Governor Gavin Newsome | Official website
As changes in economic policies emerge from Washington, D.C., California maintains its position as a steadfast partner in international trade and investment. Despite shifts led by President Trump's economic agenda, Governor Gavin Newsom reaffirmed California's commitment to global business. The Golden State continues to boast a robust economy, ranked as the fifth largest in the world, underlining its leadership in global trade.
Governor Newsom emphasized, “California knows the importance of trust and dependability, and unlike some folks in Washington D.C., we don’t change the rules with every presidential mood swing. California is a trusted, reliable partner for international trade and investments. We urge countries around the globe to continue to work with us — we’re open for business.”
California's economy is built on extensive global partnerships and active participation in open markets. The state engages in trade valued at more than $675 billion annually, accounting for over 16% of its gross domestic product (GDP). Key export sectors include agricultural products, and manufactured goods such as computers, aerospace parts, and semiconductor chips. The state's commitment to international trade is further underscored by its standing as the top exporter in 25 sectors.
Additionally, the Golden State holds the lead in jobs supported by foreign direct investment, with the United Kingdom and Japan being the largest investors. These partnerships result in over 257,000 jobs, while other significant investments include Canadian pension funds surpassing $100 billion within the state.
In recent years, California has strengthened ties with the European Union, China, and Canada, focusing on clean energy and technology, contributing to job creation and economic revitalization. The state has established trade-focused alliances with numerous countries, including Armenia, China, and Japan, further reinforcing its comprehensive strategy.
California's economic resilience is demonstrated through its ability to quickly rebound from downturns, driven by sectors like agriculture and AI. Forecasts for revenue growth of California-based companies in the Bloomberg World Large & Mid Cap Index indicate an increase of 27% in 2024, comparing favorably to Germany's and Japan's expected growth rates.
Underpinning this solid economic foundation is the statewide Economic Blueprint, a strategic plan introduced by Governor Newsom to bolster sustainable economic progress and job creation over the next decade. With this groundwork, California remains a predictable and reliable partner for the international community, extending its economic influence well into the future.
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