Minnesota Manufactured Exports Reach
Quarterly Record High $4.4 Billion
ST. PAUL –Minnesota manufactured exports increased to $4.4 billion in the second quarter of 2008, which is 13 percent higher than the same period one year ago. The increase was led by sales of transportation equipment, machinery and processed foods, according to quarterly export figures released today by the Minnesota Department of Employment and Economic Development.
“This is a quarterly record high for Minnesota exports, indicating that manufacturers are finding customers overseas during this national economic slowdown,” said DEED Commissioner Dan McElroy. “Exports grew in eight of our top 10 manufacturing sectors and seven of our top 10 markets during the quarter.”
Canada posted the biggest value gain in the quarter, increasing purchases of manufactured goods by $219 million (up 21 percent from one year ago) to $1.3 billion. Canada remains Minnesota’s largest trade partner, accounting for more than one-fourth of all manufactured goods from the state.
Minnesota’s other top export partners during the second quarter were China ($328 million); Ireland ($239 million); United Kingdom ($194 million) and Japan ($186 million).
Computers and electronics was the state’s largest export category in the second quarter, accounting for just over $1 billion in sales, an increase of 5.5 percent from the same period in 2007. In this category, the Philippines accounted for 72 percent ($143 million) of Minnesota’s shipments of integrated circuits.
Other major sectors are machinery (up 14.5 percent to $776 million); transportation equipment (up 28.4 percent to $542 million); miscellaneous products, including medical devices (down 3.7 percent to $517 million); and food (up 30.1 percent to $378 million).
“Minnesota’s export markets have seen continued growth during the past five years, expanding from $2.5 billion in the first quarter of 2003 to $4.4 billion this year,” said Tony Lorusso, executive director of the Minnesota Trade Office, the state’s official export promotion agency. “These figures show the importance of international trade to the state’s economy.”
U.S. manufactured exports grew 16.3 percent in the second quarter, with the largest gains coming from the petroleum, chemicals and transportation industries.
A more detailed report for the second quarter manufactured exports is available online at http://www.exportminnesota.com/itradestats.htm .
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