Value of Minnesota exports continued to increase for a second year, showing ongoing rebound from pandemic disruptions



Minnesota Department of Employment and Economic Development Press Release


*For Immediate Release*




Rita Beatty

[email protected]




March 8, 2023

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*State Exports Reach Record High: $27 Billion in 2022, up 16% over 2021*

"Value of Minnesota exports continued to increase for a second year, showing ongoing rebound from pandemic disruptions"

St. Paul ? Minnesota exports of agricultural, mining and manufactured products reached a record high of $27 billion in 2022, according to a report released today by the Minnesota Department of Employment and Economic Development (DEED). The state?s exports continued their growth streak from 2021, jumping 16% over the year.

"Minnesota?s record export sales and continued export growth are great news. These trends show that our manufacturers are well-positioned in international markets and contribute strongly to resilience in our state economy,? said interim *DEED Commissioner Kevin McKinnon*. ?We will continue to engage in multi-faceted efforts to bring Minnesota companies and goods to the global stage.?

"The Minnesota Trade Office is committed to helping small and medium-sized Minnesota companies navigate international markets," said?*Gabrielle Gerbaud, Executive Director of the Minnesota Trade Office*. "We invite all Minnesota companies looking to launch or grow export sales to utilize all the resources our office provides."

North American markets drove Minnesota's export growth in 2022. Minnesota exports to North America grew to nearly $12 billion, jumping by 30% over 2021. Exports also strongly performed to the European Union (up 26%), the Caribbean, Central America and South America (up 22%) and the Middle East (up 30%), but fell to Asia (down 2%).

Individual national markets gaining over $150 million in exports from the state in 2022 included Canada (up $2.3 billion), Mexico (up $349 million), the Netherlands (up $239 million), Korea ($794 million, up $211 million) and Spain (up $158 million).

Among products, surging global sales of mineral fuel, oil (up $1.8 billion), electrical equipment (up $681 million) and cereals (up $618 million) contributed the most to Minnesota?s export gains in 2022. Mineral fuel, oil exports doubled to $3.6 billion ? propelled by Canada and petroleum products. High-growth markets for electrical equipment included Canada (up 38%), Germany (up 49%) and Singapore (up 50%); while those for cereals included Canada ? the primary market for cereals ? as well as emerging markets for wheat such as Yemen and Indonesia.

Minnesota conducted $70 billion in total trade in goods with 215 countries in 2022. Total trade grew 25% since 2021. With nearly $43 billion in imports (up 31%), the state ran a trade deficit of about $15 billion in 2022.

U.S. exports overall grew 18% between 2021 and 2022. Minnesota ranked 21st highest in exports among the 50 states for total exports, up from 22nd in 2021.? The state?s exports of goods supported about 118,000 Minnesota jobs in 2021.

Additional export details can be found in the 2022 annual report, which is posted on DEED's website in the Exports and Trade Statistics [ [link removed] ] section.?

The Minnesota Trade Office (MTO) supports small- and medium-sized Minnesota businesses through technical assistance, export education and training programs, trade promotion activities, services by offices in strategic overseas locations, and export expansion grants. State Trade and Export Promotion (STEP) grants ? 50% matching, up to $7,500 ? support a range of export development activities, including participation in virtual and in-person trade shows and missions. The MTO also helps foreign companies explore the advantages of expanding or relocating in Minnesota, and serves as Minnesota's Office of Protocol, ensuring that the state's interactions with foreign delegations and dignitaries are conducted with appropriate diplomatic etiquette and cultural practices.

"DEED is the state?s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the?DEED website [ [link removed] ], the?JoinUsMn.com [ [link removed] ]?website, or follow us on?Twitter [ [link removed] ]."

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"Upon request, this information can be made available in alternate formats for people with disabilities by contacting the DEED Communications Office at 651-259-7161."





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