Exports fell four percent between the second quarters of 2018 and 2019
Sales of Minnesota agriculture, mining and manufacturing exports from Minnesota fell 4% between the second quarters of 2018 and 2019 to $5.7 billion, according to a report released today by the Minnesota Department of Employment and Economic Development (DEED). U.S. exports fell by 3% during the same period.
Minnesota exports fell in North America (down 6%), Asia (down 4%) and Central & South America (down 19%). However, exports increased to selected nations such as Japan (up 6%), Germany (up 8%) and Australia (up 18%).
“Minnesota is committed to unleashing economic opportunities across the globe,” said Governor Tim Walz. “That’s why I’m traveling to Tokyo and Seoul and making the case directly to international decision-makers that Minnesota is a great place to do business.”
“Countermeasures on U.S. exports by major trading partners have created business uncertainty in trade this quarter,” said DEED Commissioner Steve Grove. “DEED and the Minnesota Trade Office will continue to assist businesses across the state as they navigate this uncertainty.”
Canada ($1.2 billion) and China ($696 million) were the state’s two largest export markets in the second quarter of 2019. Other market leaders were Mexico ($597 million), Japan ($413 million), Germany ($269 million) and Korea ($252 million).
Optics and medical exports continued to be the state’s top exported products, with $1.2 billion in exports, which represented a 2% increase over a year ago. Other top exports were machinery ($922 million), electrical equipment ($773 million), plastics ($351 million), vehicles ($307 million), ores, slag and ash ($191 million), pharmaceuticals ($166 million), and food by-products ($152 million).