In the wake of a great economic downturn, Wisconsin has stepped up to the plate. From January through September, Wisconsin's agriculture exports increased 24 percent. Last year at this time, Wisconsin exported $1.7 billion in goods, which is child's play compared to the more than $2 billion in goods exported this year.
So what goods helped cause this boost in Wisconsin's exporting sector of the economy? The answer is food and agricultural goods such as yeast, baking powder, bakery dough, ginseng root, flaxseed and bovine semen. Wisconsin leads the nation in exporting these goods, and it is ranked second in the nation, behind California, in exporting dairy products.
I can't express how proud I am to live in a state with such impressive numbers. While the rest of the world's economy is suffering, Wisconsin pulls out a victory.
There are a number of reasons why exporting is good for the state and the nation. For one, building and strengthening relationships with foreign countries is important, especially with all the tension in the world today. Wisconsin currently exports to over 140 different countries including Canada, Mexico, China and Japan. Extending our reach into other cultures through trade is important to maintaining and creating new partnerships and friendships.
Another reason why exporting is good for Wisconsin is that we compete with some of the best companies in the world. I personally would like to see us as the No. 1 exporter of dairy products and leave California in the dust. We can do that through innovation and increased productivity, which tends to thrive in a competitive environment. Wisconsin needs to innovate new ways to improve something it is already great at.
Exporting also has financial benefits. Firstly, exporting helps pay for imports. As the economy grows importing becomes more important, and it is necessary for us to establish a self-sustaining system where Wisconsin companies' exports essentially cover their costs of importing goods.
Furthermore, the state can benefit from its comparative advantage in agricultural goods. Comparative advantage is trading one specialization for a specialization another state or nation possesses, and it is mutually beneficial. We may be good at farming, but technology is not something in which we are known for being the front-runner. Wisconsin can use its specialization of farming to trade for technology-based products being pumped out of Silicon Valley, for example.
Wisconsin has done something not many other states can even think to accomplish: improving a sector in its economy. I want to give a huge tip of my hat to the people working outside of Madison in the small, rural towns in Wisconsin. They are the ones sacrificing and working every minute of every day to sustain their way of life, and ultimately all of ours. Keep up the good work, Sconnies!
Nick Fritz is a junior majoring in marketing. Please send all feedback to opinion@dailycardinal.com.
