Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Minnesota Exports Down 14% in Third Quarter

Drop in exports due to impacts from COVID

 

December 4, 2020



St. Paul – Minnesota exports of agricultural, mining and manufactured products were valued at $4.8 billion in the third quarter of 2020, falling by 14%, or $803 million, since the third quarter of 2019, according to a report today released by the Minnesota Department of Employment and Economic Development (DEED).

U.S. exports of goods fell 13% during this period. Reflecting the persistent widespread impact of the pandemic, exports decreased from 43 states and the District of Columbia. Minnesota manufactured exports contracted 13% to $4.5 billion in the third quarter of 2020. U.S. manufactured exports sank 14%.

“Exports play a critical role in Minnesota’s economy,” said DEED Commissioner Steve Grove. “The Minnesota Trade Office continues to support exporters by pivoting their services to meet the current demands of our virtual environment, including trade missions, webinars and engaging the state’s foreign offices and industry leaders to assist small- and medium-sized companies in exploring and expanding their international sales.”

Large declines in exports continued due to generalized weak demand among the state’s major markets. Exports of optics/medical goods were down 18%; machinery was down 11%; electrical equipment was down 23%; vehicles were down 18%; and plastics were down 13%. There were some gains in areas such as meat, mineral fuels, oils and beverages, and in major markets including the Netherlands and Taiwan.

The full quarterly export report is available at Export and Trade Statistics on the DEED website. Data for the fourth quarter of 2019 is also available online.

DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow us on Twitter.

 

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