A ship leaving Duluth, Minnesota.

Minnesota exports fell 10 percent in 2020

1 min read

Minnesota exports of goods were valued at $20 billion in 2020, a decline of 10 pecent since 2019, according to a report released today by the Minnesota Department of Employment and Economic Development (DEED). U.S. exports fell 13 percent.

The year-over-year decline in exports follows a two percent drop in 2019. Some of the reasons for the drop in state and national exports are the result of COVID-19 causing confusion in the international market. Throughout COVID-19, a bright spot was the 33 percent jump in demand for meat, led by markets such as China and Japan; however, that only accounts for about two percent of Minnesota’s exports.

“International exports are a critical component of Minnesota’s economy, accounting for billions of dollars in revenue and hundreds of thousands of jobs,” said DEED Commissioner Steve Grove. “As our economy begins to recover, our Trade Office will continue to work hard to support exporters and to regain and expand markets after COVID-19 has brought so much uncertainty in our global economy.”

Minnesota exports sank to all regions, with demand sinking most in Asia, down $594 million; North America, down $416 million; and Europe, down $805 million. Among the state’s top 10 markets, exports increased only to Canada by two percent, driven up by mineral fuels and oils.

The global sales of the state’s top exports – optic & medical, machinery, electrical equipment, vehicles, pharmaceuticals and aircraft – dropped sharply, by a combined $2 billion decrease in 2020. The state’s exports of mineral fuels and oils jumped 230 percent, or almost $740 million, to over $1 billion, which was driven almost entirely by Canada and petroleum based light oils. Exports of meat also increased 33 percent.

Minnesota ranked 21st highest in exports among the 50 states for the amount of exports, unchanged for 2019.

Zack Benz

Zack Benz has been a fan of the Daily Planet since he was eight years old. The Daily Planet has always been a beacon of hope for him and it’s his life’s mission to make it shine in a similar light to so many around the world. Zack graduated with a degree in journalism and art from the University of Minnesota Duluth in 2019.

Leave a Reply

Previous Story

Minnesota launches youth testing campaign

Next Story

Australia passes new law obligating Facebook and Google to pay for news

Latest from Business & Finance