Minnesota Exports Up 13% In Year’s First Quarter
Minnesota exports were valued at $6.1 billion in the first quarter of 2022, up $676 million from the same time last year.
This marks a 13% increase in state exports within the first three months of the year, which is slightly less than the U.S. average increase of 18%, according to a Tuesday report by the Minnesota Department of Employment and Economic Development (DEED).
Canada, China, and Mexico were the state’s three largest export markets this quarter, closely followed by Japan, Germany, and Belgium.
“Minnesota exports are a critical part of our economy,” DEED Commissioner Steve Grove said in a news release. “Diversified global trade helps ensure that Minnesota’s economy is resilient and positions us for future growth by showcasing our ingenuity and innovation on the global stage.”
Five of the state’s top 10 products grew in the first quarter: cereals up 579%, electrical equipment up 31%, medical technology up 5%, plastics up 7%, and meat up 2%.
A 28% increase in North American exports was largely driven by Canada, up 35% from the same quarter last year. Exports were up 29% to the Middle East as wheat exports surged by about $26 million to Yemen. Small growth of 8% was seen in the European Union led by a rise in exports to the Netherlands and Belgium. Exports in Central and South America exports were boosted 2% due to increased demand in Colombia, Costa Rica, and Chile.
Minnesota exports were flat to Asia, with gains in China, Singapore, Thailand, and Malaysia, offsetting steep declines in the Philippines, Japan, and Taiwan.
This year’s rise in exports marks a continued trend with the total value of the state’s exports in 2021 hitting $24 billion, a 17 percent increase over the prior year.
“Minnesota businesses are working hard to recover market share around the world, and also overcome supply chain and logistics challenges,” Gabrielle Gerbaud, executive director of the Minnesota Trade Office, said. “Our office in Minnesota and our network of overseas offices offer extensive support and assistance to help companies grow their sales in international markets.”