That dollar amount reflects a 36.7% increase from $20.5 billion four years earlier in 2020.
Year over year, the overall value of Wisconsin’s exports slowed to a 2.1% gain compared to $27.4 billion for 2022.
Wisconsin ranks as America’s 20th most lucrative exporters by state well behind front-runners including Texas, California, Louisiana, New York state and Illinois.
The value of Wisconsin’s exports equals 1.4% of the United States’ overall exported products for 2023, up from 1.3% one year prior.
Based on research from Statista, Wisconsin’s exported products represent 8.3% of the state’s total economic output or real Gross Domestic Product ($336.5 billion).
Given Wisconsin’s population of 5.9 million people, its total $28 billion in 2023 exports translates to roughly $4,750 for every resident in the Badger State. That dollar metric outpaces the average $4,650 per capita for 2022.
Wisconsin’s unemployment rate was 2.9% at the end of April 2024, up from 2.7% one year prior per YCharts.
Wisconsin’s Top 10 Exports
The following export products represent the highest dollar value in Wisconsin global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Wisconsin.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Civilian aircraft, engines and parts: US$1.22 billion (4.4% of Wisconsin’s exports)
- Computer data storage devices: $468.5 million (1.7%)
- Outboard engines for marine vessels: $453.2 million (1.6%)
- Spark-ignition piston engine parts: $326.7 million (1.2%)
- Computed tomography equipment: $323.8 million (1.2%)
- Static converters, ADP power supplies: $308.2 million (1.1%)
- Miscellaneous computers: $306.8 million (1.1%)
- Electro-diagnostic apparatus: $293.9 million (1%)
- Miscellaneous plastic items: $273.5 million (1%)
- Large tractors: $273.2 million (1%)
Wisconsin’s top 10 exports accounted for 15.2% of the overall value of the state’s global shipments.
The fastest percentage increases in Wisconsinite export sales belong to computer data storage devices (up 171% from 2022), larger tractors (up 133%), static converters and ADP power supplies (up 39%), then Wisconsin’s number one export product category civilian aircraft, aircraft engines and other parts (up 37.9%).
There were two year-over-year decliners among Wisconsin’s top 10 export products namely miscellaneous computers (down -4.1%) and computed tomography equipment (down -0.5%).
More Key Facts about Wisconsin’s International Trade
Wisconsin incurred an overall -US$11.3 billion trade deficit exporting and importing products during 2023. That dollar amount results from a -17.2% reduction from -$13.6 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 Wisconsin’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.
- Human medicine vaccines: US$4 billion (10.2% of Wisconsin’s imports)
- Medical, dental, veterinarian instruments: $1.9 billion (4.8%)
- Hand tools with electric motors: $943 million (2.4%)
- Medicines in measured doses for retail sale: $485.4 million (1.2%)
- Snow vehicles, golf carts: $476.2 million (1.2%)
- Static converters, ADP power supplies: $472.7 million (1.2%)
- Electronic integrated circuits (processors, controllers): $320.3 million (0.8%)
- Medium-size tractors: $317.1 million (0.8%)
- Parts of spark-ignition piston engines: $315.8 million (0.8%)
- Controls for electric apparatus: $291.1 million (0.7%)
Wisconsin has negative net exports in the international trade of human-use vaccines, instruments used by medical professionals, dentists and veterinarians, hand tools with electric motors, and medicines in measured doses packaged for retail sale. In turn, these cashflows indicate Wisconsin’s strong competitive disadvantages under these categories thus showing the strong impact of foreign-made vaccines and related goods on Wisconsin’s balance sheet.
Wisconsin’s Major Trade Partners
The following list shows the top 10 customers that purchase seven-tenths (70.9%) worth of the total value of products exported from Wisconsin during 2023.
- Canada: US$8.5 billion (30.2% of Wisconsin’s exports)
- Mexico: $4.3 billion (15.4%)
- mainland China: $1.5 billion (5.3%)
- Germany: $959.2 million (3.4%)
- United Kingdom: $897.8 million (3.2%)
- Belgium: $895.4 million (3.2%)
- Australia: $812.5 million (2.9%)
- Netherlands: $742.2 million (2.6%)
- South Korea: $654.6 million (2.3%)
- Japan: $643.3 million (2.3%)
Wisconsin’s top trade partners in North America, namely Canada and Mexico, approached one-half (45.6%) of the total value of goods exported from the state.
Leading customers for exports of Wisconsin in Europe (12.5%) and Asia (10%) generated smaller percentages.
Wisconsinite Export Companies
More than 20 of Wisconsin-headquartered corporations rank among America’s largest companies as documented in the Fortune 1000 listing. Selected examples are shown below.
- A. O. Smith Corporation (water boilers, heaters, tanks, treatment)
- Bemis Company (flexible packaging, pressure-sensitive materials)
- CUNA Mutual Group (financial services)
- Fiserv (financial services technology)
- Harley-Davidson (motorcycles)
- Oshkosh Corporation (specialty trucks, military vehicles)
- Plexus Corporation (electronic products)
- Regal Beloit Corporation (electric motors)
- Rockwell Automation (industrial automation systems)
- Snap-on Incorporated (industrial tools, equipment)
Shown within brackets for each company is a summary of the international trade-related product category or services in which each business deals.
Wisconsin’s capital is Madison, a city nicknamed Mad City and the Four Lakes City.
See also Nevada’s Top 10 Exports, Montana’s Top 10 Exports, Kentucky’s Top 10 Exports, Arizona’s Top 10 Exports and Maryland’s Top 10 Exports
Research Sources:
BizTimes–Milwaukee Business News, Wisconsin has 9 firms on 2022 Fortune 500 list. Accessed on May 19, 2024
FlagPictures.org, Flags of US States. Accessed on May 19, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 19, 2024
International Trade Centre, Trade Map. Accessed on May 19, 2024
Investopedia, Net Exports Definition. Accessed on May 19, 2024
Statista, Real gross domestic product of Wisconsin. Accessed on May 19, 2024
United States Census Bureau, QuickFacts: Wisconsin. Accessed on May 19, 2024
USA Trade Online, Official Source of Trade Statistics. Accessed on May 19, 2024
Wikipedia, Wisconsin. Accessed on May 19, 2024
Wikipedia, Category:Companies based in Wisconsin. Accessed on May 19, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 19, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 19, 2024