State exports up 17.3 percent in 2010Minnesota manufactured exports rose 17.3 percent to $17.2 billion in 2010, according to figures released this week by the Minnesota Department of Employment and Economic Development (DEED).
By: Staff Report, Alexandria Echo Press
ST. PAUL - Minnesota manufactured exports rose 17.3 percent to $17.2 billion in 2010, according to figures released this week by the Minnesota Department of Employment and Economic Development (DEED).
The annual export totals were the second highest on record, finishing slightly behind the all-time high of $17.3 billion in 2008.
"Minnesota manufacturers experienced strong growth in all four quarters of 2010 pointing to a brighter outlook for 2011," said DEED Commissioner Mark Phillips. "Companies that send products overseas have an important impact on the economy and contribute to job growth in the state."
Exports increased to most of the state's 20 largest markets in 2010, including the top five: Canada ($4.6 billion, up 21 percent), China ($1.8 billion, up 45 percent), Japan ($930 million, up 26 percent), Mexico ($836 million, up 26 percent) and Germany ($727 million, up 12 percent). Ireland, which is the state's 13th-largest market, posted the largest drop, with exports declining 52 percent to $431 million.
Among regions, Asia had the strongest performance, growing 36 percent to $5.7 billion. China, Japan and Thailand had the biggest gains in that region.
Four of the state's five largest export industries increased exports in 2010, led by computers and electronics ($4 billion, up 18 percent) and followed by machinery ($3 billion, up 23 percent), transportation equipment ($2.1 billion, up 29 percent), and food ($1.3 billion, up 8 percent). Exports of miscellaneous goods fell 14 percent to $1.7 billion.
"Exports were a bright spot in the state economy last year," said Katie Clark, executive director of the Minnesota Trade Office. "During tough economic times, companies that export can better withstand market fluctuations due to their diversified customer base. With 95 percent of customers living outside of U.S. borders, the Minnesota Trade Office will continue to connect companies with buyers overseas to increase sales and job growth here in Minnesota."
Manufactured exports combined with preliminary estimates of Minnesota exports for other sectors, including agriculture, services and mining, resulted in estimated total state exports of $31 billion in 2010.
The full 2010 export report can be seen online at www.tinyurl.com/2010annualexports.