State exports were valued at $5.6 billion in the third quarter of 2019
12/2/2019 8:31:13 AM
St. Paul – Minnesota exports of goods dipped 2.2% between the third quarters of 2018 and 2019 and U.S. exports fell 1.7%, according to data released today by the Minnesota Department of Employment and Economic Development (DEED).
While exports grew to North America (up 2%) and were flat to Europe during this period, they fell to Asia (down 4%) and Central and South America (down 21%). Exports to many of the state’s top markets struggled, including to China, Canada, the U.K., and Singapore.
“Minnesota farmers and small business owners rely on access to export markets to grow their businesses and create jobs,” said Governor Tim Walz. “The President’s trade war continues to create uncertainty for Minnesotans and hurt our economic growth.”
Major markets with strong growth included Mexico (up $49 million), Thailand (up $22 million), France (up $16 million) and the Netherlands (up $11 million) – which all grew in double digits during the third quarter of 2019. Emerging markets with high growth included Uzbekistan, Kazakhstan, Ethiopia and Morocco.
“The Minnesota Trade Office helps businesses find new export markets,” said DEED Commissioner Steve Grove. “I will continue to encourage businesses to make use of the resources we offer to help them adjust to the changing exporting environment.”
Optics and medical exports (up $50 million) grew again in the third quarter, increasing 18% to China and 45% to France – which countered declines to markets such as Canada, Singapore, and Australia.
Other major products that performed well this quarter included pharmaceuticals (up $31 million), ores, slag and ash (up $17 million) and organic chemicals (up $16 million).
The full third quarter report is available on DEED’s website at Export and Trade Statistics .
DEED is the state’s principal economic development agency supporting business development, recruitment, expansion and retention workforce development, international trade and community development. For more details about the agency and its services visit the DEED website or follow DEED on Twitter.