Nicknamed “The Bay State” and located in America’s northeastern region known as New England, the Commonwealth of Massachusetts shipped US$35.2 billion worth of exported products around the globe in 2023.

That dollar amount represents a 41.5% increase from $24.9 billion four years earlier in 2020.

Year over year, the overall value of goods exported from Massachusetts grew by 7.7% compared to $32.7 billion during 2022.

Massachusetts ranks as America’s 18th biggest exporters by state lagging front-runners including Texas, California, Louisiana, New York state and Illinois.

The value of Massachusetts’ exports equals 1.7% of the United States’ overall exported products for 2023, up from 1.6% one year prior.

Based on metrics from IBIS World, Massachusetts’ exported products represent 6.4% of the state’s total economic output or Gross Domestic Product in 2023 ($551.5 billion).

Given Massachusetts’ population of 7.035 million people, its total $35.2 billion in 2023 exports translates to roughly $5,000 for every resident in the Bay State. That dollar metric exceeds the average $4,700 per capita one year earlier during 2022.

Massachusetts’ unemployment rate was 2.9% in March 2024, down from 3.5% one year earlier per YCharts.

Massachusetts’ Top 10 Exports

The following export products represent the highest dollar value in Massachusetts global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Massachusetts.

Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.

1. Human medicine vaccines: US$4.5 billion (12.8% of Massachusetts’ total exports)
2. Machinery for making semi-conductors: $1.9 billion (5.4%)
3. Mixed immunological products (unmeasured doses): $1.4 billion (3.9%)
4. Medical, dental, veterinarian instruments: $1.25 billion (3.5%)
5. Liquid filters, purification machines: $929 billion (2.6%)
6. Medical needles, catheters: $795.3 million (2.3%)
7. Diagnostic or laboratory reagents: $711.3 million (2%)
8. Immunological products (measured doses): $639.5 million (1.8%)
9. Unwrought gold: $623.3 million (1.8%)
10. Parts or accessories for semi-conductor making machines: $621.9 million (1.8%)

Massachusetts’ top 10 exports generated almost two-fifths (38%) of the overall value of the state’s global shipments.

Immunological products in measured doses posted the fastest annual growth among Massachusetts’ top 10 export categories, up by 466.7% from 2022.

In second place was unwrought non-monetary gold (up 180.9%), trailed by human medicine vaccines (up 168.7%), then mixed immunological products not in measured doses (up 86.5%).

Exports from Massachusetts for liquid filters and purification machines recorded the severest year-over-year decline, down -23.6% from 2022.

More Key Facts about Massachusetts’ International Trade

Massachusetts incurred an overall -US$8.2 billion deficit exporting and importing products during 2023. That dollar amount shrank by -50.6% compared to -$16.6 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 Massachusetts’ top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.

1. Light petroleum oils: $3.2 billion (7.3% of Massachusetts’ total imports)
2. Artificial joints, parts and accessories: $1.8 billion (4.1%)
3. Refined petroleum oils (not biodiesel): $1.7 billion (4%)
4. Miscellaneous electronic integrated circuits: $1.6 billion (3.7%)
5. Medical, dental, veterinarian instruments: $1.2 billion (2.8%)
6. Medium-size motor vehicles (piston engine): $855.2 million (2%)
7. Medical needles, catheters: $637.6 million (1.5%)
8. Miscellaneous iron or steel structures, parts: $620.2 million (1.4%)
9. Natural gas (in gaseous state): $581.1 million (1.3%)
10. Machines for transmitting voice, image and data: $566.1 million (1.3%)

Massachusetts has highly negative net exports in the international trade of petroleum-related products. In turn, these cashflows indicate Massachusetts’ competitive disadvantages under related product categories.

Massachusetts’ Major Trading Partners

The following list shows the top 10 customers that purchase over two-thirds (68.2%) worth of the total value of products exported from Massachusetts during 2023.

1. Belgium: US$4.86 billion (13.8% of Massachusetts’ total exports)
2. mainland China: $3.33 billion (9.5%)
3. Canada: $3.29 billion (9.3%)
4. Mexico: $2.7 billion (7.8%)
5. Germany: $2.3 billion (6.5%)
6. Netherlands: $1.95 billion (5.5%)
7. United Kingdom: $1.61 billion (4.6%)
8. Japan: $1.55 billion (4.4%)
9. South Korea: $1.4 billion (4%)
10. Italy: $993.2 million (2.8%)

Massachusetts’ top trade partners in Asia (mainland China, Japan and South Korea) imported 17.8% of the overall value of exported goods from the Bay State.

Asia’s percentage compares with 17.1% of export sales from Massachusetts which arrived in Canada and Mexico, fellow North American trade partners.

Another 33.2% went to top Massachusettsan customers in Europe (Belgium, Germany, Netherlands, United Kingdom and Italy).

Massachusettsan Export Companies

Over 40 Massachusetts-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are shown below.

• Analog Devices, Inc (semiconductors, data conversion technology)
• Biogen (biotechnology therapies)
• Boston Scientific Corp (medical devices)
• Cabot Corp (specialty chemicals, materials)
• Nuance Communications (specialty software, speech recognition)
• PerkinElmer, Inc (analytical instruments, lab technology)
• Skyworks Solutions (semiconductors, amplifiers)
• Thermo Fisher Scientific (genetic testing, precision lab equipment)
• Waters Corp (laboratory instruments, software)
• Wayfair, Inc (ecommerce seller of home products)

Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
 

The capital of Massachusetts is Boston, a city nicknamed “Beantown”, “America’s Walking City” and “The City of Champions”.

See also Oklahoma’s Top 10 Exports, Alaska’s Top 10 Exports, Oregon’s Top 10 Exports, Louisiana’s Top 10 Exports and Washington State’s Top 10 Exports

Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 9, 2024

Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 9, 2024

GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on May 9, 2024

IBIS World, Real gross domestic product of Massachusetts. Accessed on May 9, 2024

International Trade Centre, Trade Map. Accessed on May 9, 2024

Investopedia, Net Exports Definition. Accessed on May 9, 2024

United States Census Bureau, QuickFacts: Massachusetts. Accessed on May 9, 2024

USA Trade Online, Official Source of Trade Statistics. Accessed on May 9, 2024

Wikipedia, Massachusetts. Accessed on May 9, 2024

Wikipedia, List of Massachusetts Companies. Accessed on May 9, 2024

Wikipedia, List of U.S. states and territories by GDP. Accessed on May 9, 2024

World’s Capital Cities, Capital Facts for Boston, United States. Accessed on May 9, 2024

YCharts, Regional and State Employment and Unemployment Report. Accessed on May 9, 2024