That dollar amount reflects an -15.6% decline from $2.36 billion four years earlier during 2020.
Year over year, the overall value of Vermont’s exports shrank by -20.5% compared to $2.5 billion for 2022.
Vermont ranks as America’s 2nd smallest exporters by state ahead of only Hawaii.
The value of Vermont’s exports equals 0.1% of the United States’ overall exported products for 2023.
Based on research from Statista, Vermont’s exported products represent 5.7% of the state’s total economic output or real Gross Domestic Product in 2023 ($35.1 billion).
Given Vermont’s population of 647,464 people, its total $2 billion in 2023 exports translates to roughly $3,100 for every resident in the Green Mountain State. That dollar metric lags the average $3,900 per capita in 2022.
Vermont’s unemployment rate was 2.1% at the end of April 2024, up from 1.7% one year earlier per YCharts.
Vermont’s Top 10 Exports
The following export products represent the highest dollar value in Vermont global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Vermont.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Electronic integrated circuits (miscellaneous): US$340.6 million (17.1% of Vermont’s exports)
- Electronic integrated circuits (processors, controllers): $147.8 million (7.4%)
- Civilian aircraft, engines or other parts: $113.3 million (5.7%)
- Physical exercise equipment: $82.2 million (4.1%)
- Integrated circuits (amplifiers): $71.4 million (3.6%)
- Clay-coated paper, paperboard: $55.8 million (2.8%)
- Parts for machinery to work rubber or plastics: $51.5 million (2.6%)
- Safety headgear including sports: $46.9 million (2.4%)
- Miscellaneous items made from plastic: $36.2 million (1.8%)
- Miscellaneous optical radiation instruments: $30.3 million (1.5%)
Vermont’s top 10 exports were worth almost half (49%) of the overall value of the state’s global shipments.
The strongest gainer among Vermont’s top 10 export categories was the capital-intensive civilian aircraft and aircraft engines or other parts, propelled by a 62.9% advance from 2022.
Other leading increases belonged to Vermonter international sales of parts for machinery to work rubber or plastics (up 11.3%), safety headgear including those used in sports (up 4.9%), then miscellaneous items made from plastics (up 1.9%).
The severest decliners among Vermont’s top 10 export products were electronic integrated circuits or amplifiers (down -65.7% from 2022), processors and controllers for electronic integrated circuits (down -52.8%) then miscellaneous electronic integrated circuits (down -41.1%).
More Key Facts about Vermont’s International Trade
Vermont incurred an overall -US$1.83 billion trade deficit exporting and importing products during 2023. That dollar amount reflects a 2.9% expansion from -$1.78 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.
Below are Vermont’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Electrical energy: US$775.1 million (20.3% of Vermont’s imports)
- Chocolate, food preparations including cocoa: $237 million (6.2%)
- Processed petroleum oils (not biodiesel): $217.4 million (5.7%)
- Light petroleum oils (not biodiesel): $204.1 million (5.3%)
- Liquified propane: $85.6 million (2.2%)
- Turbojet parts: $84.1 million (2.2%)
- Electronic integrated circuits (processors, controllers): $70.3 million (1.8%)
- Natural gas (gaseous state): $66 million (1.7%)
- Revolvers, pistols: $55.6 million (1.5%)
- Large aircraft: $50.6 million (1.3%)
Vermont has negative net exports in the international trade of commodities such as electrical energy, chocolate preparations and petroleum oils. In turn, these cashflows indicate Vermont’s competitive disadvantages under these product categories.
Vermont’s Major Trade Partners
The following list shows the top 10 customers that purchased about four-fifths (79.6%) worth of the total value of products exported from Vermont during 2023.
- Canada: US$679.6 million (34.1% of Vermont’s exports)
- Taiwan: $218.2 million (11%)
- mainland China: $150.4 million (7.6%)
- Germany: $112.2 million (5.6%)
- South Korea: $86.8 million (4.4%)
- Mexico: $84.9 million (4.3%)
- United Kingdom: $76.1 million (3.8%)
- United Arab Emirates: $62.5 million (3.1%)
- Netherlands: $59.6 million (3%)
- Malaysia: $54.5 million (2.7%)
Vermont’s top trade partners in North America (Canada and Mexico) bought 38.4% of the overall value of export sales from the Green Mountain State.
That percentage compares to 25.6% for importers in Asia (Taiwan, mainland China, South Korea and Malaysia).
Vermonter Export Companies
Just one among all Vermont-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses.
That company is Keurig Green Mountain, Inc.–a specialty coffee and coffee maker business that was previously called Green Mountain Coffee Roasters.
In addition to coffee-related products, Keurig Green Mountain also sells tea, cocoa and K-Cup pods on domestic as well as international markets.
Vermont’s capital is Montpelier, America’s smallest city in terms of population that serves as state capital.
See also North Dakota’s Top 10 Exports, Montana’s Top 10 Exports, Wisconsin’s Top 10 Exports, Arizona’s Top 10 Exports and Maryland’s Top 10 Exports
Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 24, 2024
Forbes, 2020 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 24, 2024
GeoLounge, Fortune 1000 Companies List, Fortune 1000 by State and Place. Accessed on May 24, 2024
International Trade Centre, Trade Map. Accessed on May 24, 2024
Investopedia, Net Exports Definition. Accessed on May 24, 2024
State Symbols USA, State Nicknames. Accessed on May 24, 2024
Statista, Real gross domestic product of Vermont. Accessed on May 24, 2024
United States Census Bureau, QuickFacts: Vermont. Accessed on May 24, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on May 24, 2024
Wikipedia, Category:Companies based in Vermont. Accessed on May 24, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 24, 2024
Wikipedia, Vermont. Accessed on May 24, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 24, 2024