Minnesota exports declined by 14% in the third quarter due to weak demand. | MichaelGaida/Pixabay
Minnesota exports declined by 14% in the third quarter due to weak demand. | MichaelGaida/Pixabay
Weak demand in Minnesota’s major markets caused a 14% decline in the state’s exports of agricultural, mining and manufactured products in the third quarter, or $803 million, the state reported.
The Minnesota Department of Employment and Economic Development (DEED) reported exports were valued at $4.8 billion, the DEED website reported.
“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.
DEED is the state’s principal economic development.
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