Minnesota Exports Hit Record High
Minnesota exports have risen 12% from this time last year, reaching a record high of $6.7 billion. Despite reaching the all-time high, Minnesota’s increase in exports is still below the national average.
That’s according to a Friday report by the Minnesota Department of Employment and Economic Development (DEED). The 12% increase is less than the increase seen across the country, with U.S. exports rising 22% from the second quarter of last year.
“Minnesota’s workers and businesses are fueling, feeding, and supporting the global economy,” Gov. Tim Walz said in a news release announcing the second quarter results. “Our record-breaking exports demonstrate that the world recognizes the value of doing business in Minnesota. We will continue building partnerships abroad that allow our local economies to thrive.”
Minnesota’s increase can be primarily attributed to its exports to Canada, which have risen a whopping 42% from last year. Product exports to Canada that increased most include cereals – largely corn maize, which accounted for 90 percent of the state’s exports of these goods – along with mineral fuels and oils.
The state’s top three largest export markets remain Canada ($2.3 billion), China ($704 million), and Mexico ($637 million).
Eight of the state’s top 10 products grew in the second quarter, with the following products leading growth: mineral fuels, oils, cereals, and electrical equipment.
“This record-breaking quarter for exports is another sign that Minnesota’s economy is expanding on the international stage,” said DEED commissioner Steve Grove. “The diversity of our slate of exports helps ensure Minnesota’s economy is more resilient during times of rapid global disruption. We’re grateful to businesses who find markets abroad that help grow our economy right here in our state.”
Earlier this year, DEED reported a promising comeback for state exports. In 2021, the total value of the state’s exports hit $24 billion, marking a 17 percent increase over the prior year.
The full second quarter 2022 report is available on DEED’s website.