Canada, Mexico and China are top three markets
9/16/2016 9:28:19 AM
Monte Hanson, 651-259-7149
ST. PAUL – Minnesota companies exported $4.8 billion worth of manufactured, agricultural and mining products in the second quarter of 2016, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).
DEED said second quarter exports were down 8 percent from the same period a year ago, with the strength of the dollar continuing to impact the competitiveness of U.S. products and foreign demand. U.S. exports were down 6 percent in the quarter.
"The strong dollar hampered export sales in the second quarter, making Minnesota-made products more expensive abroad," said DEED Commissioner Shawntera Hardy. "Still, there were pockets of growth, particularly in Africa, where Minnesota sales climbed 32 percent to $43 million."
Exports sales fell to all three of the state's major regional global markets, down 4 percent in both North America and the European Union and off 12 percent in Asia.
Canada remains the state's largest national market, with export sales totaling nearly $1.05 billion in the quarter, down 8 percent from a year ago.
Other top 10 national markets were Mexico ($603 million, up 5 percent), China ($506 million, down 16 percent), Japan ($240 million, down 22 percent), Germany ($215 million, down 3 percent), South Korea ($204 million, no change), Belgium ($196 million, down 11 percent), the United Kingdom ($143 million, up 11 percent), Singapore ($130 million, down 2 percent) and Ireland ($105 million, up 9 percent).
Optic and medical products was the top export, with sales of $864 million, down 11 percent.
The state's other top 10 products were the following: machinery ($755 million, down 18 percent), electrical machinery ($639 million, down 1 percent), vehicles ($372 million, down 10 percent), plastic ($278 million, down 6 percent), food byproducts ($141 million, down 25 percent), aircraft, spacecraft ($141 million, down 6 percent), meat products ($84 million, down 10 percent), pharmaceuticals ($83 million, down 1 percent) and iron, steel products ($80 million, down 15 percent).
Go here to see the full second quarter export report.
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 or follow DEED on Twitter.
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.