Minnesota Exports Up 29% in Second Quarter
On Tuesday, the Minnesota Department of Employment and Economic Development (DEED) reported another strong sign of economic recovery: Minnesota’s second-quarter exports were up 29 percent compared to the pandemic-pummeled time period a year ago. In an even better sign, exports were up 5 percent compared to the pre-pandemic second quarter of 2019.
“Exports are trending in the right direction, showing the resiliency of Minnesota businesses. They’re working hard to recover from the significant hit their global sales took last year,” said DEED Commissioner Steve Grove in a statement. “We are especially encouraged by the state’s growth in exports over the same quarter in 2019, surpassing pre-pandemic levels.”
Minnesota tallied a total of $6 billion in exports in the second quarter, up $1.3 billion from a year ago. Exports were up strongly with the state’s three largest export markets: Canada, China and Mexico.
|Total 2Q Exports, 2021||Increase From 2Q-2020|
Year-over-year the state’s imports to Mexico nearly doubled. For the second quarter, Canada accounted for 27 percent of all state exports.
While just about everything was up, Minnesota saw declines in exports to two counties. Imports to Japan were down 22 percent while imports to South Korea were down 35 percent.
Despite the uptick in exports, Minnesota’s 29 percent second quarter increase was notably lower than the U.S. average of exports being up 51 percent compared to a year ago.