alaska. 75% are considered SMEs 14

Why am I optimistic? We have what the world needs We have fast ‐ growing economies and populations in our backyard Commercial development of the Arctic presents significant opportunities for Alaska 15

Why am I optimistic? (cont.) Many resources remain untapped – for example, minerals & metals: ‐ Coal – 17% of the world’s coal; 2nd most in the world ‐ Copper – 6% of the world’s copper; 3rd most in the world ‐ Lead – 2% of the world’s lead; 6th most in the world ‐ Gold – 3% of the world’s gold; 7th most in the world ‐ Zinc – 3% of the world’s zinc; 8th most in the world ‐ Silver – 2% of the world’s silver; 8th most in the world (Source: Commonwealth North – Assets Review) North Slope natural gas; Rare Earth Elements; Service Sector Exports 16

Towards a New Business Model Increasing number of Alaskan companies adopting new business model for growth & success Traditional model: 700,000 potential customers New model: 3 billion potential customers This new mindset creates greater feasibility for Alaskan companies & projects 17

Crisis = Danger… and Opportunity Let’s Rise to the Opportunity! 18