We will continue to monitor the potential economic impact the “Jasmine Revolutions” in the Middle East could have on Texas. But, in the meantime, we will turn our attention back to Europe, specifically the European Union.
Texas exports to the EU hovered around $7.5 billion and $10 billion from 1999 to 2003 and then started rising quite dramatically beginning in 2004. By 2008, Texas exports to the EU had doubled in just four years.
As shown in the chart above, the top 5 commodities that Texas trades with the EU didn’t show much growth between 1999 and 2003. Then in 2004 all top 5 Texas exports to the EU began to rise. Exports that showed the biggest increases from 2004 to 2009 were petroleum and coal, chemicals, and computers and electronics.