Governor Walz announces surge in Minnesota exports

(ABC 6 News) – Minnesota Governor Tim Walz (DFL) announced a surge in state exports Monday, a press release from his office said.

The announcement came from Walz and the Minnesota Department of Employment and Economic Development (DEED).

According to the release, Minnesota exports rose to $6.7 billion last quarter. It was reportedly a nearly 11% increase over the same quarter last y ear.

Additionally, the release noted that this growth outpaced the national rate for the same quarter, which was 3%. Minnesota also had more growth than all but 12 other states.

“Minnesota’s surge in exports is a reflection of the significant business expansion that continues to create job opportunities and strengthen our global trade networks,” said Walz. “With investments in business expansion and workforce development, we’re meeting global supply chain needs and enhancing ties with global partners while building a strong economy that supports communities at home.”

According to Walz’s office, the first nine months of 2024 have seen state exports grow almost 10% over the same time period in 2023. U.S. growth reportedly reached nearly 3% over the same period.

“2024 has been a strong year for Minnesota and has seen our economy outpace national trends every quarter,” said DEED Commissioner Matt Varilek. “This growth is in no small part thanks to flourishing relationships with our international trade partners. Our robust global trade networks continue to create opportunity for Minnesotans with our connections abroad, passing that success on to a more vibrant, dynamic economy at home.”

Half of the state’s top 10 products saw growth, according to Walz’s office. The press release gave a breakdown of what specific products saw the most growth:

• Mineral fuel and oil (up 369%).
• Plastics (up 27%).
• Aircraft and spacecraft (up 33%).

Measuring/checking devices and medical/surgical instruments were able to drive up the growth in sales of optic and medical devices.

Minnesota’s two largest markets are Canada and Mexico. Each of these markets reportedly drove up much of the state’s growth for this quarter. Canada was up 16%, while Mexico was up 30%.

Mineral fuel and oil exports contributed significant growth to Canada ($520 million, up from $15 million).

Exports to Mexico were pushed by a variety of Minnesota goods, including electrical equipment, machinery, oil seeds and grain, and optic and medical goods, the release said.

Exports to Asia surged 18% to $1.8 billion this quarter due to a rise in demand for Minnesota goods. This was led by optic and medical goods, machinery, and electrical equipment.

Meanwhile, exports to the Middle East went up by 27% to $129 million, fueled by sales to the United Arab Emirates of machinery, railway equipment and aircraft.

“Minnesota’s exports continue to thrive and grow in the global market,” said Minnesota Trade Office Executive Director Gabrielle Gerbaud. “We look forward to fostering even stronger ties with our North American partners, as well as developing new connections and supporting export growth in key regions across the globe.”

To learn more about Minnesota’s full third quarter 2024 report, click HERE.