Orange County exports are projected to hit $17.4 billion this year, up 17% from 2009, according to data released Thursday by the Institute for Economic and Environmental Studies at California State University, Fullerton.
“As the world economy emerges from the recession, OC exports are expected to recover,” said Mira Farka, an economics professor who co-authored a study of local exports based on projections from 2008 federal data.
“A strong rebound is partially to do a vibrant recovery in emerging economies and partly reflects a sharp reversal in the inventory cycle as firms restock,” Farka said.
The growth comes after an exceedingly bad 2009, when local exports are estimated to have fallen 25%.
Even with this year’s projected rebound, the county’s exports still haven’t climbed back to their pre-recession levels.
“By the end of 2010, OC exports would still be below their 2007 level” of $17.8 billion, Farka said.
The county’s exports high came in 2008, when global shipments hit $19.7 billion.
The downturn hit exports hard.
“The ensuing recession caused a virtual free-fall in OC exports,” Farka said in the report.
Cal State Fullerton projects “more muted” export growth in 2011 with a significant pickup in 2012.
The study forecasts 6.1% export growth to $18.4 billion in 2011 and 9.2% growth to $20.1 billion in 2012.
Orange County’s biggest export markets are Canada, Mexico, Japan, China and South Korea.
Some 40% of what OC exports falls under two broad, categories—transportation equipment and computers and electronic products.
Other OC exports include chemical, machinery, petroleum and coal products, food, fabricated metal products and electrical equipment and appliances, according to the report.
Exports make up about 10% of OC’s economy, valued at about $170 billion, according to the report.
