That dollar amount reflects a 14.4% advance from $13.8 billion four years earlier in 2020.
Year over year, the overall value of goods exported from Connecticut rose by 3.1% compared to $15.3 billion for 2022.
Connecticut ranks as America’s 30th most lucrative exporters by state behind front-runners including Texas, California, Louisiana, New York state and Illinois.
The value of Connecticut’s exports equals 0.8% of the United States’ overall exported products for 2023, up from 0.7% in 2022.
Based on statistics from IBIS World, Connecticut’s exported products represent 6.3% of the state’s total economic output or Gross Domestic Product in 2023 ($252.8 billion).
Given Connecticut’s population of 3.65 million people, its total $15.8 billion in 2023 exports translates to roughly $4,300 for every resident in the Constitution State. That dollar metric represents an increase from the average $4,200 per capita for 2022.
Connecticut’s unemployment rate was 4.4% at the end of April 2024, up from the state’s 3.3% jobless rate per YCharts.
Connecticut’s Top 10 Exports
The following export products represent the highest dollar value in Connecticut global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Connecticut.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Civilian aircraft, parts including engines, other parts: US$4.4 billion (28% of Connecticut’s exports)
- Parts for semi-conductor manufacturing machines: $816 million (5.2%)
- Parts for airplanes, helicopters: $204 million (1.3%)
- Electric apparatus controls: $178.8 million (1.1%)
- Turbo-jet parts: $155 million (1%)
- Pipe taps, controls: $146.3 million (0.9%)
- Air or gas pumps, compressors, fans: $137 million (0.9%)
- High-thrust turbojets: $130.5 million (0.8%)
- Iron scrap: $118.6 million (0.7%)
- Medical, dental or veterinary instruments (0.7%)
Connecticut’s top 10 exports totaled 40.6% of the overall value of the state’s global shipments.
High-thrust turbojets represent the fastest grower among the top 10 export categories, up by 101.1% from 2022 to 2023.
In second place for improving exports sold by Connecticut were air or gas pumps, compressors and fans which appreciated 78%.
Connecticut’s shipments of airplane or helicopter parts (up 44.7%) posted the third-fastest gain in value, ahead of exported parts for semi-conductor manufacturing machines (up 28.5%).
The severest decline was the -29.1% year-over-year drop for exports of iron scrap.
More Key Facts about Connecticut’s International Trade
Connecticut incurred a -US$6.44 billion deficit exporting and importing products during 2023. That dollar amount reflects an 8.7% increase from -$5.9 billion in red ink for 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 Connecticut’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Large aircraft: US$2.2 billion (9.9% of Connecticut’s imports)
- Silver, unwrought: $1.7 billion (7.8%)
- Light petroleum oils: $1.4 million (6.4%)
- Miscellaneous petroleum oils neither crude nor biodiesel: $759.8 million (3.4%)
- Medium-size aircraft: $758.9 million (3.4%)
- Turbo-jet parts: $383.3 million (1.7%)
- Parts, accessories for semiconductor-making machinery: $242.1 million (1.1%)
- Miscellaneous fans: $234.8 million (1.1%)
- Gold (unwrought): $227.6 million (1%)
- Aluminum (unwrought, non-alloyed): $175.3 million (0.8%)
Connecticut has highly negative net exports in the international trade of petroleum oils and unrefined silver. In turn, these cashflows indicate Connecticut’s competitive advantages under those product categories.
Connecticut’s Major Trade Partners
The following list shows the top 10 customers that purchased over two-thirds (70.1%) worth of the total value of products exported from Connecticut during 2023.
- Germany: US$2.1 billion (13.3% of Connecticut’s total exports)
- Canada: $2.1 billion (13.2%)
- United Kingdom: $1.15 billion (7.2%)
- Netherlands: $1.1 billion (6.9%)
- Mexico: $1.07 billion (6.8%)
- France: $1.06 billion (6.7%)
- mainland China: $991.1 million (6.3%)
- Singapore: $582.5 million (3.7%)
- South Korea: $477 million (3%)
- Japan: $474.9 million (3%)
Connecticut’s top trade partners in Europe (Germany, Netherlands, United Kingdom and France) bought 34.1% of the overall value of exported goods from the Constitution State.
In contrast, 20% of Connecticut’s exported goods went to North American customers in Canada and Mexico.
Another 16% worth was delivered to major customer in Asia (mainland China, Singapore, South Korea and Japan).
Connecticuter Export Companies
Twenty-eight of Connecticut-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are listed below.
- Amphenol Corp (electronics, fiber optic goods, cables)
- Cenveo (print-related products)
- Crane Co. (industrial products, vending machines)
- Harman International Industries (industrial/technical items)
- Hubbell Inc. (electrical products, electronics, lighting)
- Pitney Bowes (postage machinery, global technologies)
- Praxair (industrial gases)
- Silgan Holdings (consumer goods packaging)
- Terex Corp (cranes, work platforms)
- XPO Logistics (freight brokerage, transportation, e-fulfillment services)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
Connecticut’s capital is Hartford, a city nicknamed “The Insurance Capital of the World” and “New England’s Rising Star”.
See also Wyoming’s Top 10 Exports, South Dakota’s Top 10 Exports, West Virginia’s Top 10 Exports, Colorado’s Top 10 Exports and New Hampshire’s Top 10 Exports
Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 20, 2024
Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 20, 2024
GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on May 20, 2024
IBIS World, Connecticut Economic Profile(gross domestic product, population). Accessed on May 20, 2024
International Trade Centre, Trade Map. Accessed on May 20, 2024
Investopedia, Net Exports Definition. Accessed on May 20, 2024
Investopedia, Net Exports Definition. Accessed on May 20, 2024
State Symbols USA, State Nicknames. Accessed on May 20, 2024
United States Census Bureau, QuickFacts: Connecticut. Accessed on May 20, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on May 20, 2024
Wikipedia, Connecticut. Accessed on May 20, 2024
Wikipedia, List of Connecticut Companies. Accessed on May 20, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 20, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 20, 2024