State exports climb 11% in 3rd quarter

Tuesday, December 12, 2017

Sales of $5.4 billion are highest in nearly three years

Minnesota exports of manufactured, agricultural and mining products reached $5.4 billion in the third quarter, their highest level since late 2014, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED). 

State exports were up 11 percent from the same period a year ago. U.S. exports were up 5 percent during the quarter. 

Exports of Minnesota products climbed in nearly every major global region, growing 11 percent in North America, 10 percent in Europe and 8 percent in Asia. Central and South America and the Middle East each posted gains of 13 percent. The only decline was in Africa, down 6 percent. 

“Minnesota exports are having a strong 2017, with sales up 8 percent through the first nine months of the year,” said DEED Commissioner Shawntera Hardy. “That’s good news for the economy because exports support an estimated 120,000 jobs in the state.” 

Canada was the state’s largest national market, with sales growing 14 percent to $1.2 billion. 

Other top 10 national markets were Mexico ($659 million, up 7 percent), China ($615 million, up 2 percent), Japan ($368 million, up 37 percent), Germany ($246 million, up 32 percent), South Korea ($208 million, down 4 percent), Belgium ($152 million, down 2 percent), Singapore ($148 million, down 7 percent), the United Kingdom ($139 million, up 16 percent) and the Philippines ($125 million, up 10 percent). 

The top export was optics/medical products, with sales climbing 13 percent to $1 billion. 

Continue to full article. 

Category: Advanced Manufacturing, Ag and Forest, Mining