Minnesota exports reach record $7.3B in 3Q

Minnesota’s exports surged in the third quarter of this year to a record high of $7.3 billion, the state announced Tuesday.

The figure marks a 28% increase over the third quarter of 2021 and slightly outpaces the United States’ 23% increase.

The biggest increases in exports compared to last year were:

• Cereals (up 315%),
• Oil (up 188%),
• Vehicles (up 44%), and
• Electrical equipment (up 32%).

Canada was the biggest buyer of Minnesota’s exports in the third quarter of 2022, totaling more than $2.5 billion, a 58% increase from the third quarter of 2021. The Netherlands, the sixth-largest buyer of Minnesota exports last quarter, spent $276 million on Minnesota products, a 123% increase over the third quarter of last year.

“Our workers, manufacturers, and farmers continue to produce high-demand goods and drive Minnesota’s economy forward on the global stage,” Gov. Tim Walz said in a statement. “Minnesota’s record-setting exports reflect what we already know: Minnesota is filled with world-class growers, problem-solvers, and innovators who are rising to meet global demand. We will continue to invest directly in communities and businesses across the state to build on this historic economic growth.”

“Minnesota’s record-setting economic expansion beats on with this new milestone for exports – a strong signal that our state’s economy is on the national radar,” Minnesota Department of Employment and Economic Development Commissioner Steve Grove added. “Minnesota workers produce a wide range of high-quality goods that are in demand around the world, while Minnesota-grown grains and soybeans help meet food supply chain needs in global commodity markets.”

“We are thrilled to see Minnesota businesses resuming their global expansion and outreach efforts,” said Gabrielle Gerbaud, the executive director of the Minnesota Trade Office. “Minnesota is again hosting booths at selected major international trade shows. Just last week, we were at the Medica trade show in Düsseldorf, Germany. We invite Minnesota companies to contact us to learn more about Medica, as well as other export development opportunities.”

More information on the state’s third-quarter exports is available here.