Minnesota Exports Surge in First Quarter, Outpacing National Trend

(KNSI) – Minnesota’s goods exports reached $6.7 billion in the first quarter of 2024, marking a 2% increase from the same period in 2023, according to the Minnesota Department of Employment and Economic Development.

The growth surpassed the national trend, as U.S. goods exports remained unchanged year-over-year.

More than half of Minnesota’s top 10 exported products saw moderate to strong performances in the first quarter. Notable increases included a 12% bump in optic and medical products, 18% higher exports in plastics, a 26% hike in vehicle exports and a 33% increase in exports for aircraft and spacecraft. Vehicle and vehicle parts exports showed big gains in markets like Mexico, with triple digit gains for Australia, South Africa, and Poland.

“The growth we’ve seen in the first quarter compared to 2023 is a promising start to the year,” said DEED Commissioner Matt Varilek. “We’re excited to see strong growth with some of our most important trading partners and from our biggest industries. Increasing global trade can help us create good jobs, help businesses expand, and keep our economy growing.”

Sales of Minnesota goods to North America rose by 1%, with a 20% increase in exports to Mexico offsetting continued declines to Canada. Export losses to Canada were driven by a 16% drop in mineral fuels and oil but were partially offset by a 112% growth in aircraft products and a 17% increase in vehicle products. Other notable segments with gains included cereal grains and food by-products, increasing the export values on both by a combined $132 million.

The Minnesota Trade Office at DEED is organizing a business development mission to Canada next week. A delegation of state agencies and Minnesota economic development and agricultural leaders will promote Minnesota as a prime destination for trade and business investment.

Minnesota saw significant export growth in many other global regions, such as Asia, the Caribbean, Central and South America, the Australia-Pacific region and the Middle East. However, exports to the EU fell by 6% despite significant growth in markets like Ireland and France. Exports to Africa decreased by 13%.

“The export rebound is great news after declines in the past year,” said Minnesota Trade Office Executive Director Gabrielle Gerbaud. “We continue to focus on international growth opportunities and work with Minnesota companies to expand their reach and make new connections in foreign markets.”

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