That dollar amount results from a 39.8% accelerated from $5.46 billion four years earlier in 2020.
Year over year, the overall value of goods exported from New Hampshire rose 5.3% compared to $7.25 billion for 2022.
New Hampshire ranks down as America’s 36th most lucrative exporters by state lagging front-runners including Texas, California, Louisiana, New York state and Louisiana.
The value of New Hampshire’s exports equals 0.4% of United States’ overall exported products for 2023.
Based on research from IBIS World, New Hampshire’s exported products represent 9.1% of the state’s total economic output or Gross Domestic Product in 2023 ($83.7 billion).
Given New Hampshire’s population of 1.416 million people, its total $7.64 billion in 2023 exports translates to roughly $5,400 for every resident in the Granite State. That dollar metric exceeds the average $5,200 per capita in 2022.
New Hampshire’s unemployment rate was 2.4% at the end of March 2023, up from the 2.1% jobless rate one year earlier per YCharts.
New Hampshire’s Top 10 Exports
The following export products represent the highest dollar value in New Hampshire global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from New Hampshire.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Civilian aircraft, parts including engines: US$1.66 billion (21.8% of New Hampshire’s exports)
- Immunological products (not in dosage): $576.2 million (7.5%)
- Modems, other reception/conversion/transmission equipment: $435.7 million (5.7%)
- Parts of furnaces, ovens, heating equipment: $207.7 million (2.7%)
- Small portable digital computers: $185.7 million (2.4%)
- Office machine parts, accessories: $157.9 million (2.1%)
- Machine tool parts, accessories: $152.4 million (2%)
- Items made from plastic: $126.9 million (1.7%)
- Chemical elements used in electronic discs, wafers: $110.5 million (1.4%)
- Precious metal waste, scrap: $88.8 million (1.2%)
New Hampshire’s top 10 exports accounted for 48.5% of the overall value of the state’s global shipments.
Chemical elements used in electronic discs or wafers represent the fastest grower among the top 10 export categories, up by 412.7% from 2022 to 2023.
In second place for improving export sales were parts of furnaces, ovens and other heating equipment which rose 152.1%.
New Hampshire’s shipments of modems and other reception, conversion or transmission equipment posted the third-fastest gain in value, up by 95.7%.
The severest year-over-year decline among New Hampshire’s top 10 export products was recorded for parts or accessories of office machinery parts or accessories, dragged down by a -25.6% reduction from 2022.
More Key Facts about New Hampshire’s International Trade
New Hampshire incurred an overall -US$1.98 billion deficit exporting and importing products during 2023. That dollar amount reflects a -14.7% reduction from -$2.32 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 New Hampshire’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Turbo-jet parts: US$2.8 billion (28.6% of New Hampshire’s imports)
- Miscellaneous petroleum oils not biodiesel: $476.2 million (4.9%)
- Plastic plates, sheets, foil, film, strips: $266.5 million (2.8%)
- Footwear covering ankle (rubber/plastic/ leather outer soles): $201.4 million (2.1%)
- Gears, gear boxes, ball or roller screws: $200.6 million (2.1%)
- Other footwear (leather upper, rubber sole): $179.3 million (1.9%)
- Modems, similar reception/conversion/transmission devices: $133.3 million (1.4%)
- Petroleum bitumen: $95.2 million (1%)
- Optical devices, instruments: $94.6 million (1%)
- Electronic integrated circuits (processors, controllers): $83.7 million (0.9%)
New Hampshire has highly negative net exports in the international trade of turbo-jet or turbo-propeller parts, as well as petroleum-related goods. In turn, these cashflows indicate New Hampshire’s competitive disadvantages under those product categories.
New Hampshire’s Major Trade Partners
The following list shows the top 10 customers that purchased nearly three-quarters (72.6%) worth of the total value of products exported from New Hampshire during 2023.
- Canada: US$1.43 billion (18.8% of New Hampshire’s exports)
- Germany: $1.3 billion (16.9%)
- Mexico: $698.7 million (9.1%)
- United Arab Emirates: $356 million (4.7%)
- mainland China: $348.8 million (4.6%)
- Netherlands: $338.4 million (4.4%)
- Japan: $313.6 million (4.1%)
- Poland: $310 million (4.1%)
- Italy: $268.1 million (3.5%)
- United Kingdom: $189.8 million (2.5%)
New Hampshire’s top trade partners in North America (Canada and Mexico) bought 27.9% of the state’s overall export sales.
That percentage lags the 31.4% share for major purchasers from Europe (Germany, Ireland, Poland, Italy and the United Kingdom).
New Hampshirite Export Companies
Two New Hampshire-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. These are listed below.
- PC Connection (computer hardware, software, services)
- Sprague Resources LP (petroleum, natural gas)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
New Hampshire’s capital is Concord, a city named to reflect the “concord” (harmonious agreement) in 1765 resolving a bitter dispute over land boundaries.
See also Indiana’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 11, 2024
Forbes, 2020 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, New Hampshire Economic Profile (gross domestic product, population). Accessed on May 11, 2024
International Trade Centre, Trade Map. Accessed on May 11, 2024
Investopedia, Net Exports Definition. Accessed on May 11, 2024
State Symbols USA, State Nicknames. Accessed on May 11, 2024
United States Census Bureau, QuickFacts: New Hampshire. Accessed on May 11, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on May 11, 2024
Wikipedia, Categories:Companies based in New Hampshire. Accessed on May 11, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 11, 2024
Wikipedia, New Hampshire. Accessed on May 11, 2024
World’s Capital Cities, Capital Facts for Concord, United States. Accessed on May 11, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 11, 2024