The 40 companies on the 2013 HispanicBusiness Top Exporters list did their part in making the U.S. the world's second-largest exporter, behind only China, sending more than $935 million of products to destinations as diverse as Finland, Malaysia and South Africa.
While the top destinations for U.S. products were Canada, Mexico, China and Japan, the top U.S. Hispanic-owned companies primarily sent their products to Central and South American countries such as Guatemala, Honduras, Colombia, Venezuela and Brazil.
State and Sector
Nearly half of the 40 companies on the list (19) are based in Florida. These companies accounted for $687.6 million of the 2012 export revenues, by far the most from any state on the list. Ten of those firms are based in Miami, a prime point of departure for cargo bound for Caribbean and Atlantic ports in Central and South America.
Texas came in second by state, represented by five companies and $13.3 million in export revenue. New Jersey came in right behind Texas, with four companies doing $17.9 million in export business.
By sector, manufacturing led the Top Exporters list this year, with 12 companies exporting $201.6 million of product. In terms of dollars, the wholesale sector was No. 1 by a large margin, with its nine companies doing $518.4 million of export business.
Service companies rounded up the top three sectors, represented by eight companies doing $84 million of business outside of the U.S.
Overall, exports accounted for an average of 42.8 percent of total revenue for the companies on the list. Nine of the 40 companies showed 100 percent of revenue coming from exports, led by Andes Chemical ($44.8 million), The Intermarket Group ($27.5 million), Atlantis International ($24.5 million) and UDSS Inc. ($20 million).
The Top Exporters employed 4,665 people in 2012, an average of 117 per company.
Leaders of the Pack
Quirch Foods, Husco International and Precision Trading were the top three companies on the list, each exporting $140 million or more in product in 2012. The three companies together accounted for nearly 65 percent of the list's revenue.
Quirch Foods, out of Miami, exported more than $311 million of its frozen food products to take the No. 1 spot. Exports accounted for nearly 43 percent of the companys total revenue of $728.3 million.
Husco International of Waukesha, Wis., was No. 2 by exporting $150 million in products to locations such as Germany, England, India and Brazil. The company manufactures hydraulic and electrohydraulic controls.
Consumer electronics distributor Precision Trading Corp. came in just behind Husco, attributing $140 million of its $181.9 million in 2012 revenues to exports. Based in Miami Gardens, Fla., the company sends most of its products to consumers in Central and South America.
Other top performers on the list include Lucys Tire Inc. of Medley, Fla., doing $60 million of tire and wheel exporting business; Andes Chemical in Doral, Fla., coming in at just under $45 million; and The Intermarket Group, exporting $27.5 million of products through Miami.
Hispanic-owned firms are twice as likely to export product as nonminority enterprises, according to the Minority Business Development Agency. As the companies on our 2013 Top Exporters list show, this international business can drive impressive revenues.