Economic Complexity: In 2019, the highest complexity exports of Buffalo, Ny according to the product complexity index (PCI) are Metal Lathes (1.86), Silicone (1.81), Chemical Analysis Instruments (1.78), Iron Fasteners (1.66), and Transmissions (1.49). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
This section shows forecasts for total exports and imports from Buffalo, NY. The forecast is based in a Long Short-Term Memory Model constructed using monthly trade data.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since Buffalo, Ny is more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
This network shows the products most related to the production structure of Buffalo, Ny. These are products that tend to be co-exported with the products that Buffalo, Ny exports. Higher relatedness values ββindicate greater knowledge, which predicts a greater probability of exporting that product in the future.
The Complexity-Relatedness diagram compares the risk and the strategic value of a territory's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.