Pandemic pain: Tenn. exports drop $2.5 billion in just one quarter
NASHVILLE, Tenn. (Mike Osborne) -- A new report released Monday has called the second quarter collapse of Tennessee exports “stunning,” and “brutal.”
Middle Tennessee State University Economist Dr. Steven Livingston prepares the quarterly report. He says between April and June state exports dropped 30 percent from the same quarter last year.
Dr. Livingston notes that the automotive sector, one of Middle Tennessee’s largest industries, took the biggest hit. Vehicle shipments accounted for half of the lost business. Automotive exports dropped in value from $604 million in the second quarter last year to just $59 million this year.
Computer exports also fell by half.
Livingston says cell phone and medical equipment exports managed to break even year over year.
The reports notes the decline in Tennessee exports mirrors a sharp drop in exports nationwide.