Report: Minnesota exports decline in Q2, iron ore continues growth
Ores, slag, and ash +29%
DULUTH, MN. (Northern News Now) - New data shows Minnesota declined in exports for the second quarter (Q2), but iron ore continues to grow.
According to the Minnesota Department of Employment and Economic Development (DEED), exports were valued at $6.1 billion.
This represents a 9% drop of approximately $578 million over Q2 of 2022, making it the first quarterly decline in eight quarters.
However, the U.S. as a whole dropped 7% during the second quarter, as exports declined from 29 states between Q2 of 2022 and 2023.
Officials say exports of many key products performed strongly during this year’s Q2, including iron ore.
- Vehicles: 54%
- Ores, slag, and ash (mainly iron ores): 29%
- Pharmaceutical Goods: 27%
- Aircraft and Spacecraft: 21%
- Optic and Medical: 8%
Ores, slag, and ash (mainly iron ores) grew strongly in Canada, up 22%, and in Japan, up 163%.
Data shows that Minnesota exported $187 million in ores, slag, and ash just in Q2.
However, some global sales sank significantly.
- Mineral Fuel, Oil: -82%
- Cereals: -46%
- Plastics: -17%
- Food By-Products: -26%
According to DEED, exports of mineral fuel and oil plunged, as sales to Canada sank, which are down $621 million or 97%.
However, a bump in sales of petroleum oils to the Netherlands, $92 million, partially countered the loss.
Mexico, which is up $86 million, surpassed Canada, down $228 million, as the primary market for cereals.
You can find the full report here.
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