Governor Tim Walz and the Minnesota Department of Employment and Economic Development (DEED) have announced that Minnesota's exports of manufactured, agricultural, and mining goods reached a value of $6. 6 billion in the first quarter of 2023, outperforming national growth trends. This marks the eighth consecutive quarter of export growth for the state.
Governor Walz emphasized the global impact of Minnesota's economy and expressed his commitment to strengthening trade partnerships that support local communities, foster job creation, and drive economic prosperity. Temporary Commissioner Kevin McKinnon from DEED highlighted the resilience and continuous growth of Minnesota's economy, acknowledging the remarkable start to the year with $6.6 billion in exports.
Minnesota's exports demonstrated a 9 percent annual growth rate, surpassing the overall growth rate of 7 percent for the United States. Canada remains the largest export market for Minnesota, with exports valued at $2.1 billion, followed by Mexico with $866 million. The state experienced export growth across various regions, including a significant 34 percent increase in exports to Africa, a 28 percent increase to the Caribbean, Central and South America, and a 15 percent increase to the European Union.
The complete report for the first quarter can be accessed on DEED's website https://mn.gov/deed/data/economic-analysis/export-stats/current-past/ Under the Export and Trade Statistics section. This robust export performance showcases Minnesota's economic resilience and the exceptional contributions made by Minnesota businesses to the global market.
Photo Credit: GettyImages-Art Wager
Categories: Minnesota, Business