State exports grow 4 percent for quarterMinnesota's agricultural, mining and manufactured exports grew nearly 4 percent from the same period a year ago to $5.1 billion in the third quarter of 2011, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).
ST. PAUL - Minnesota's agricultural, mining and manufactured exports grew nearly 4 percent from the same period a year ago to $5.1 billion in the third quarter of 2011, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).
The totals were a third-quarter record, beating the previous mark of $5 billion in the third quarter of 2008. The state's best quarter ever for exports of agricultural, mining and manufactured products was $5.3 billion in the second quarter of last year.
Manufacturing accounted for the largest share of the state's exports in the latest quarter at $4.6 billion, an increase of 5 percent from the third quarter of 2010.
"Minnesota exports continue to be strong in most of our major markets and are helping to lead the economy out of the recession," said DEED Commissioner Mark Phillips. "This is an encouraging trend that is contributing to business and job growth in the state."
"There is great demand for Minnesota products worldwide. Our office currently supports many small and mid-sized companies that are having great success growing their business by exporting. We welcome inquiries from all Minnesota companies - whether they are new to exporting or already exporting - and will provide export consulting at no cost to the company," said Minnesota Trade Office Executive Director Katie Clark.
Canada is the state's largest export market, accounting for $1.5 billion in sales, down 2 percent from the same period a year earlier.
Other top 10 export markets were China ($549 million, up 12 percent), Mexico ($356 million, up 47 percent), Japan ($285 million, up 6 percent), Germany ($178 million, down 4 percent), South Korea ($162 million, up 7 percent), United Kingdom ($143 million, up 6 percent), Belgium ($139 million, no change), Singapore ($138 million, up 20 percent) and the Philippines ($126 million, up 9 percent).
The state's strongest global regions are Asia and North America, where export sales jumped 6 percent and 5 percent, respectively. The European Union (EU) had mixed results among major markets during the quarter, although overall exports grew by 4 percent. State exports to the EU dropped in the Netherlands, Ireland and Germany, while growing in the United Kingdom, France and Italy.
Machinery was the top-selling export, growing 4 percent to $989 million. Other top 10 exports were optic, medical instruments ($695 million, down 4 percent), electrical machinery ($663 million, up 4 percent), vehicles ($470 million, up 17 percent), plastic ($272 million, up 4 percent), ores, slag and ash ($134 million, down 46 percent), aircraft and spacecraft ($117 million, up 31 percent), beverages ($116 million, up 77 percent), food waste ($110 million, down 12 percent) and miscellaneous grain and seeds ($93 million, up 46 percent).
Vehicles posted the biggest gain by dollar value of any industry (up $69 million), thanks to strong growth in snowmobile sales to Canada, Finland and Sweden and increased sales of parts for specialized vehicles and trucks to Mexico.
The second-largest gain by dollar value was beverages and spirits, up $50 million primarily because of increased demand in Canada.
The biggest decline among all industries occurred in the ores, slag and ash category (mainly iron ores), which fell $113 million. Canada accounts for 96 percent of the market for Minnesota exports in that category.
The full third-quarter report is available online at www.tinyurl.com/MinnesotaExports.
DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.