By Scout Nelson
Minnesota’s Governor Tim Walz announced that state exports surged to $7.1 billion in the second quarter of 2024.
This represents a 17% increase compared to the same period in 2023, significantly outpacing the national export growth rate of 5%.
Minnesota’s strong performance in export growth ranks it among the top states in the U.S. for the second quarter.
“Minnesota’s rapid growth of exports distinguishes the state as a leader on the global stage. This is an accomplishment made possible by the state’s innovative workers and businesses who consistently produce high-quality goods to meet global supply chain needs,” said Governor Walz.
“This surge in exports is proof that when we invest in workforce development, business expansion, and building strong partnerships abroad, our economy thrives.”
Minnesota’s exports grew by 9%, compared to a national growth rate of just 2% during the same timeframe.
North American markets, particularly Canada and Mexico, led the way with a 41% increase, reaching $3.4 billion.
Key sectors driving this growth included vehicles, plastics, and food by-products, all showing impressive gains.
Exports to Mexico were notably strong, with vehicles up 44%, plastics soaring by 80%, and food by-products nearly doubling with a 98% increase.
Minnesota also saw remarkable growth in other regions, including a 72% increase in exports to the Middle East, 8% to the Caribbean, Central and South America, and a modest 3% rise in Asian markets.
Australia became Minnesota’s 10th largest market, with exports up by 18%. This growth followed Governor Walz’s trade mission to Australia in late 2023, highlighting the state’s expanding global reach.
These robust export numbers reflect Minnesota’s growing economic strength and highlight the importance of international trade in driving the state’s economy.
Photo Credit: gettyimages-zoran-zeremski
Categories: Minnesota, Business, Education, Government & Policy