Minnesota lost over $1 billion in exports in second quarter of the year
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Minnesota exports fell by 19 percent in the second quarter of this year compared to the same time last year. That’s a drop of about $1.3 billion in value.
Oil and mineral fuel exports to Canada were the reason for more than half of the decline. Those products mostly consist of refined products, such as motor fuel. Canada is Minnesota’s largest trading partner.
“Minnesota’s export statistics were particularly sensitive to changes in the oil market this quarter, but overall declines to our biggest export markets illustrate the risk of tariff uncertainty to our economy," said Matt Varilek, Commissioner of the Department of Employment and Economic Development, in a statement Friday.
Total exports to Canada declined by nearly 50 percent compared to last year.
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Exports to Mexico and China, Minnesota’s second and third export markets, also fell by 20 percent.
While exports declined to most of the world, European markets showed growth. Exports to Ireland, Minnesota’s fifth-largest market, increased by 15 percent. The most dramatic rise was in the United Kingdom, which surged by 52 percent.
Among Minnesota’s strongest products were electrical equipment, pharmaceuticals, and dairy. Meanwhile, machinery, vehicles and medical products fell sharply.
Thu-Mai Ho-Kim is an economic analyst for DEED. She says it’s important to note these fluctuations are to be expected in quarterly data. The full picture will lie within the annual report.
“We generally focus on annual, longer-term trends to iron out short-term fluctuations,” Ho-Kim said.
Minnesota Gov. Tim Walz will head to Germany and Switzerland next month as part of a trade mission. The Minnesota Trade Office said it hopes the trip expands the state’s export markets.
