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Amid recent talks about tariffs and trade wars, eight of the world’s biggest players in the whiskey industry are meeting for what has been dubbed the “W8 Summit” to be hosted right here in Louisville.
The world’s eight leading whiskey associations will gather in Kentucky, the Birthplace of Bourbon, next week in a historic summit to discuss trade issues that threaten the growth of this iconic, international industry.
The “W8 – Spirit of Collaboration Summit” is being hosted and coordinated by the Kentucky Distillers’ Association, a non-profit trade group founded in 1880 as the Commonwealth’s voice for Bourbon and distilled spirits issues.
KDA President Eric Gregory said this first-ever gathering of the world’s whiskey associations will serve as an open exchange of ideas, strategy and a shared commitment to preserving free and fair trade. “Now more than ever, our groups need to be communicating directly and, hopefully, speaking with a unified voice.”
“The global whiskey industry has been enjoying an unprecedented level of success to the benefit of our legendary producers, consumers, countries and local communities,” he said. “It’s critical that we maintain this momentum and ensure that world leaders understand the deep economic impact of whiskey and how it will be affected if this unfortunate trade war escalates or continues to extend. The potential for long-term damage is real.”
Participating trade associations from around the glob include:
- Distilled Spirits Council
- Irish Whiskey & Spirits Associations
- Japan Spirits & Liqueurs Producers Makers Association
- Kentucky Distillers’ Association
- Scotch Whisky Association
- Spirits Canada
- spiritsEUROPE
- The President’s Forum
The group will meet July 25 and 26 in Louisville, ending with a press conference and ceremonial planting of a white oak tree outside the Frazier History Museum on Whiskey Row, the site of the upcoming Kentucky Bourbon Trail Welcome Center.
Kentucky Bourbon is one of the Commonwealth’s most historic and treasured industries, a booming $8.5 billion economic engine that generates as many as 17,500 jobs with an annual payroll topping $800 million and pours $825 million into tax coffers each year.
In addition, the industry is in the middle of a $1.2 billion building boom, from innovative new tourism centers to expanded production facilities, all to meet the growing global thirst for Kentucky Bourbon.
There are now 39 companies operating 52 distilleries in the Commonwealth making 6.8 million barrels of aging Bourbon – all modern records. Distillers also paid a record $19.2 million last year in barrel taxes that fund critical local programs such as education, public safety and health.
Visit www.kybourbon.com and www.kybourbontrail.com to learn more.
Kentucky’s exports broke an all-time record in 2016 with $29.24 billion in goods and services shipped abroad from the Commonwealth, a 5.8-percent increase from 2015, Gov. Matt Bevin recently announced.
Aerospace products and parts led all categories with more than $10.85 billion in goods exported internationally, an increase of more than 24 percent over 2015. Kentucky ranked second nationally for 2016 in aerospace-related exports.
“Kentucky is headed in the right direction and the business community is taking notice. This new record is unequivocal proof of our positive trajectory,” said Gov. Bevin. “As we improve our business climate, global demand for our brands and expertise continues to grow, attracting new companies while at the same time strengthening existing partnerships. Together, we are moving forward. The economic future in Kentucky is very bright, indeed!”
Overall, the state’s 2016 exports increased $1.6 billion over the 2015 total. That placed Kentucky eighth among all U.S. states by percentage increase, according to data from the U.S. Census Bureau Foreign Trade Division and WISERTrade.
Kentucky’s strong showing in exports – ranking 17th nationally by dollar amount – continued its years-long trend of punching above its weight. As a state with 4.4 million people, Kentucky ranks 26th nationally in size.
As well, Kentucky’s positive numbers stand in contrast to a 3.3 percent decline nationally in exports during 2016. Additionally, the fact Kentucky is not along a coast speaks volumes about the state’s logistics industry – which includes air cargo, rail, barge and ship, and trucking capacities – and its ever-increasing ability to quickly send products across the world.
Kentucky exported to 199 nations in 2016, with Canada, the United Kingdom, France, Mexico and Brazil as the state’s top five trade partners. The Commonwealth sold nearly $7.5 billion in products and services to Canada last year, nearly three times as much as the next destination, the U.K.
Among the state’s largest percentage increases by destination in 2016 were France (59.8 percent), Malaysia (31.8 percent), the Republic of Korea (28.2 percent), Hong Kong (26.8 percent) and Brazil (17.6 percent).
By industry category, following aerospace were motor vehicles ($3.32 billion), pharmaceuticals and medicines ($1.81 billion), motor vehicle parts ($1.76 billion), resin and synthetic rubber, artificial and synthetic fiber and filament ($1.1 billion) and basic chemicals ($741 million). Those categories are established under the North American Industry Classification System.
Aerospace saw the highest percentage increase in 2016 (24.3 percent), followed by motor vehicle parts (12 percent) and pharmaceuticals and medicines (9 percent).
The Commonwealth ranks sixth nationally in motor vehicle exports for 2016. In total, Kentucky’s automotive industry – with parts, bodies, trailers and whole vehicles combined – exported nearly $5.5 billion in products throughout 2016.
The state’s horses, live, purebred breeding industry ranked first in the nation in 2016, with $195.2 million exported, a 33.1 percent increase over the previous year. Kentucky also exported whisky to Cuba, wine to France and beer to Ireland during 2016.
For more information on Kentucky exports, visit www.kyexports.com.
The state helps businesses learn about and connect with exporting opportunities through the Kentucky Export Initiative. KEI brings together a coalition of business organizations, trade experts and government entities including the Kentucky Cabinet for Economic Development with a focus on increasing Kentucky exports to create new jobs and diversified markets for the state’s products.
Information on Kentucky’s economic development efforts and programs is available at ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.