Good news for manufacturing: Exports climb 17 percentMinnesota manufactured exports climbed 17 percent in the third quarter of 2010 compared with the same period a year ago, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).
By: Staff Report, Alexandria Echo Press
Minnesota manufactured exports climbed 17 percent in the third quarter of 2010 compared with the same period a year ago, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).
State manufactured exports totaled $4.4 billion during the quarter, compared with $3.7 billion during that period last year and $4.5 billion in the third quarter of 2008, the historical high for any quarter. The 2010 third quarter export totals were the third-highest on record.
"Minnesota exports have come back strong this year, gaining 18 percent year-to-date," said DEED Commissioner Dan McElroy. "This is good news for state manufacturers and another sign that the global economy is recovering."
U.S. exports climbed 19 percent in the third quarter and are up 21 percent year-to-date.
Canada is Minnesota's largest trade partner, accounting for $1.3 billion in state manufactured exports during the quarter, an increase of 26 percent from the same period last year.
Minnesota's other top 10 export markets are China ($467 million, up 40 percent), Japan ($228 million, up 17 percent), Mexico ($212 million, up 20 percent), Germany ($182 million, up 25 percent), South Korea ($149 million, up 6 percent), Belgium ($137 million, up 7 percent), the United Kingdom ($129 million, down 22 percent), the Philippines ($116 million, up 5 percent) and Singapore ($114 million, up 12 percent).
Computers and electronics led all export categories in the state, with $980 million in sales during the quarter, up 14 percent from a year ago.
Other top sectors were machinery ($768 million, up 31 percent), transportation equipment ($575 million, up 35 percent), miscellaneous including medical products ($410 million, down 13 percent), food ($323 million, up 4 percent), chemicals ($263 million, up 26 percent), electrical equipment ($194 million, up 28 percent), paper ($172 million, up 2 percent), fabricated metals ($152 million, down 11 percent), and plastics and rubber ($129 million, up 19 percent).
"North America and Asia remain strong markets for Minnesota manufacturers, each accounting for one-third of our foreign sales in the third quarter," said Ed Dieter, acting director of the Minnesota Trade Office, located within DEED. "Canada and China increased exports significantly, but Thailand, Germany, Mexico, Taiwan, Japan and Brazil also had solid gains of more than $30 million each."
Ireland, which was Minnesota's third-largest manufactured export market a year ago, dropped to 14th place, after sales of goods to that country dropped 50 percent to $97 million. Much of that drop can be attributed to a decline in exports of medical products to Ireland.
DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency, visit www.PositivelyMinnesota.com.