Minnesota exports swelled 28% to an all-time high of $7.3 billion in the third quarter.
Minnesota exports rose to an all-time high this fall
However, the state is slightly trailing the growth of U.S. exports over the first nine months of the year.
November 23, 2022 at 8:00PM
That amounted to $1.6 billion more in exports of agricultural, manufactured and mining goods compared to the same quarter of 2021, according to the Minnesota Department of Employment and Economic Development (DEED).
By comparison, U.S. exports rose 23% in the same quarter. However, U.S. exports grew at a faster pace than Minnesota's the first two quarters of the year.
From January to September, Minnesota exports have risen 18%, a bit slower than the 21% increase in U.S. exports during that same time, according to DEED.
The state surpassed pre-pandemic levels last year when it ranked 22nd in exports among all U.S. states.
However, similar to the U.S., Minnesota saw its gross domestic product, a measure of goods and services produced, decline in the first two quarters of the year. State GDP figures for the third quarter have not yet been released.
In the third quarter, some of the state's top export products that saw especially strong growth included mineral fuels and oils, which were up 188%, electrical equipment which grew 32%, cereals, which increased 315%, and vehicles, which rose by 44%.
That helped offset declines in pharmaceuticals, machinery, oil seeds and miscellaneous grains, and dairy and eggs.
Some of Minnesota's top markets saw sizable increases in the third quarter including Canada, the Netherlands, Mexico and Germany. Spain and Lithuania also saw notable gains.
In Asia, the state saw small declines in exports to China, Japan and the Philippines, which were offset by gains in South Korea, Indonesia, Taiwan and Singapore.
Gabrielle Gerbaud, executive director of the Minnesota Trade Office, noted that the state is again hosting booths at select international trade shows such as at the Medica trade show last week in Dusseldorf, Germany.
"We are thrilled to see Minnesota businesses resuming their global expansion and outreach efforts," she said in a statement.
Target sponsored the event for 18 years, but the organization cut ties after the retailer scaled back its DEI efforts.
