Kentucky Achieves Record High Exports of $40.2 Billion in 2023, Boosting Local Economy

LEXINGTON, Ky. — In a significant boost for the local economy, Kentucky has achieved a record high in exports in 2023, with a total of $40.2 billion. This represents a 16.6% increase compared to the previous year, showcasing the Commonwealth’s growing presence in the global marketplace.

The increase in export volume is not just a win for the state’s economy; it’s also an opportunity for small and mid-size businesses to expand their reach. A key component of this effort is the State Trade Expansion Program (STEP), which has been designed to assist businesses in the growth stage. “This is for businesses in the growth stage in development and it helps them take the next step; it’s an encouragement to test the waters,” stated Mary NeCamp, director of STEP.

STEP offers financial support to enable Kentucky businesses to enter international markets by reimbursing costs associated with travel, trade shows, and marketing materials. The total reimbursements range from $10,000 to $15,000 for qualifying businesses, emphasizing the state’s commitment to promoting local products abroad.

Businesses such as Everburn Manufacturing, which has been operating in Lexington for 31 years, have benefited from this initiative. Producing products for the hearth industry, Everburn is recognized as the largest supplier of noncombustible mantles, artificial logs, and brick panels globally. With a workforce of 175 employees, the company exports products to regions including Canada and Europe. Vice President Bud Renfroe highlighted the importance of financial assistance, stating, “Any funds that we can get to help us grow our business or to distribute more product allows us to keep more funds here and support our team members.”

The top three counties responsible for the highest export volumes in Kentucky are Jefferson, Boone, and Fayette, in that order. As businesses continue to leverage programs like STEP, the state’s export landscape is poised for further growth.

For businesses interested in exploring the opportunities provided by the STEP initiative, further information is available through state resources.