That dollar amount reflects a 49% increase over the 4-year period starting with $65.7 billion for 2020.
Year over year, the overall value of exports from New York declined by -10.7% compared to $109.5 billion during 2022.
In 2023, New York was America’s fourth-biggest exporter by state behind Texas, California and Louisiana. The value of New York’s exports equals 4.8% of the United States’ overall exported products for 2023, down from 5.2% for 2022.
Based on metrics from IBIS World, New York’s exported products represent an estimated 6.1% of the state’s total economic output or Gross Domestic Product in 2023 ($1.6 trillion).
Given New York’s population of 19.755 million people, its total $97.8 billion in 2023 exported products translates to roughly $4,950 for every resident in The Empire State. That dollar metric lags the average $5,400 per capita one year earlier during 2022.
New York’s unemployment rate was 5.1% in February 2024, down from the 5.3% jobless rate in February 2023 per YCharts.
New York’s Top 10 Exports
The following export products represent the highest dollar value in New York global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from New York state.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Diamonds (unmounted): US$13.4 billion (13.7% of New York’s total exports)
- Gold (unwrought): $12.4 billion (12.7%)
- Jewelry made with precious metals: $7.6 billion (7.7%)
- Hand-drawn paintings, drawings under 101 years old: $5.1 billion (5.2%)
- Rubies, sapphires, emeralds: $2.24 billion (2.3%)
- Hand-drawn paintings, drawings over 100 years old: $1.4 billion (1.4%)
- Civilian aircraft including engines, parts: $1.16 billion (1.2%)
- Electronic integrated circuits (processors/controllers): $1.03 billion (1.1%)
- Original sculptures, statues: $887.1 million (0.9%)
- Internal combustion piston engines: $884.1 million (0.9%)
New York’s top 10 exports represent 47% of the overall value of the state’s global shipments.
The fastest-growing exports from New York in 2023 were civilian aircraft and aircraft engines or other parts propelled by a 36.2% gain from 2022.
In second place were exports of rubies, sapphires and emeralds (up 33.9% from 2022) ahead of jewelry made with precious metals (up 32.8%) and hand-drawn paintings and drawings over 100 years old (up 16.8%).
The severest decliners among New York’s top 10 export products were unwrought gold (down -49.8% from 2022), hand-drawn paintings and drawings (down -17.6%), then original sculptures and statues (down -13.8%).
More Key Facts about New York’s International Trade
New York incurred an overall -US$59.1 billion deficit exporting and importing products during 2023. That dollar amount results from a -29.6% year-over-year decline from -$83.9 billion in red ink one year earlier 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 New York’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Diamonds (unmounted): US$16.6 billion (10.6% of New York’s total imports)
- Miscellaneous items clad in precious metals: $8.2 billion (5.2%)
- Jewelry made with precious metals: $5.2 billion (3.3%)
- Hand-drawn paintings, drawings under 101 years old: $3.35 billion (2.1%)
- Gold (unwrought): $2.37 billion (1.5%)
- Hand-drawn paintings, drawings over 100 years old: $2.3 billion (1.5%)
- Wrist watches: $1.761 billion (1.1%)
- Smartphones: $1.76 billion (1.1%)
- Non-gold coins (excluding legal currency): $1.45 billion (0.9%)
- Rubies, sapphires, emeralds: $1.35 billion (0.9%)
New York has negative net exports in the international trade of diamonds and miscellaneous items clad in precious metals. In turn, these cashflows indicate New York’s competitive disadvantages under those product categories on New York state’s global balance sheet.
New York’s Major Trading Partners
The following list shows the top 10 trade partners that purchased over two-thirds (71.1%) worth of the total value of products exported from New York during 2023.
- Canada: US$19.5 billion (20% of New York’s total exports)
- Switzerland: $13.7 billion (14%)
- Hong Kong: $8.3 billion (8.5%)
- Israel: $4.9 billion (5%)
- United Kingdom: $4.8 billion (4.9%)
- India: $4.12 billion (4.2%)
- Germany: $4.11 billion (4.2%)
- mainland China: $3.8 billion (3.9%)
- Mexico: $3.5 billion (3.6%)
- France: $2.9 billion (2.9%)
New York’s top trade partners in North America, namely Canada and Mexico, account for over one-fifth (23.5%) of the overall value of exported goods from the Empire State.
That percentage falls below the 26% share for the European countries listed above (Switzerland, Germany and France).
Asian and Middle East countries among the top 10 customers (Hong Kong, Israel, India and mainland China) generated 21.5% worth of New York’s total export sales.
New York Export Companies
Forty-five of corporations headquartered in New York state rank among Forbes Global 2000 for 2022. Selected examples are shown below.
- Arconic (aluminum, titanium, nickel)
- Bristol-Myers Squibb (pharmaceuticals)
- Colgate-Palmolive (household products, personal care, pet food)
- Estée Lauder Companies (makeup, skin care, hair care, fragrances)
- L3 Technologies (intelligence, surveillance, reconnaissance systems)
- Pfizer Inc (pharmaceuticals)
- Philip Morris International (cigarettes, other tobacco products)
- PVH (branded clothing)
- Ralph Lauren Corp (clothing, footwear, fragrances, housewares, jewelry)
- Verizon Communications (telecommunications)
Shown within brackets for each company is a summary of the international trade-related products which each business sells.
New York’s capital is Albany, a city nicknamed “Cradle of the Union” or the “518 Cap City” where 518 refers to Albany’s telephone area code.
See also Utah’s Top 10 Exports, California’s Top 10 Exports, Top 10 Exports from Texas and Maine’s Top 10 Exports
Research Sources:
FlagPictures.org, Flags of US States. Accessed on April 16, 2024
Forbes 2020 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 16, 2024
IBIS World, New York – State Economic Profile. Accessed on April 16, 2024
International Trade Centre, Trade Map. Accessed on April 16, 2024
Investopedia, Net Exports Definition. Accessed on April 16, 2024
New York Business Journal, JPMorgan Chase leads the list of 45 New York companies on the new Fortune 500 ranking. Accessed on April 16, 2024
United States Census Bureau, QuickFacts: New York, United States. Accessed on April 16, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on April 16, 2024
Wikipedia, List of New York Companies. Accessed on April 16, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on April 16, 2024
Wikipedia, New York (state). Accessed on April 16, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on April 16, 2024