That dollar amount results from a flatlining 2.6% increase from $4.7 billion four years earlier in 2019.
Year over year, the overall value of New Mexico’s exports shrank by -12.1% compared to $5.46 billion during 2021.
New Mexico ranks among America’s 10 smallest exporters by state far behind the largest front-runners including Texas, California, Louisiana, New York State and Illinois.
The value of New Mexico’s exports equals 0.2% of the United States’ overall exported product sales for 2022.
Based on research from Statista, New Mexico’s exported products represent 5.1% of the state’s total economic output or real Gross Domestic Product in 2022 ($94.7 billion).
Given New Mexico’s population of 2.11 million people, its total $4.8 billion in 2022 exports translates to roughly $2,300 for every resident in the Land of Enchantment state. That dollar metric lags the average $2,600 per capita one year earlier in 2021.
New Mexico’s unemployment rate was 3.5% at the end of March 2022, down from a 5% jobless rate at February 2022 per YCharts.
New Mexico’s Top 10 Exports
The following export products represent the highest dollar value in New Mexico global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from New Mexico.
Figures were derived from product distinctions at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Computer parts, accessories: US$1.2 billion (25.2% of New Mexico’s total exports)
- Electronic integrated circuits (processors, controllers): $421.3 million (8.8%)
- Civilian aircraft including engines, other parts: $338.1 million (7%)
- Petroleum gases (liquefied): $175.7 million (3.7%)
- Solid-state semiconductor storage devices: $167.6 million (3.5%)
- Mineral or chemical fertilizers (potassic): $113 million (2.4%)
- Cheese: $94.5 million (2%)
- Apparatus to transmit/receive voice, image, data: $84.2 million (1.8%)
- Static converters, ADP power supplies: $83.4 million (1.7%)
- Miscellaneous plastic items: $80.6 million (1.7%)
New Mexico’s top 10 exports accounted for nearly three-fifths (57.6%) of the overall value of the state’s global shipments.
Solid-state semiconductor storage devices represent the fastest grower among New Mexico’s top 10 export categories, propelled by a 335% upturn from 2021 to 2022.
Coming in second place with a 104.4% increase were exported mineral or chemical potassic fertilizers ahead of New Mexican exports of apparatus to transmit and receive voice, image or data (up 96.1%), static converters and ADP power supplies (up 42.9%) then cheese (up 38.7%).
There was a trio of double-digit decliners. These were New Mexico’s exports of processors and controllers for electronic circuits (down -68.6% from 2021), civilian aircraft both fully assembled or aircraft parts including engines (down -30.8%), and miscellaneous items made from plastic (down -17.5%).
More Key Facts about New Mexico’s International Trade
New Mexico recorded an overall -$1.3 billion deficit exporting and importing products during 2022, swelling by 130.4% from -$568.8 million in red ink for 2021.
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 Mexico’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2022.
- Computer parts, accessories: US$1.3 billion (21.7% of New Mexico’s total imports)
- Medical, dental, veterinarian instruments: $666.1 million (10.9%)
- Apparatus to transmit/receive voice, image, data: $240.3 million (3.9%)
- Iron or steel structures, parts: $182.9 million (3%)
- Natural uranium: $164.6 million (2.7%)
- Machines for making semiconductor devices: $152.9 million (2.5%)
- Miscellaneous plastic items: $139.3 million (2.3%)
- Static converters, ADP power supplies: $132.1 million (2.2%)
- Fuel, lubricating/cooling pumps for engines: $130.4 million (2.1%)
- Machines to receive/convert/regenerate voice, image, data: $130.1 million (2.1%)
New Mexico has negative net exports in the international trade of computer parts and accessories as well as instruments used for medical, surgical, dental and veterinarian purposes. In turn, these cashflows indicate New Mexico’s competitive advantages under those product categories.
New Mexico’s Major Trade Partners
The following list shows the top 10 customers that purchased 85.6% worth of the total value of products exported from New Mexico during 2022.
- Mexico: US$3.2 billion (65.7% of New Mexico’s total exports)
- mainland China: $228.1 million (4.8%)
- Canada: $194.2 million (4%)
- South Korea: $116.1 million (2.4%)
- United Kingdom: $95.2 million (2%)
- Taiwan: $88.6 million (1.8%)
- Germany: $69.8 million (1.5%)
- Romania: $59.2 million (1.2%)
- Sweden: $55.9 million (1.2%)
- India: $51.4 million (1.1%)
New Mexico’s top trade partners in North America–Mexico and Canada–bought over two-thirds (69.7%) of the overall value of exported goods from the state nicknamed the Land of Enchantment.
About one-tenth (10.1%) worth of New Mexico’s total exports were delivered to its major trade partners in Asia (mainland China, South Korea, Singapore, Taiwan and India).
New Mexican Export Companies
Not one of New Mexico-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses.
According to Zippia, below are examples of relatively large companies based in New Mexico.
- ARA (international research, engineering)
- Delta Group Electronics (electronics)
- Speridian Technologies (global info technology solutions)
- U.S. Cotton (health/beauty cotton, cotton products)
Shown within brackets for each company is a summary of the products or services which each business sells, some of which are international trade related.
New Mexico’s capital is Santa Fe, a city uniquely nicknamed “The City Different”.
See also Oklahoma’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:
Department of Numbers, New Mexico GDP (dollars shown in real terms). Accessed on May 11, 2023
FlagPictures.org, Flags of US States. Accessed on May 11, 2023
Forbes, 2019 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 11, 2023
GeoLounge, Fortune 1000 Companies List for 2019 , Fortune 1000 by State and Place. Accessed on May 11, 2023
International Trade Centre, Trade Map. Accessed on May 11, 2023
Investopedia, Net Exports Definition. Accessed on May 11, 2023
State Symbols USA, State Nicknames. Accessed on May 11, 2023
Statista, Real gross domestic product of New Mexico. Accessed on May 11, 2023
United States Census Bureau, QuickFacts: New Mexico. Accessed on May 11, 2023
USA Trade Online, Official Source of Trade Statistics. Accessed on May 11, 2023
Wikipedia, Category:Companies based in New Mexico. Accessed on May 11, 2023
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 11, 2023
Wikipedia, New Mexico. Accessed on May 11, 2023
World’s Capital Cities, Capital Facts for Santa Fe, United States. Accessed on May 11, 2023
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 11, 2023
Zippia, These are the 100 largest companies in New Mexico. Accessed on May 11, 2023