Governor Tim Walz and the Minnesota Department of Employment and Economic Development announced on Thursday that Minnesota’s exports reached a record high of $27 billion in 2022, a 16% increase from 2021.
North American markets drove Minnesota’s export growth in 2022. Minnesota exports to North America grew to nearly $12 billion, jumping by 30% over 2021. Individual national markets gaining over $150 million in exports from the state in 2022 included Canada (up $2.3 billion), Mexico (up $349 million), the Netherlands (up $239 million), Korea (up $211 million) and Spain (up $158 million).
Minnesota conducted $70 billion in total trade in goods with 215 countries in 2022. Total trade grew 25% since 2021. With nearly $43 billion in imports (up 31%), the state ran a trade deficit of about $15 billion in 2022.