DEED: Minnesota exports reach record high $27B in 2022, up 16% over 2021

(ABC 6 News) –  Minnesota exports of agricultural, mining and manufactured products reached a record high of $27 billion in 2022, according to a report released Wednesday by the Minnesota Department of Employment and Economic Development (DEED).

The state’s exports continued their growth streak from 2021, jumping 16% over the year.

“Minnesota’s record export sales and continued export growth are great news. These trends show that our manufacturers are well-positioned in international markets and contribute strongly to resilience in our state economy,” said interim DEED Commissioner Kevin McKinnon. “We will continue to engage in multi-faceted efforts to bring Minnesota companies and goods to the global stage.”

North American markets drove Minnesota’s export growth in 2022. Minnesota exports to North America grew to nearly $12 billion, jumping by 30% over 2021. Exports also strongly performed to the European Union (up 26%), the Caribbean, Central America and South America (up 22%) and the Middle East (up 30%), but fell to Asia (down 2%).

Among products, surging global sales of mineral fuel, oil (up $1.8 billion), electrical equipment (up $681 million) and cereals (up $618 million) contributed the most to Minnesota’s export gains in 2022. Mineral fuel, oil exports doubled to $3.6 billion – propelled by Canada and petroleum products. High-growth markets for electrical equipment included Canada (up 38%), Germany (up 49%) and Singapore (up 50%); while those for cereals included Canada – the primary market for cereals – as well as emerging markets for wheat such as Yemen and Indonesia.

Minnesota conducted $70 billion in total trade in goods with 215 countries in 2022. Total trade grew 25% since 2021. With nearly $43 billion in imports (up 31%), the state ran a trade deficit of about $15 billion in 2022.

U.S. exports overall grew 18% between 2021 and 2022. Minnesota ranked 21st highest in exports among the 50 states for total exports, up from 22nd in 2021.  The state’s exports of goods supported about 118,000 Minnesota jobs in 2021.