Governor Walz Announces Minnesota's Second Quarter Exports Soar to Record High

Statement

Governor Tim Walz announced today that exports of manufactured, agricultural, and mining goods from Minnesota were valued at $6.7 billion in the second quarter of 2022, reaching the highest level on record. Minnesota exports grew 12 percent between the second quarters of 2021 and 2022.

"Minnesota's workers and businesses are fueling, feeding, and supporting the global economy," said Governor Walz. "Our record-breaking exports demonstrate that the world recognizes the value of doing business in Minnesota. We will continue building partnerships abroad that allow our local economies to thrive."

"This record-breaking quarter for exports is another sign that Minnesota's economy is expanding on the international stage," said DEED Commissioner Steve Grove. "The diversity of our slate of exports helps ensure Minnesota's economy is more resilient during times of rapid global disruption. We're grateful to businesses who find markets abroad that help grow our economy right here in our state."

Minnesota's top three largest exports markets remain Canada ($2.3 billion), China ($704 million) and Mexico ($637 million). The state's second quarter 2022 exports increased year-over-year 29 percent to North America -- the state's top regional market, driven by Canada (up 42 percent). Minnesota exports also grew in the following markets: 8 percent to the European Union, 22 percent to Central and South America, 23 percent to the Middle East; 8 percent to the Australia-Pacific region; and 10 percent to Africa. Minnesota exports to Asia decreased 4 percent.

Eight of the state's top 10 products grew in the second quarter, year over year. Solid growth in exports of mineral fuels, oils (up 69 percent, or up $287 million), cereals (up 394 percent, or up $246 million), and electrical equipment (up 13 percent, or up $105 million) led growth. Canada drove the notable growth in mineral fuels, oils (largely light oils, such as motor fuels) and cereals (largely corn (maize)) - and accounted for 90 percent of the state's exports of these goods. Machinery and optics and medical exports were fairly flat.

"Minnesota companies -- whether first-time or experienced exporters -- can access our worldwide network of offices and resources for assistance," said Gabrielle Gerbaud, Executive Director of the Minnesota Trade Office (MTO). "The MTO's programs and services are designed to help businesses to gain strategic market intelligence, make connections, and support global success."

The Minnesota Trade Office (MTO) supports small- and medium-sized Minnesota businesses through technical assistance, export education and training programs, trade promotion activities, services by offices in strategic overseas locations, and export expansion grants. State STEP grants (50 percent matching up to $7,500) support a range of export development activities, including participation in virtual and in-person trade shows and missions. The MTO also serves as Minnesota's Office of Protocol, ensuring that the state's interactions with foreign delegations and dignitaries are conducted with appropriate diplomatic etiquette and cultural practices.

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