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At $7.1 billion, state exports up 17% in second quarter of 2024
ST. PAUL, MN - Governor Tim Walz September 16, 2024 announced that Minnesota exports of goods surged to $7.1 billion in the second quarter of 2024, a 17% increase over the same period in 2023. Minnesota’s export growth topped the national rate (5%) for the quarter and was stronger than all but eight other states.
“Minnesota’s rapid growth of exports distinguishes the state as a leader on the global stage. This is an accomplishment made possible by the state’s innovative workers and businesses who consistently produce high-quality goods to meet global supply chain needs,”said Governor Walz. “This surge in exports is proof that when we invest in workforce development, business expansion, and building strong partnerships abroad, our economy thrives.”
Minnesota exports for the first six months of 2024 have grown 9% over 2023, while U.S. exports gained 2% over the same period.
“Minnesota’s exports had an incredible second quarter, reflecting the hard work and innovative talent of Minnesota workers and businesses,” said DEED Commissioner Matt Varilek. “We’re excited to see notable growth in newer markets and look forward to supporting Minnesota businesses as they expand and help our economy grow.”
Sales of Minnesota goods made huge gains of 41% to markets in North America ($3.4 billion), with both Canada and Mexico increasing by at least 40% each. Exports to Mexico were driven by core products such as vehicles (up 44%) and emerging segments, such as plastics (up 80%) and food by-products (up 98%).
Exports grew significantly to the Middle East (up 72%), as well as to Asia (up 3%), the Caribbean, Central and South America (up 8%), and Africa (up 8%).
Exports to Australia – now the state’s 10 th largest market – increased 18%. Last November, Governor Walz led the state’s first-ever trade mission to Australia.
“The significant growth we saw in the second quarter is testimony to Minnesota’s role as a major player in international markets,” said MTO Director Gabrielle Gerbaud. “Continuing to showcase Minnesota as a top destination for business investment is paramount and we’re excited to continue developing the State’s international connections and partnerships.”
The full second quarter 2024 report is available on DEED’s website in the Export and Trade Statistics section.