That dollar amount results from an 52% increase from $1.47 billion four years earlier in 2020.
Year over year, the overall value of goods exported from Montana grew via a 13.6% upturn compared to $1.96 billion for 2022.
Montana ranks among America’s 4 smallest exporters by state ahead of Wyoming, Vermont and Hawaii. The value of Montana’s exports equals 0.1% of the United States’ overall export sales for 2023.
Based on research from IBIS World, Montana’s exported products represent 4.4% of the state’s total economic output or Gross Domestic Product in 2023 ($50.7 billion).
Given Montana’s population of 1.155 million people, its total $2.23 billion in 2023 exports translates to roughly $1,900 for every resident in the Big Sky Country state. That dollar metric outshines the average $1,700 per capita in 2022.
Montana’s unemployment rate was 3.3% at the end of March 2023, up from 2.5% one year earlier per YCharts.
Montana’s Top 10 Exports
The following export products represent the highest dollar value in Montana global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Montana.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Biodiesel: US$166.7 million (7.5% of Montana’s exports)
- Bituminous coal (non-agglomerated): $148.7 million (6.7%)
- Copper ores, concentrates: $137.8 million (6.2%)
- Copper oxides, hydroxides: $135 million (6.1%)
- Civilian aircraft, engines or other parts: $119.5 million (5.4%)
- Lentils (dried/shelled): $115.8 million (5.2%)
- Electrical energy: $112.9 million (5.1%)
- Live cattle not for purebred breeding: $111.7 million (5%)
- Machinery for making semi-conductors: $109.6 million (4.9%)
- Silicon: $57.3 million (2.6%)
Montana’s top 10 exports accounted for over half (54.5%) of the overall value of the state’s global shipments.
The high expenditure product category biodiesel also represents the fastest grower among Montana’s top 10 export categories, accelerating by 117,745% from 2022 to 2023.
In second place for improving export sales was Montana’s exports of dried and shelled lentils (up 77.6%) ahead of Montanan exports of civilian aircraft plus aircraft engines or other parts (up 40.3%) then non-agglomerated coal (up 21.9%).
The severest decliners among Montana’s top 10 export products were copper oxides and hydroxides (down -21.8% from 2022) and electrical energy (down -16.5%).
More Key Facts about Montana’s International Trade
Montana incurred an overall -$5.2 billion deficit exporting and importing products during 2023. That dollar amount reflects a -19.4% year-over-year reduction from -$6.5 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 Montana’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Crude petroleum oils: US$4.9 billion (65.3% of Montana’s imports)
- Colza oil: $149.1 million (2%)
- Natural gas (gaseous state): $100.5 million (1.3%)
- Urea: $94.1 million (1.3%)
- Colza oil (miscellaneous): $72.8 million (1%)
- Liquified propane: $57.3 million (0.8%)
- Coniferous wood sawn or chipped lengthwise: $56 million (0.8%)
- Large aircraft: $55.3 million (0.7%)
- Barley: $54.4 million (0.7%)
- Large automobiles (piston engine): $40.3 million (0.5%)
Montana has highly negative net exports in the international trade of crude petroleum oils and, to a much lesser extent, colza oil. In turn, these cashflows indicate Montana’s competitive disadvantages under those product categories.
Montana’s Major Trade Partners
The following list shows the top 10 customers that purchased almost four-fifths (79.1%) worth of the total value of products exported from Montana during 2023.
- Canada: US$1 billion (45.4% of Montana’s exports)
- South Korea: $189 million (8.5%)
- Japan: $130.4 million (5.8%)
- mainland China: $111.9 million (5%)
- Belgium: $71.3 million (3.2%)
- Mexico: $61.4 million (2.8%)
- United Kingdom: $58.4 million (2.6%)
- Taiwan: $48.8 million (2.2%)
- Chile: $40.3 million (1.8%)
- Brazil: $40.2 million (1.8%)
Montana’s top trade partners in North America (Canada and Mexico) imported almost half (48.1%) of the overall value of goods exported from the Big Sky Country state.
Another 21.5% worth of Montanan exports were bought by top 10 importers in Asian countries (South Korea, Japan, mainland China and Taiwan).
Leading customers in Europe (Belgium and the UK) purchased 5.8% worth.
Montanan Export Companies
Not one Montana-based corporation ranks among Fortune 1000 Companies, a list that showcases America’s largest businesses.
According to Zippia, below are examples of relatively large companies based in Montana.
- Murdoch’s Ranch & Home Supply (apparel, tools, fencing, equipment)
- RightNow Technologies (internet software, services)
- The Waggoners Trucking (transportation services)
- Watkins & Shepard Trucking (transportation services)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
Montana’s capital is Helena, a city nicknamed “Queen City of the Rockies”.
See also Nevada’s Top 10 Exports, Idaho’s Top 10 Exports, Kentucky’s Top 10 Exports, Arizona’s Top 10 Exports and Maryland’s Top 10 Exports
Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 8, 2024
Forbes, 2020 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 8, 2024
GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on May 8, 2024
IBIS World, Montana Economic Overview (gross domestic product, population). Accessed on May 8, 2024
International Trade Centre, Trade Map. Accessed on May 8, 2024
Investopedia, Net Exports Definition. Accessed on May 8, 2024
State Symbols USA, State Nicknames. Accessed on May 8, 2024
United States Census Bureau, QuickFacts: Montana. Accessed on May 8, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on May 8, 2024
Wikipedia, Category:Companies based in Montana. Accessed on May 8, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 8, 2024
Wikipedia, Montana. Accessed on May 8, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 8, 2024
Zippia, These are the 100 largest companies in Montana. Accessed on May 8, 2024