That dollar amount results from a 23.2% advance from $45.2 billion back in 2020.
Year over year, the overall value of goods exported from Ohio fell by -1.8% compared to $56.8 billion for 2022.
Ohio rose to rank among America’s 10 most lucrative exporters by state, albeit well behind front-runners Texas, California and New York state. The value of Ohio’s exports equals 2.8% compared to the United States’ overall exported product sales for 2023 ($2.019 trillion). That percentage reflects an upturn from 2.7% one year earlier.
Ohio’s exported products represent 8.7% of the state’s total economic output or Gross Domestic Product ($642 billion) in 2023. That percentage is a reduction from the 9.1% for 2022.
The most valuable products shipped from Ohio are civilian aircraft including engines or other parts, small piston engines then small automobiles powered by gasoline. Collectively, those major commodities generated 13.8% of Ohio’s total export sales during 2023.
Given Ohio’s population of 11.8 million people, its total $55.8 billion in 2023 exports translates to $4,730 for every resident in the Great Lakes region state. That dollar metric lags the average $4,800 per capita for 2022.
Ohio’s unemployment rate was 3.7% at the end of December 2023, down from the 4.1% jobless rate one year prior, per YCharts.
Ohio’s Top 10 Exports
The following export products represent the highest dollar value in Ohio global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Ohio.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Civilian aircraft including engines, other parts: US$5.1 billion (9.1% of Ohio’s total exports)
- Spark-ignition piston engines: $1.5 billion (2.7%)
- Small automobiles (piston engine): $1.12 billion (2%)
- Miscellaneous medications for retail sale: $980.2 million (1.8%)
- Large automobiles (piston engine): $850.5 million (1.5%)
- Mid-sized automobiles (reciprocating piston engine): $788.9 million (1.4%)
- Automobile parts or accessories: $763.8 million (1.4%)
- Motor vehicle gear boxes: $724.6 million (1.3%)
- Soya beans: $645.6 million (1.2%)
- Road tractors (diesel-powered): $603.1 million (1.1%)
Ohio’s top 10 exports accounted for almost one-quarter (23.4%) of the overall value of the state’s global shipments.
Spark-ignition piston engines represent the fastest grower among Ohio’s top 10 export categories, up by 63.9% from 2022 to 2023.
In second place for improving export sales were diesel-powered road tractors, thanks to a 40.1% gain.
Automobile parts or accessories shipped from Ohio posted the third-fastest gain in value up by 26.2%, ahead of the 12.5% year-over-year advance for exports of motor vehicle gear boxes.
Posting the severest decline among Ohio’s top 10 export products were miscellaneous medications for retail sale (down -65.4% from 2022) which beat out exported soybeans (down -50.9%).
More Key Facts about Ohio’s International Trade
Overall, Ohio racked up a -US$24 billion trade deficit exporting and importing products during 2023. That dollar amount reflects a -11.6% reduction from -$27.2 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.
All told, Ohio imported US$79.8 billion worth of products from around the globe in 2023.
Below are Ohio’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Crude petroleum oils: US$2.86 billion (3.6% of Ohio’s total imports)
- Miscellaneous medications for retail sale: $2.6 billion (3.2%)
- Immunological products in measured doses for retail sale: $1.6 billion (2%)
- Automobile parts, accessories: $1.05 billion (1.3%)
- Motor vehicle body parts, accessories: $1.04 billion (1.3%)
- Spark-ignition engine parts: $897.1 million (1.1%)
- Medical, dental or veterinarian instruments: $799 million (1%)
- Items made with precious metals: $786.2 million (1%)
- Controls for electric appliances: $784 million (1%)
- Medications including alkaloids: $682.5 million (0.9%)
Ohio has highly negative net exports in the international trade of its international trade in crude oil and medicines packaged for retail sale. In turn, these cashflows indicate Ohio’s strong competitive disadvantages under pertinent product categories.
Ohio’s Major Trade Partners
The following list shows the top 10 customers that purchased over three-quarters (77.3%) worth of the total value of products exported from Ohio during 2023.
- Canada: US$21.4 billion (38.4% of Ohio’s total exports)
- Mexico: $8.3 billion (14.8%)
- China: $2.8 billion (5%)
- Japan: $2.1 billion (3.7%)
- Brazil: $2.04 billion (3.7%)
- United Kingdom: $1.9 billion (3.4%)
- Germany: $1.4 billion (2.5%)
- France: $1.17 billion (2.1%)
- South Korea: $1.05 billion (1.9%)
- Netherlands $1 billion (1.8%)
Ohio’s top trade partners in North America (Canada and Mexico) consumed over half (53.2%) of the overall value of exported goods from The Buckeye State.
Ohioan Export Companies
Twenty-five of Ohio-headquartered corporations rank on the Fortune 500 listing of largest American businesses. Selected examples are presented below.
- American Electric Power (electricity distribution)
- FirstEnergy Corp (electricity distribution)
- Goodyear Tire & Rubber Company (tire manufacturer)
- J.M. Smucker Company (fruit jams, beverages, toppings)
- L Brands (clothing, fashion accessories)
- Marathon Petroleum (oil, gas refiner)
- Owens-Illinois (glass containers)
- Parker Hannifin Corporation (motion or control technologies)
- Proctor & Gamble (consumer goods, personal care items)
- Sherwin-Williams (paints, other building materials)
Shown within brackets for each company is a summary of the international trade-related product category in which each company deals.
Ohio’s capital city is Columbus.
See also America’s Top 20 Export States, Alabama’s Top 10 Exports, Florida’s Top 10 Exports, Louisiana’s Top 10 Exports and Hawaii’s Top 10 Exports
Research Sources:
Columbus Business First, 25 Ohio companies make new Fortune 500 list… . Accessed on February 27, 2024
Department of Numbers, Ohio GDP (dollars shown in real terms). Accessed on February 27, 2024
FlagPictures.org, Flags of US States. Accessed on February 27, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 27, 2024
IBIS World, State Economic Profile (including GDP). Accessed on February 27, 2024
International Trade Centre, Trade Map. Accessed on February 27, 2024
Investopedia, Net Exports Definition. Accessed on February 27, 2024
United States Census Bureau, QuickFacts: Ohio. Accessed on February 27, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on February 27, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on February 27, 2024
Wikipedia, Ohio. Accessed on February 27, 2024
Wikipedia, Category:Companies based in Ohio. Accessed on February 27, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on February 27, 2024