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At $6.7 billion, state exports continue to outpace national rate
ST. PAUL, MN - Governor Tim Walz and the Minnesota Department of Employment and Economic Development (DEED) today announced that Minnesota exports rose to $6.7 billion last quarter, jumping nearly 11% over the same quarter last year. Growth of Minnesota exports outpaced the national rate (3%) for the quarter and outperformed all but 12 other states.
“Minnesota’s surge in exports is a reflection of the significant business expansion that continues to create job opportunities and strengthen our global trade networks,” said Governor Walz. “With investments in business expansion and workforce development, we’re meeting global supply chain needs and enhancing ties with global partners while building a strong economy that supports communities at home.”
The first nine months of 2024 have seen Minnesota exports grow nearly 10% over the same time period in 2023, while the U.S. growth reached nearly 3% over the same period.
“2024 has been a strong year for Minnesota and has seen our economy outpace national trends every quarter,” said DEED Commissioner Matt Varilek. “This growth is in no small part thanks to flourishing relationships with our international trade partners. Our robust global trade networks continue to create opportunity for Minnesotans with our connections abroad, passing that success on to a more vibrant, dynamic economy at home.”
Half of Minnesota’s top 10 products saw growth, with mineral fuel and oil (up 369%), plastics (up 27%) and aircraft and spacecraft (up 33%) among the leaders in gains. Growth in sales of optic and medical devices was driven by segments such as measuring and checking devices, and medical and surgical instruments.
Minnesota’s two largest markets, Canada (up 16%) and Mexico (up 30%), drove much of this quarter’s growth. Mineral fuel and oil exports contributed significant growth to Canada ($520 million, up from $15 million). Exports to Mexico were pushed by a variety of Minnesota goods, including electrical equipment, machinery, oil seeds and grain, and optic and medical goods.
Exports to Asia surged 18% to $1.8 billion this quarter due to a mounting demand for Minnesota goods, led by optic and medical goods, machinery, and electrical equipment.
Meanwhile, exports to the Middle East leapt 27% to $129 million, fueled by strong sales to the United Arab Emirates of machinery, railway equipment and aircraft.
“Minnesota’s exports continue to thrive and grow in the global market,” said Minnesota Trade Office Executive Director Gabrielle Gerbaud. “We look forward to fostering even stronger ties with our North American partners, as well as developing new connections and supporting export growth in key regions across the globe.”
The full third quarter 2024 report is available on DEED’s website in the Export and Trade Statistics section.