Nicknamed “Old Dominion” located in America’s Southeastern and Mid-Atlantic regions, the Commonwealth of Virginia shipped US$22.4 billion worth of exported products around the world in 2023.

That dollar amount represents a 36.5% increase from $16.4 billion four years earlier in 2020.

Year over year, the overall value of Virginian exports fell by -10.2% compared to $25 billion during 2022.

Virginia ranks as America’s 25th biggest exporters by state well behind front-runners including Texas, California, Louisiana, New York state, and Illinois.

The value of Virginia’s exports equals 1.1% of the United States’ overall exported products for 2023, down from 1.2% one year prior.

Virginia’s exported products represent 3.2% of the state’s total economic output or nominal Gross Domestic Product ($707.1 billion) for 2023.

Given Virginia’s population of 8.716 million people, its total $22.4 billion in 2023 exports translates to roughly $2,600 for every resident in the Old Dominion state. That dollar metric lags the average $2,900 per capita for 2022.

Virginia’s unemployment rate was 2.9% in March 2024, down from 3% for February 2023 per YCharts.

Virginia’s Top 10 Exports

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

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

1. Coal (non-agglomerated, bituminous): US$4.2 billion (18.6% of Virginia’s total exports)
2. Soya beans: $1.3 billion (5.7%)
3. Electronic integrated circuits (memories): $720 million (3.2%)
4. Semi-trailer road tractors: $469.6 million (2.1%)
5. Civilian aircraft or engines, parts: $417 million (1.9%)
6. Self-adhesive plastic plates, sheets, film: $319.1 million (1.4%)
7. Solid residues including soya bean oil-cake: $275.3 million (1.2%)
8. Office machine parts, accessories: $271.7 million (1.2%)
9. Artificial filament tow (cellulose acetate): $267.3 million (1.2%)
10. Motor vehicle parts, accessories: $250.8 million (1.1%)

Virginia’s top 10 exports approached two-fifths (37.6%) of the overall value of the state’s global shipments.

Semi-trailer road tractors represent the fastest grower among Virginia’s top 10 export categories, up by 39.2% from 2022 to 2023.

In second place were exports of civilian aircraft plus engines or other parts (up 31.7%) followed by artificial filament tow made from cellulose acetate used for making polyester (up 19.3%), motor vehicle parts or accessories (up 18.8%), then memories for electronic integrated circuits (up 13.2%).

The severest decliners among Virginia’s top 10 export products were non-agglomerated bituminous coal (down -28.4% from 2022), soya beans (down -26.3%) then office machine parts or accessories (down -10.7%).

More Key Facts about Virginia’s International Trade

Virginia incurred an overall -US$11.6 billion trade deficit exporting and importing products during 2023. That dollar amount reflects a -21% year-over-year drop from -$14.7 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 Virginia’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.

1. Office machine parts, accessories: US$1.68 billion (4.9% of Virginia’s total imports)
2. Miscellaneous aircraft parts: $1.33 billion (3.9%)
3. Digital processing units (individual components): $1.1 billion (3.2%)
4. Wheeled toys (tricycles, scooters, pedal cars, carriages): $565.7 million (1.7%)
5. Semi-trailer road tractors: $364.9 million (1.1%)
6. Photovoltaic solar cells in modules, panels: $288.2 million (0.8%)
7. Voice, image and data machines: $274.3 million (0.8%)
8. Small portable computers: $269.4 million (0.8%)
9. Multi-purpose office print/copy/fax machines: $257.7 million (0.8%)
10. Mid-sized passenger vehicles (piston engine): $240.1 million (0.7%)

Virginia has negative net exports in the international trade of office machine parts or accessories, aircraft parts and individual components for digital processing units. In turn, these cashflows indicate Virginia’s competitive disadvantages under these product categories.

Virginia’s Major Trading Partners

The following list shows the top 10 customers that purchased some three-fifths (60.8%) worth of the total value of products exported from Virginia during 2023.

1. Canada: US$3.56 billion (15.9% of Virginia’s total exports)
2. mainland China: $2 billion (8.9%)
3. India: $1.8 billion (8.2%)
4. Mexico: $1.24 billion (5.5%)
5. Netherlands: $1 billion (4.5%)
6. Germany: $951.2 million (4.2%)
7. Brazil: $863.9 million (3.9%)
8. United Kingdom: $740.5 million (3.3%)
9. Taiwan: $729.9 million (3.3%)
10. Belgium: $695.7 million (3.1%)

Virginia’s top trade partners in Asia (mainland China, India and Taiwan) purchased one-fifth (20.3%) of the overall value of exported goods from the state commonly called “Old Dominion”.

In comparison, 21.4% worth originated from Virginia’s major customers in North America (Canada and Mexico). Another 15.1% was sold to leading importers in Europe (Netherlands, Germany, United Kingdom and Belgium).

Virginian Export Companies

Thirty-six of Virginia-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are listed below.

• Advance Auto Parts (auto parts, accessories)
• Altria Group (tobacco products)
• Beacon Roofing Supply (building supplies)
• CACI International Inc (technology, professional services)
• Computer Sciences Corp (technology, professional services)
• Huntington Ingalls Industries (ships,submarines, aircraft carriers)
• NewMarket Corp (petroleum additives)
• Orbital ATK Inc (aerospace, defense industry products)
• Performance Food Group (food products, snacks)
• Universal Corp (tobacco products)

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

Virginia’s capital is Richmond, a city nicknamed “RVA”, “The River City” and “Capital of the South”.

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

Research Sources:
FlagPictures.org, Flags of US States. Accessed on April 19, 2024

Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 19, 2024

GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on April 19, 2024

International Trade Centre, Trade Map. Accessed on April 19, 2024

Investopedia, Net Exports Definition. Accessed on April 19, 2024

United States Census Bureau, QuickFacts: Virginia. Accessed on April 19, 2024

USA Trade Online, Official Source of Trade Statistics. Accessed on April 19, 2024

Wikipedia, Category:Companies based in Virginia. Accessed on April 19, 2024

Wikipedia, List of U.S. states and territories by GDP. Accessed on April 19, 2024

Wikipedia, Virginia. Accessed on April 19, 2024

YCharts, Regional and State Employment and Unemployment Report. Accessed on April 19, 2024