Minnesota Exports Reach Record High In 2022

(KNSI) – Minnesota is exporting more goods and raw materials than ever before.

The state shipped $27 billion of agricultural, mining, and manufactured products across the United States and to the rest of the world in 2022. The mark is over 16% higher than the year before. Fuel, oil, electrical components, and cereal contributed to the gain.

Exports to North American and Middle East markets surged by 30%. They jumped by 26% in the European Union and 22% in Central and South America. Exports fell by 2% in Asia, a year dominated by COVID-related economic shutdowns in China.

Minnesota Department of Employment and Economic Development Interim Director Kevin McKinnon says, “We invite all Minnesota companies looking to launch or grow export sales to utilize all the resources our office provides.”

The Minnesota Trade Office provides grants to expand exporting operations, technical assistance, and training and education. It also maintains offices overseas to help promote and advertise Minnesota products.

While the news is good, the state is still running an overall trade deficit. Imports grew by a whopping 31% to just under $43 billion. The deficit totals around $15 billion.

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