That dollar amount reflects a 14.5% increase from $39.4 billion four years earlier in 2019.
Year over year, the overall value of Indiana’s exported goods rose 9.7% compared to $41.2 billion in 2021.
Indiana ranks among America’s 15 most lucrative exporters by state behind front-runners including Texas, California, Louisiana, New York State and Illinois. The value of Indiana’s exports equals 2.2% of the United States’ overall exported products for 2022 compared to 2.3% one year earlier.
Based on research from Statista, Indiana’s exported products represent 12.8% of the state’s total economic output or real Gross Domestic Product in 2022 ($353 billion).
Given Indiana’s population of 6.833 million people, its total $45.2 billion in 2022 exports translates to roughly $6,600 for every resident in the Hoosier State. That dollar metric exceeds the average $6,050 per capita in 2021.
Indiana’s unemployment rate was 3.1% at the end of March 2023, up from the state’s 2.8% jobless rate in February 2022 per YCharts.
Indiana’s Top 10 Exports
The following export products represent the highest dollar value in Indiana global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Indiana.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Miscellaneous medications for retail: US$4.95 billion (11% of Indiana’s exports)
- Immunological goods for retail: $2.38 billion (5.3%)
- Motor vehicle transmissions: $1.78 billion (3.9%)
- Trailers, semi-trailers (housing, camping): $1.68 billion (3.7%)
- Civilian aircraft, engines or other parts: $1.46 billion (3.2%)
- Compression-ignition piston engines: $1.32 billion (2.9%)
- Composite diagnostic/laboratory reagents: $896.4 million (2%)
- Large automobiles (piston engine): $829 million (1.8%)
- Artificial joints, parts, accessories: $778.1 million (1.7%)
- Smaller trucks (piston engine): $646.7 billion (1.4%)
Indiana’s top 10 exports accounted for 37% of the overall value of the state’s global shipments.
Trailers and semi-trailers for housing or camping represent the fastest grower among the top 10 export categories, up by 26.9% from 2021 to 2022.
In second place were Indiana’s exports of miscellaneous medications in doses packaged for retail sale (up 25.4%) ahead of motor vehicle transmissions (up 18.6%) then large automobiles powered by piston engine (up 13.5%).
There was one double-digit decliner among Indiana’s top 10 export products, specifically trucks with piston engines (down -32.5% from 2021).
More Key Facts about Indiana’s International Trade
Indiana recorded a total -$44.6 billion deficit exporting and importing products during 2022. That dollar amount reflects a 23.3% expansion from -$36.2 billion in red ink in 2021.
Another way of saying surplus or deficit is positive or negative net exports. In a nutshell, the term “net exports” quantifies the amount by which foreign spending on a state’s goods or services exceeds or lags that same state’s spending on foreign goods or services.
Below are Indiana’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2022.
- Miscellaneous hormones: US$7.2 billion (8% of Indiana’s imports)
- Immunological goods for retail: $6.5 billion (7.3%)
- Miscellaneous medications for retail: $5.9 billion (6.6%)
- Polypeptide/protein/glycoprotein hormones: $4.8 billion (5.3%)
- Blood fractions including antisera: $3.24 billion (3.6%)
- Heterocyclics with oxygen hetero-atoms: $2.14 billion (2.4%)
- Video game consoles, machinery: $2 billion (2.2%)
- Modems, similar reception/transmission devices: $1.74 billion (1.9%)
- Motor vehicle transmissions: $1.14 billion (1.3%)
- Potassium chloride: $1.08 billion million (1.2%)
Indiana has highly negative net exports in the international trade of miscellaneous hormones and immunological goods in measured doses and packaged for retail sale. In turn, these cashflows indicate Indiana’s competitive disadvantages under those product subcategories showing the strong impact of foreign goods on Indiana’s global balance sheet}
Indiana’s Major Trade Partners
The following list shows the top 10 customers that purchased over three-quarters (77.6%) worth of the total value of products exported from Indiana during 2022.
- Canada: US$14.8 billion (32.7% of Indiana’s exports)
- Mexico: $5.9 billion (13%)
- mainland China: $3.55 billion (7.9%)
- Germany: $2.7 billion (6%)
- Japan: $2.1 billion (4.6%)
- Netherlands: $1.41 billion (3.1%)
- United Kingdom: $1.38 billion (3.1%)
- France: $1.28 billion (2.8%)
- Italy: $983.9 million (2.2%)
- South Korea: $951.3 million (2.1%)
Indiana’s top trade partners in North America (Canada and Mexico) accounted for 45.7% of the overall value of exported goods from the Hoosier State.
In comparison, major importers in Europe (Germany, Netherlands, Britain, France and Italy) generated 17.2% worth of Indiana’s total export sales.
The leading buyers in Asia (mainland China, Japan and South Korea) bought 14.6% worth of Indiana’s exports.
Indianian Export Companies
Seventeen of Indiana-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are shown below.
- Allison Transmission Holdings (transmissions, other propulsion systems)
- Berry Global (plastic packaging products)
- Calumet Specialty Products (specialty oils, solvents, waxes)
- Cummins (engines, filtration, power products)
- Eli Lilly and Company (pharmaceuticals)
- Steel Dynamics (steel)
- Thor Industries (recreational vehicles)
- Wabash National (semi-trailers, liquid transportation products)
- Zimmer Biomet (medical devices, artificial limbs)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
Indiana’s capital is Indianapolis, a city nicknamed “Indy”, “Circle City” and the “Crossroads of America”.
See also North Dakota’s Top 10 Exports, Nebraska’s Top 10 Exports, Wisconsin’s Top 10 Exports, Delaware’s Top 10 Exports and Vermont’s Top 10 Exports
Research Sources:
Department of Numbers, Indiana GDP (dollars shown in real terms). Accessed on May 4, 2023
FlagPictures.org, Flags of US States. Accessed on May 4, 2023
Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 4, 2023
GeoLounge, Fortune 1000 Companies List, Fortune 1000 by State and Place. Accessed on May 4, 2023
International Trade Centre, Trade Map. Accessed on May 4, 2023
Investopedia, Net Exports Definition. Accessed on May 4, 2023
Statista, Real gross domestic product of Indiana. Accessed on May 4, 2023
United States Census Bureau, QuickFacts: Indiana. Accessed on May 4, 2023
USA Trade Online, Official Source of Trade Statistics. Accessed on May 4, 2023
Wikipedia, Category:Companies based in Indiana. Accessed on May 4, 2023
Wikipedia, Indiana. Accessed on May 4, 2023
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 4, 2023
World’s Capital Cities, Capital Facts for Indianapolis, United States. Accessed on May 4, 2023
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 4, 2023