Nicknamed “The Hoosier State” and located in America’s Midwestern and Great Lakes regions, Indiana shipped US$39.3 billion worth of goods around the globe in 2018. That dollar amount reflects a 4.2% uptick from 2017 to 2018 and a 16.3% gain since 2015.
Indiana is America’s twelfth-biggest exporter by state behind front-runners including Texas, California, New York and Washington states. The value of Indiana’s exports equals 2.4% of United States’ overall exported products for 2018.
Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), Indiana’s exported products represent 10.6% of the state’s total economic output or real Gross Domestic Product in 2018 ($371.6 billion in current dollars based on BEA statistics).
Given Indiana’s population of 6.692 million people, its total $39.3 billion in 2018 exports translates to roughly $5,900 for every resident in the Hoosier State.
Indiana’s unemployment rate was 3.6% at April 2019 up from 3.2% as of March 2018, per YCharts.
Indiana’s Top 10 Exports
The following export products represent the highest dollar value in Indiana global shipments during 2018. 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: US$2.7 billion (6.8% of Indiana’s total exports)
- Motor vehicle transmissions: $2.4 billion (6.1%)
- Immunological goods for retail sale: $2.2 billion (5.6%)
- Large automobiles (piston engine): $1.73 billion (4.4%)
- Aircraft including engines, parts: $1.73 billion (4.4%)
- Diesel engines: $1.2 billion (3%)
- Trailers, semi-trailers (housing, camping): $1.1 billion (2.8%)
- Artificial joints, parts, accessories: $1 billion (2.4%)
- Small gas-powered trucks: $704 million (1.8%)
- Composite diagnostic/laboratory reagents: $645 million (1.6%)
Indiana’s top 10 exports accounted for 38.9% of the overall value of the state’s global shipments.
Immunological goods for retail sale were the fastest-growing among the top 10 export categories, up by 37.9% from 2017 to 2018.
In second place for improving export sales were aircraft including engines and other parts which rose 25%.
Housing and camping trailers or semi-trailers shipped from Indiana posted the third-fastest gain in value thanks to an 18.3% increase.
The leading decliner among Indiana’s top 10 export products were small gas-powered trucks which fell -33.9% year over year.
More Key Facts
Overall, Indiana incurred a -$22.4 billion deficit exporting and importing products during 2018. That dollar amount reflects a 34% year-over-year increase from -$16.7 billion in red ink in 2017.
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 2018.
- Miscellaneous hormones: $3.1 billion (5.1% of Indiana’s total imports)
- Antisera, other blood fractions: $2.6 billion (4.2%)
- Mixed immunological goods not in measured doses: $2.2 billion (3.6%)
- Motor vehicle transmissions: $2 billion (3.2%)
- Miscellaneous medications: $1.7 billion (2.8%)
- Heterocyclics, nucleic acids: $1.6 billion (2.6%)
- Unmixed immunological goods not in measured doses: $1.4 billion (2.2%)
- Immunological goods for retail sale: $1.3 billion (2.1%)
- Miscellaneous motor vehicle parts: $1 billion (1.6%)
- Artificial joints, parts and accessories: $958 million (1.6%)
Indiana has highly negative net exports in the international trade of miscellaneous hormones and antisera. 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}
The following list shows the top 10 customers that purchased 77.3% worth of the total value of products exported from Indiana during 2018.
- Canada $13.3 billion (33.9% of Indiana’s total exports)
- Mexico $5.4 billion (13.8%)
- Japan $2.1 billion (5.3%)
- China $2 billion (5.1%)
- Germany $1.5 billion (3.9%)
- France $1.4 billion (3.6%)
- Italy $1.4 billion (3.5%)
- United Kingdom $1.2 billion (3.1%)
- Netherlands $1 billion (2.6%)
- Australia $989 million (2.5%)
Indiana’s top trade partners in North America, Canada and Mexico, account for almost half (47.7%) of the overall value of exported goods from the Hoosier State.
Indiana 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)
- Wabash National (semi-trailers, liquid transportation products)
- Thor Industries (recreational vehicles)
- Calumet Specialty Products (specialty oils, solvents, waxes)
- Berry Global (plastic packaging products)
- Zimmer Biomet (medical devices, artificial limbs)
- Steel Dynamics (steel)
- Cummins (engines, filtration, power products)
- Eli Lilly and Company (pharmaceuticals)
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 America’s Top 20 Export States, United States Top 10 Exports and Top United States Trade Balances
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