International trade and investment continue to fuel new economic opportunities across Arizona, new data shows.

Arizona’s international trade reached a record $74.4 billion in 2024, Governor Hobbs announced during her International State of the State Address on Thursday. Exports by Arizona companies rose to $32.2 billion, an 11.6% increase from 2023, and more than five times faster than the U.S.

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“Arizona’s international partnerships will chart the course and set the standard for human technological achievement in the years and decades to come, while providing good-paying jobs and generational opportunity for Arizonans of all backgrounds,” Governor Hobbs said during her International State of the State address.

More than 50 diplomatic partners from over 35 countries attended Governor Hobbs’ International State of the State address, which was hosted by the Phoenix Committee on Foreign Relations, and the ACA’s international forum – a two-day event focused on highlighting Arizona’s premier investment environment.

“Projects from global industry leaders continue to be a sizable source of economic growth for Arizona,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “We’ve worked closely with Governor Hobbs to expand Arizona’s international ties and create more opportunities for Arizona companies to enter global markets, and appreciate the close collaboration from so many of our diplomatic and industry partners.”

Record exports from Arizona companies

Among states, Arizona leads in multiple export categories, including:

  • 1st in metal ores with $2.8 billion exported,
  • 5th in semiconductor and other electronic components with $3.4 billion exported,
  • 5th in computer equipment with $3 billion exported, and
  • 10th in aerospace parts and products with $5.4 billion exported.

Arizona’s top export countries in 2024 included Mexico ($9 billion), Canada ($2.8 billion), the Netherlands ($1.9 billion), China ($1.7 billion), and the United Kingdom ($1.4 billion).

Arizona imported $42.2 billion worth of goods in 2024, a 19.4% increase ($6.9 billion) from 2023. Arizona’s top import countries in 2024 included Mexico ($11.6 billion), China ($5.4 billion), Taiwan ($3.6 billion), Canada ($2.7 billion) and Japan ($2.4 billion).

Surging international investments

Since 2023, Arizona has attracted more than 100 foreign direct investment (FDI) projects representing more than $35 billion in investment and 11,000 new jobs, the Governor announced during her address. These figures come in addition to TSMC’s record-breaking $100 billion announcement recently. Notable foreign direct investments in Arizona in recent years include LG Energy Solution’s $5.5 billion battery manufacturing complex; Nestle’s $675 million advanced manufacturing facility; and ASM’s $300 million headquarter expansion.

Expanding international ties

In addition, the Governor announced that Arizona has established an Arizona Trade and Investment Office in Canada. Arizona currently operates Trade and Investment Offices in Mexico, Israel, Europe, Taiwan, Republic of Korea, and Canada to increase global competitiveness and expand mutually-beneficial economic, trade and foreign direct investment opportunities.

Governor Hobbs also highlighted the state’s international trade missions, including the most recent delegation visit to Taiwan in March and a trade delegation led by the ACA to the Netherlands and Belgium last October.

Last May, Governor Hobbs and Canadian Trade Minister Mary Ng announced the Canadian Ministry of Foreign Affairs will open a new Canadian trade office in Arizona. The trade office will strengthen the bilateral relationship between Arizona and Canada. From 2018-2023, there were over 30 FDI projects from Canada into Arizona, collectively representing more than $3 billion in investment.

Arizona continues to foster international partnerships, including signing an MOU with the Netherlands to enhance semiconductor collaboration and opening the Netherlands Business Support Office in Phoenix.

Learn more about Arizona’s international trade programs HERE.