That dollar amount results from a 23.4% advance from $20.2 billion four years earlier in 2020.
Year over year, the overall value of goods exported from Minnesota dropped by -8.5% compared to $27.2 billion for 2022.
Minnesota ranks as America’s 23rd most lucrative exporters by state well behind front-runners including Texas, California, Louisiana, New York state and Illinois.
The value of Minnesota’s exports equals 1.2% of the United States’ overall exported products for 2023, down from 1.3% one year prior.
Based on research from IBIS World, Minnesota’s exported products represent 7% of the state’s total economic output or Gross Domestic Product in 2023 ($353.7 billion).
Given Minnesota’s population of 5.774 million people, its total $24.9 billion in 2023 exported goods translates to roughly $4,300 for every resident in the North Star State. That dollar metric lags the average $5,700 per capita for 2022.
Minnesota’s unemployment rate was 2.7% at the end of March 2023, down from 2.8% one year earlier per YCharts.
Minnesota’s Top 10 Exports
The following export products represent the highest dollar value in Minnesota global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Minnesota.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Light petroleum oils excluding biodiesel: US$942.4 million (3.8% of Minnesota’s total exports)
- Medical needles, catheters: $646.1 million (2.6%)
- Agglomerated iron ores: $568 million (2.3%)
- Electronic integrated circuits (miscellaneous): $566.2 million (2.3%)
- Medical/dental/veterinarian instruments: $559.6 million (2.2%)
- Parts for filtering/purifying machines: $516.6 million (2.1%)
- Corn: $509.6 million (2%)
- Civilian aircraft, engines or other parts: $499.6 million (2%)
- Artificial human body parts, accessories: $487.8 million (2%)
- Electro-diagnostic equipment, parts: $454.8 million (1.8%)
Minnesota’s top 10 exports generated almost one-quarter (23.1%) of the overall value of the state’s global shipments.
Electro-diagnostic apparatus was the fastest grower among Minnesota’s top 10 export categories, propelled by a 78.7% advance from 2022 to 2023.
In second place was exported civilian aircraft including aircraft engines or other parts (up 13.2%) ahead of Minnesotan shipments of agglomerated iron ores (up 11.9%), artificial human body parts or accessories (up 11.7%) and medical, dental or veterinarian instruments (up 10.2%).
The severest decliner among Minnesota’s top 10 export products was for light petroleum oils excluding biodiesel, pulled down by a -65.3% downtick from 2022.
More Key Facts about Minnesota’s International Trade
Minnesota incurred an overall -US$12.5 billion deficit exporting and importing products during 2023. That dollar amount reflects an -18.4% decline from -$15.3 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 Minnesota’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Crude petroleum oils: US$7.8 billion (20.8% of Minnesota’s total imports)
- Heart pacemakers: $861.5 million (2.3%)
- Artificial human body parts, accessories: $834.3 million (2.2%)
- Hearing aids: $654.9 million (1.8%)
- Natural gas (gaseous): $590.2 million (1.6%)
- Electrical energy: $572.3 million (1.5%)
- Medical/dental/veterinarian instruments: $496.1 million (1.3%)
- Medical needles, catheters: $394.8 million (1.1%)
- Passenger vehicles for snow, golf carts: $391.3 million (1%)
- Wheeled toys (tricycles, scooters, pedal cars, carriages): $370.5 million (1%)
Minnesota has negative net exports notably in the international trade of crude petroleum oils, heart pacemakers and artificial body parts. In turn, these cashflows indicate Minnesota’s competitive disadvantages under those product categories.
Minnesota’s Major Trade Partners
The following list shows the top 10 customers that purchased approaching three-quarters (71.1%) worth of the total value of products exported from Minnesota during 2023.
- Canada: US$7 billion (28.2% of Minnesota’s total exports)
- Mexico: $3.3 billion (13.4%)
- mainland China: $2.2 billion (8.7%)
- Japan: $996.4 million (4%)
- Germany: $884.3 million (3.5%)
- Belgium: $711.4 million (2.9%)
- Netherlands: $700.6 million (2.8%)
- Ireland: $688.5 million (2.8%)
- South Korea: $628.7 million (2.5%)
- Australia: $579 million (2.3%)
Minnesota’s top trade partners in North America (Canada and Mexico) purchased over two-fifths (41.6%) of the overall value of exported goods from the North Star State.
In comparison, 15.2% of Minnesota’s export sales went to top customers in Asia (mainland China, Japan and South Korea).
Another 12% worth was bought by leading importers in Europe (Germany, Belgium, Netherlands and Ireland).
Minnesotan Export Companies
Twenty-four of Minnesota-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are listed below.
- C.H. Robinson (transportation services, third-party logistics)
- Donaldson Company (air filters, filtration engines, gas turbines)
- Fastenal Company (industrial/safety/construction supplies)
- H.B. Fuller Company (industrial adhesives)
- Hormel Foods Corp (deli meats, ethnic foods, spam)
- Land O’Lakes (dairy foods, animal nutritition, crop protection)
- Patterson Companies (medical/dental/veterinarian goods)
- Polaris Industries (snow mobiles, all-terrain vehicles, motorcycles)
- The Mosaic Company (concentrated phosphate, potash)
- The Toro Company (lawn mowers, snow blowers, irrigation items)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
Minnesota’s capital is Saint Paul, a city with nicknames like “STP” and “the Saintly City”.
See also New Mexico’s Top 10 Exports, New Jersey’s Top 10 Exports, Missouri’s Top 10 Exports, Pennsylvania’s Top 10 Exports and Mississippi’s Top 10 Exports
Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 11, 2024
Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 11, 2024
GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on May 11, 2024
IBIS World, Minnesota Economic Profile (gross domestic product, profile). Accessed on May 11, 2024
International Trade Centre, Trade Map. Accessed on May 11, 2024
Investopedia, Net Exports Definition. Accessed on May 11, 2024
United States Census Bureau, QuickFacts: Minnesota. Accessed on May 11, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on May 11, 2024
Wikipedia, List of Minnesota Companies. Accessed on May 11, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 11, 2024
Wikipedia, Minnesota. Accessed on May 11, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 11, 2024