Minnesota exports growing at fastest rate in more than two years
Minnesota exports came on strong late last year, growing at their fastest quarterly rate in more than two years. That’s the information about a late-year surge driving export growth from the Minnesota Trade Office (MTO).
Kathleen Motzenbecker, MTO executive director, stated in a news release Minnesota “exports of manufactured, agricultural and mining products grew to $5.4 billion in the fourth quarter of 2013, a 6 percent increase from the same period a year earlier. U.S. export growth during that period was 4 percent.”
The trade office reported Minnesota was “one of 19 states and the only state in the Upper Midwest that saw exports grow more than 5 percent from the previous year. With three new foreign trade offices opening in Brazil, Germany and South Korea, state trade officials say Minnesota is positioned to continue seeing healthy export increases in 2014.”
The report noted increases in exports to China, Minnesota’a second largest market, and Mexico, the state’s third largest market, were responsible for much of the growth in the fourth quarter of 2013.
The state reported sales to China grew 35 percent to $743 million, and sales to Mexico increased 32 percent to $439 million.
What nation is the state’s largest export market? Canada. Fourth quarter sales were $1.48 billion, which was down 7 percent from the same period a year ago.
What does the state export most? Machinery to the tune of $937 million in the fourth quarter. The trade office reported “other major exports were optics, medical products ($889 million, up 21 percent) and electrical machinery ($659 million, down 3 percent).”