Arizona recorded a record $74.4 billion in international trade during 2024, Gov. Katie Hobbs announced during her International State of the State Address. Exports by Arizona companies reached $32.2 billion, an 11.6 percent increase over 2023, far outpacing national growth.
In his remarks, Hobbs highlighted the role of international partnerships in fostering technological achievements and generating good-paying jobs for Arizonans. The event was attended by more than 50 diplomatic representatives from 35 countries and was organized by the Phoenix Foreign Affairs Committee and the Arizona Commerce Authority (ACA) International Forum.
Sandra Watson, president and CEO of the ACA, emphasized that foreign direct investment (FDI) projects have been key to Arizona’s economic growth. Since 2023, the state has attracted more than 100 FDI projects, representing investments in excess of $35 billion and the creation of 11,000 jobs.
Arizona leads the nation in exports of metallic minerals ($2.8 billion) and has leading positions in semiconductors ($3.4 billion), computer equipment ($3 billion) and aerospace products ($5.4 billion). Its main trading partners include Mexico, Canada, the Netherlands, China and the United Kingdom.
The state’s imports also grew, reaching $42.2 billion in 2024, an increase of 19.4% over the previous year. Mexico, China, Taiwan, Canada and Japan were the top importing countries.
Notable investments in Arizona included LG Energy Solution’s battery manufacturing complex ($5.5 billion), Nestlé’s plant ($675 million) and ASM’s headquarters expansion ($300 million).
In addition, Governor Hobbs announced the opening of a new Trade and Investment Office in Canada, adding to existing offices in Mexico, Israel, Europe, Taiwan and South Korea. These offices seek to strengthen global competitiveness and foster economic opportunities.
Arizona recently signed a memorandum of understanding with the Netherlands to collaborate on semiconductor development and established the Netherlands Business Support Office in Phoenix. Governor Hobbs also highlighted international trade missions to Taiwan, the Netherlands and Belgium held in 2024.
In May 2024, Hobbs and Mary Ng, Canada’s Minister of Trade, announced the opening of a new Canadian trade office in Arizona, strengthening the bilateral relationship and facilitating more than 30 Canadian investment projects since 2018.
