MINNEAPOLIS 鈥� Gov. Tim Walz and the Minnesota Department of Employment and Economic Development, or DEED, announced Monday, Dec. 23, that Minnesota exports rose to $6.7 billion last quarter, jumping nearly 11% from the same quarter last year.
from the third quarter of the year 鈥� July, August and September 鈥� showing Minnesota beat the 3% national rate and ranked 13th in the nation.
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鈥淢innesota鈥檚 surge in exports is a reflection of the significant business expansion that continues to create job opportunities and strengthen our global trade networks,鈥� Walz said in the release. 鈥淲ith investments in business expansion and workforce development, we鈥檙e meeting global supply chain needs and enhancing ties with global partners while building a strong economy that supports communities at home.鈥�
Half of Minnesota鈥檚 top 10 products saw growth, with mineral fuel and oil up 369%, plastics up 27% and aircraft and spacecraft up 33%. Optical and Medical remain Minnesota鈥檚 biggest market, at $1.12 billion, with Machinery following at $1.02 billion and Electricity Equipment at $912 million.
Minnesota saw its largest growth from the same quarter last year in Taiwan, with $155 million in exports, up 56%. The largest decrease was in Australia, with $147 million in exports, down 10% since last year.
Minnesota鈥檚 top markets, Canada and Mexico, drove much of this quarter鈥檚 growth, with exports to Canada up 16% and exports to Mexico rising 30%. Mineral fuel and oil exports soared to $520 million from $15 million in Canada. Exports to Mexico grew across various sectors, including electrical equipment, machinery, oil seeds, grain, and optical and medical products.
Exports to Asia grew 18% to $1.8 billion, led by increased demand for optical and medical goods, machinery and electrical equipment. Exports to the Middle East also jumped 27% to $129 million, led by strong sales of machinery, railway equipment and aircraft to the United Arab Emirates.
鈥�2024 has been a strong year for Minnesota and has seen our economy outpace national trends every quarter,鈥� Matt Varilek, DEED commissioner, said in the release. 鈥淭his growth is in no small part thanks to flourishing relationships with our international trade partners. Our robust global trade networks continue to create opportunity for Minnesotans with our connections abroad, passing that success on to a more vibrant, dynamic economy at home.鈥�
The Trust Project
