Minnesota's exports declined by $803 million in the third quarter. | Stephen Rahn/Wikimedia Commons
Minnesota's exports declined by $803 million in the third quarter. | Stephen Rahn/Wikimedia Commons
Weak demand in Minnesota’s major markets caused an $803 million decline in the state’s exports of agricultural, mining and manufactured products in the third quarter, or by 14%, the state reported.
The Minnesota Department of Employment and Economic Development (DEED) reported exports were valued at $4.8 billion, the DEED website reported.
“Exports play a critical role in Minnesota’s economy. 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,” DEED Commissioner Steve Grove said on the website.
DEED reported that exports of electrical equipment was down 23%; optics/medical goods dropped 18%; vehicles were down 18%; plastics were down 13%; and machinery was down 11%. Gains were recorded in beverages, meat, mineral fuels and oils and in major markets including the Netherlands and Taiwan.
U.S. exports of goods fell 13% during this period, DEED reported. Due to the pandemic, 43 states and the District of Columbia recorded declining exports.
DEED is the state’s principal economic development.
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