December 7, 2022
Exports of agricultural, manufactured and mining goods from Minnesota surged to an all-time high of $7.3 billion in the third quarter of 2022, according to the Minnesota Department of Employment and Economic Development.
Minnesota exports jumped $1.6 billion between the third quarters of 2021 and 2022.
Exports of many of the state’s top products grew strongly — with mineral fuel, oil (up 188%), electrical equipment (up 32%), cereals (up 315%) and vehicles (up 44%) fueling much of the growth. Sales in cereals were driven by corn to Canada and wheat to Indonesia, Italy and Yemen.
“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,” says DEED commissioner Steve Grove. “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.”
Gabrielle Gerbund, executive director of the Minnesota Trade Office, notes that Minnesota businesses are resuming global expansion and outreach efforts post-pandemic.
“Minnesota is again hosting booths at selected major international trade shows. [Recently,] we were at the Medica trade show in Düsseldorf, Germany,” she says.
The Minnesota Trade Office supports small- and medium-sized Minnesota businesses through technical assistance, export education and training programs, trade promotion activities, services by offices in strategic overseas locations, and export expansion grants. State trade and export promotion program, or STEP, grants (50% matching up to $7,500) support a range of export development activities, including participation in virtual and in-person trade shows and missions. The MTO also serves as Minnesota's Office of Protocol, ensuring that the state’s interactions with foreign delegations and dignitaries are conducted with appropriate diplomatic etiquette and cultural practices.
The full third quarter 2022 report is available in the export and trade statistics section of DEED’s website.
You May Also Like
If you have water on your property, read this new WOTUS ruleJan 31, 2023
Grain marketing: How to block out the noiseJan 31, 2023
Midwest Digest, Jan. 31, 2023Jan 31, 2023
Macroeconomic worries dent yesterday’s gainsJan 19, 2023