“NOT A GREAT DAY” IN THE PALMETTO STATE
|| By FITSNEWS || S.C. governor Nikki Haley likes to say “it’s a great day in South Carolina” when she’s doling out multi-million dollar handouts to select corporate cronies – including Chinese billionaires like Li Shufu.
But China’s recent currency manipulation is likely to take a major bite out of her state’s economy …
Well, according to this post from The Burning Platform, the Palmetto State ranked No. 5 nationally in exports to China in 2014 – sending an estimated $4.3 billion to the world’s top-ranked economy. That’s a whopping 622 percent increase over the past decade.
Only four states – Washington, California, Texas and Illinois – exported more.
Take a look …
(Via Burning Platform)
Of interest? California’s annual gross state product (GSP) is estimated at $2.2 trillion – meaning the $14.9 billion it exports to China represents a minuscule 0.6 percent of its total economy. Meanwhile Texas’ annual GSP is $1.6 trillion – meaning its $10.3 billion in Chinese exports accounts for 0.6 percent of its total economy.
Illinois? Its annual GSP is $743 billion – with its $6 billion in Chinese exports accounts for only 0.8 percent of its economy.
South Carolina’s GSP? It’s only $190 billion – meaning the $4.3 billion it exports to China comprises 2.2 percent of the Palmetto State’s economy. Only Washington State’s 3.6 percent mark was higher among exporters.
Oh, and let’s not forget the inroads China is making in South Carolina’s $18 billion tourism industry – which like Shufu’s new automotive plant is heavily subsidized by taxpayers.
So yeah … it is a “great day in South Carolina.”
If you’re Chinese.