Nicknamed “The Centennial State” located near continental America’s geographic center and encompassing a big part of the southern Rocky Mountains, Colorado shipped US$10.4 billion worth of exported products around the world in 2023.

That dollar amount results from an 27% increase from $8.2 billion four years earlier in 2020.

Year over year, the overall value of goods exported from Colorado flatlined via a 0.8% upturn compared to $10.3 billion in 2022.

Colorado ranks as America’s 33rd most lucrative exporters by state well behind front-runners including Texas, California, Louisiana, New York state and Illinois.

The value of Colorado’s exports equals 0.5% of the United States’ overall exported products for 2023.

Based on research from Statista, Colorado’s exported products represent 2.4% of the state’s total economic output or real Gross Domestic Product in 2023 ($428 billion) down from 2.7% for the prior year.

Given Colorado’s population of 5.88 million people, its total $10.4 billion in 2023 exports translates to roughly $1,750 for every resident in the Centennial State. That dollar metric lags the average $1,800 exports per capita for 2022.

Colorado’s unemployment rate was 3.7% at the end of March 2024, up from the state’s 3% jobless rate one year earlier per YCharts.

Colorado’s Top 10 Exports

The following export products represent the highest dollar value in Colorado global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Colorado.

Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.

1. Beef cuts (boneless, fresh/chilled): US$664.3 million (6.4% of Colorado’s exports)
2. Electronic integrated circuits (miscellaneous): $531.2 million (5.1%)
3. Civilian aircraft, parts including engines: $481.2 million (4.6%)
4. Beef (boneless, frozen): $424.1 million (4.1%)
5. Gold (unwrought): $317.1 million (3.1%)
6. Medical/dental/veterinarian instruments: $263 million (2.5%)
7. Orthopedic appliances, parts or accessories: $183.8 million (1.8%)
8. Pork (bone-in, fresh or chilled): $178.6 million (1.7%)
9. Instruments using optical radiations: $155.9 million (1.5%)
10. Electronic integrated circuits (processors, controllers): $142.8 million (1.4%)

Colorado’s top 10 exports generated almost one-third (32.2%) of the overall value of the state’s global shipments.

Posting the strongest gains from 2022 to 2023 were Colorado’s exports of fresh or chilled pork including hams (up 49.1%), unwrought gold (up 42.6%), processors and controllers for electronic integrated circuits (up 19.8%), then instruments using optical radiations (up 13%).

Year over year, the severest decliner was frozen boneless beef pulled down by a -29.4% reduction from 2022.

More Key Facts about Colorado’s International Trade

Colorado incurred a -US$7.44 billion trade deficit exporting and importing products during 2023. That dollar amount reflects a -24.5% reduction from -$9.84 billion in red ink in 2022.

Another way of saying surplus or deficit is positive or negative net exports. In a nutshell, the term “net exports” quantifies the amount by which foreign spending on a state’s goods or services exceeds or lags that same state’s spending on foreign goods or services.

Below are Colorado’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.

1. Crude petroleum oils: US$3.5 billion (19.5% of Colorado’s imports)
2. Electronic integrated circuits (miscellaneous): $747.3 million (4.2%)
3. Large aircraft: $570.3 million (3.2%)
4. Electronic integrated circuits (processors, controllers): $549.1 million (3.1%)
5. Hearing aids: $417.1 million (2.3%)
6. Modems, similar reception/transmission devices: $326.8 million (1.8%)
7. Footwear (rubber or plastic): $280.8 million (1.6%)
8. Medical/dental/veterinarian instruments: $219.6 million (1.2%)
9. Beef cuts (boneless, fresh/chilled): $197.9 million (1.1%)
10. Articles made from plastic: $172.1 million (1%)

Colorado has highly negative net exports in the international trade of crude petroleum oils and, to a lesser degree, electronic integrated circuits. In turn, these cashflows indicate Colorado’s competitive disadvantages under these product categories.

Colorado’s Major Trade Partners

The following list shows the top 10 customers that purchased almost three-quarters (73.5%) worth of the total value of products exported from Colorado during 2023.

1. Canada: US$1.86 billion (17.9% of Colorado’s exports)
2. Mexico: $1.6 billion (15.5%)
3. mainland China: $896.1 million (8.6%)
4. South Korea: $733.7 million (7.1%)
5. Switzerland: $713.1 million (6.9%)
6. Malaysia: $508.3 million (4.9%)
7. Japan: $448.1 million (4.3%)
8. Netherlands: $365.5 million (3.5%)
9. Taiwan: $265 million (2.6%)
10. Germany: $233.7 million (2.3%)

Colorado’s trade partners in North America (Canada and Mexico) bought about one third (33.4%) of the overall value of goods exported from the Centennial State.

Colorado supplied 27.5% worth of its exports to leading trade partners in Asia (mainland China, South Korea, Malaysia, Japan and Taiwan), with 12.6% going to major buyers in Europe (Switzerland, Netherlands and Germany).

Coloradan Export Companies

Twenty-two of Colorado-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are listed below.

• Antero Resources Corp (oil, natural gas, ethane)
• DCP Midstream Partners (petroleum refinery, transportation)
• EchoStar Corp (satellite products, services)
• Molson Coors Brewing Co. (beer, wine, spirits, energy drinks)
• Newmont Mining Corp (gold, copper, silver)
• QEP Resources (oil, natural gas)
• Western Union (financial services, communications)
• WhiteWave Foods Co. (plant-based foods, beverages, dairy goods)
• Whiting Petroleum Corp (oil, natural gas)
• Woodward, Inc. (control systems, related components)

Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
 

Colorado’s capital is Denver, a city nicknamed “The Mile High City”.

See also Connecticut’s Top 10 Exports, South Dakota’s Top 10 Exports, West Virginia’s Top 10 Exports, Delaware’s Top 10 Exports and New Hampshire’s Top 10 Exports

Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 12, 2024

Forbes, 2020 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 12, 2024

GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on May 12, 2024

International Trade Centre, Trade Map. Accessed on May 12, 2024

Investopedia, Net Exports Definition. Accessed on May 12, 2024

State Symbols USA, State Nicknames. Accessed on May 12, 2024

Statista, Real gross domestic product of Colorado. Accessed on May 12, 2024

United States Census Bureau, QuickFacts: Colorado. Accessed on May 12, 2024

USA Trade Online, Official Source of Trade Statistics. Accessed on May 12, 2024

Wikipedia, Colorado. Accessed on May 12, 2024

Wikipedia, List of Colorado Companies. Accessed on May 12, 2024

Wikipedia, List of U.S. states and territories by GDP. Accessed on May 12, 2024

YCharts, Regional and State Employment and Unemployment Report. Accessed on May 12, 2024