“We are now getting into a double dip recession which is entirely self-made,” said Paul De Grauwe, an economist with the London School of Economics. “It is a result of excessive austerity in southern countries and unwillingness in the north to do anything else,” he said.
With the EU falling back into recession, this will most likely have a negative impact on Texas exports to the EU and Texas exports in general. Texas companies who primarily export to the EU or if the EU is one of their primary markets should examine exporting other regional export markets–such as Asia or South America–until the EU recovers from the recession.
Below are some charts showing the growth of Texas exports to the EU since 2005, top five Texas export products to the EU and, finally, a chart showing that in 2011 Texas was the top US exporting State to the EU surpassing California for the first time.