Nicknamed “The Hoosier State” and located in America’s Midwestern and Great Lakes regions, Indiana shipped US$56.1 billion worth of exported products around the world in 2023.

That dollar amount reflects a 57.6% increase from $35.6 billion four years earlier in 2020.

Year over year, the overall value of Indiana’s exported goods accelerated 23.9% compared to $45.3 billion in 2022.

Indiana ranks as America’s 9th most lucrative exporters by state behind front-runners including Texas, California, Louisiana, New York state and Illinois.

The value of Indiana’s exports equals 2.8% of the United States’ overall exported products for 2023 compared to 2.2% one year earlier.

Based on research from IBIS World, Indiana’s exported products represent 15.8% of the state’s total economic output or Gross Domestic Product in 2023 ($353.9 billion).

Given Indiana’s population of 6.9 million people, its total $56.1 billion in 2023 exports translates to roughly $8,100 for every resident in the Hoosier State. That dollar metric exceeds the average $6,600 per capita in 2022.

Indiana’s unemployment rate was 3.5% at the end of March 2024, up from the state’s 3.2% jobless rate one year earlier per YCharts.

Indiana’s Top 10 Exports

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

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

1. Miscellaneous medications for retail: US$6 billion (10.6% of Indiana’s exports)
2. Polypeptide protein and glycoprotein hormones: $4.1 billion (7.3%)
3. Immunological goods (measured doses) for retail: $3 billion (5.3%)
4. Motor vehicle gear boxes: $2 billion (3.6%)
5. Civilian aircraft, engines or other parts: $1.9 billion (3.3%)
6. Internal combustion piston engines: $1.4 billion (2.5%)
7. Passenger vehicles (both spark ignition/electric engines): $891.1 million (1.6%)
8. Nucleic acids, salts: $875 million (1.6%)
9. Smaller trucks (piston engine): $851.9 billion (1.5%)
10. Artificial joints, parts, accessories: $845.5 million (1.5%)

Indiana’s top 10 exports accounted for 38.8% of the overall value of the state’s global shipments.

Polypeptide protein and glycoprotein hormones represent the fastest grower among the top 10 export categories, up by 94,908% from 2022 to 2023.

In second place were Indiana’s exports of nucleic acids and salts (up 1,012% from 2022) ahead of passenger vehicles powered by both spark ignition and electric engines (up 76.4%) then smaller trucks powered by piston engine (up 30.9%).

The most modest increase among Indiana’s top 10 export products was for internal combustion piston engines via a 5.3% gain.

More Key Facts about Indiana’s International Trade

Indiana recorded a total -US$35.4 billion deficit exporting and importing products during 2023. That dollar amount reflects a -20.4% reduction from -$44.5 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 Indiana’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.

1. Polypeptide protein and glycoprotein hormones: US$7.9 billion (8.6% of Indiana’s imports)
2. Miscellaneous medications for retail: $7.6 billion (8.3%)
3. Miscellaneous hormones (without antibiotics): $6.5 billion (7.1%)
4. Immunological goods for retail: $5.5 billion (6%)
5. Blood fractions including antisera: $3.6 billion (3.9%)
6. Heterocyclics with oxygen hetero-atoms: $3.1 billion (3.4%)
7. Video game consoles, machinery: $2.3 billion (2.5%)
8. Parts for turbo-jets, turbo-propellers: $1.22 billion million (1.3%)
9. Modems, similar reception/transmission devices: $1.19 billion (1.3%)
10. Motor vehicle gear boxes: $1.14 billion (1.2%)

Indiana has negative net exports in the international trade of miscellaneous hormones and immunological goods. In turn, these cashflows indicate Indiana’s competitive disadvantages under those product subcategories showing the strong impact of foreign goods on Indiana’s global balance sheet}

Indiana’s Major Trade Partners

The following list shows the top 10 customers that purchased over three-quarters (77.6%) worth of the total value of products exported from Indiana during 2023.

1. Canada: US$14.9 billion (26.7% of Indiana’s exports)
2. Mexico: $7.5 billion (13.4%)
3. mainland China: $5 billion (8.9%)
4. Germany: $3.9 billion (6.9%)
5. Italy: $3.2 billion (5.8%)
6. Japan: $2.5 billion (4.5%)
7. United Kingdom: $2.2 billion (3.9%)
8. Netherlands: $1.6 billion (2.9%)
9. France: $1.3 billion (2.3%)
10. Brazil: $1.2 billion (2.2%)

Indiana’s top trade partners in North America (Canada and Mexico) accounted for 40% of the overall value of exported goods from the Hoosier State.

In comparison, major importers in Europe (Germany, Italy, United Kingdom, Netherlands and France) generated 26.2% worth of Indiana’s total export sales.

The leading buyers in Asia (mainland China and Japan) bought 13.4% worth of Indiana’s exports.

Indianian Export Companies

Seventeen of Indiana-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are shown below.

• Allison Transmission Holdings (transmissions, other propulsion systems)
• Berry Global (plastic packaging products)
• Calumet Specialty Products (specialty oils, solvents, waxes)
• Cummins (engines, filtration, power products)
• Eli Lilly and Company (pharmaceuticals)
• Steel Dynamics (steel)
• Thor Industries (recreational vehicles)
• Wabash National (semi-trailers, liquid transportation products)
• Zimmer Biomet (medical devices, artificial limbs)

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

Indiana’s capital is Indianapolis, a city nicknamed “Indy”, “Circle City” and the “Crossroads of America”.

See also North Dakota’s Top 10 Exports, Nebraska’s Top 10 Exports, Wisconsin’s Top 10 Exports, Delaware’s Top 10 Exports and Vermont’s Top 10 Exports

Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 10, 2024

Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 10, 2024

GeoLounge, Fortune 1000 Companies List, Fortune 1000 by State and Place. Accessed on May 10, 2024

IBIS World, Indiana Economic Overview (gross domestic product, population). Accessed on May 10, 2024

International Trade Centre, Trade Map. Accessed on May 10, 2024

Investopedia, Net Exports Definition. Accessed on May 10, 2024

United States Census Bureau, QuickFacts: Indiana. Accessed on May 10, 2024

USA Trade Online, Official Source of Trade Statistics. Accessed on May 10, 2024

Wikipedia, Category:Companies based in Indiana. Accessed on May 10, 2024

Wikipedia, Indiana. Accessed on May 10, 2024

Wikipedia, List of U.S. states and territories by GDP. Accessed on May 10, 2024

YCharts, Regional and State Employment and Unemployment Report. Accessed on May 10, 2024