That dollar amount results from an 15.1% increase from $1.7 billion four years earlier in 2019.
Year over year, the overall value of goods exported from Montana flatlined via a -1.1% slowdown compared to $1.975 billion for 2021.
Montana ranks among America’s 5 smallest exporters by state lagging front-runners including Texas, California, Louisiana, New York State and Illinois. The value of Montana’s exports equals 0.1% of the United States’ overall export sales for 2022.
Based on research from Statista, Montana’s exported products represent 3.9% of the state’s total economic output or real Gross Domestic Product in 2022 ($49.75 billion).
Given Montana’s population of 1.123 million people, its total $1.95 billion in 2022 exports translates to roughly $1,700 for every resident in the Big Sky Country state. That dollar metric falls below the average $1,800 per capita in 2021.
Montana’s unemployment rate was 2.3% at the end of March 2023, down from 2.5% one year earlier per YCharts.
Montana’s Top 10 Exports
The following export products represent the highest dollar value in Montana global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Montana.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Copper oxides, hydroxides: US$171.5 million (8.8% of Montana’s exports)
- Copper ores, concentrates: $150.4 million (7.7%)
- Electrical energy: $135.3 million (6.9%)
- Coal (not anthracite nor bituminous): $122 million (6.2%)
- Live cattle not for purebred breeding: $112.6 million (5.8%)
- Machinery for making semi-conductors: $110.1 million (5.6%)
- Civilian aircraft, parts including engines: $85.5 million (4.4%)
- Lentils (dried/shelled): $65.9 million (3.4%)
- Silicon: $61.3 million (3.1%)
- Hydrides, nitrides, azides, silicides: $46.8 million (2.4%)
Montana’s top 10 exports accounted for over half (54.3%) of the overall value of the state’s global shipments.
The high expenditure product category civilian aircraft and aircraft parts including engines represents the fastest grower among Montana’s top 10 export categories, up by 161.8% from 2021 to 2022.
In second place for improving export sales was Montana’s exports of silicon (up 51%) ahead of Montanan exports of electric energy (up 35.6%) then machinery for making semi-conductors (up 12.4%).
The severest decliners among Montana’s top 10 export products were non-agglomerated coal (down -32%) and live cattle excluding those for purebred breeding (down -21.9%).
More Key Facts about Montana’s International Trade
Montana incurred an overall -$6.47 billion deficit exporting and importing products during 2022. That dollar amount reflects a 42.4% year-over-year expansion from -$4.54 billion in red ink for 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 Montana’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2022.
- Crude petroleum oils: US$5.8 billion (68.7% of Montana’s imports)
- Miscellaneous platinum scrap: $156.4 million (1.9%)
- Natural gas (gaseous state): $135.9 million (1.6%)
- Coniferous wood sawn or chipped lengthwise: $104.4 million (1.2%)
- Urea: $101.8 million (1.2%)
- Large aircraft: $67.1 million (0.8%)
- Oriented strand board: $63.4 million (0.8%)
- Miscellaneous electrical machinery: $61.8 million (0.7%)
- Large automobiles (piston engine): $60.3 million (0.7%)
- Liquified propane: $57.5 million (0.7%)
Montana has highly negative net exports in the international trade of crude petroleum oils and, to a much lesser extent, platinum scrap. In turn, these cashflows indicate Montana’s competitive disadvantages under those product categories.
Montana’s Major Trade Partners
The following list shows the top 10 customers that purchased 84.5% worth of the total value of products exported from Montana during 2022.
- Canada: US$827 million (42.3% of Montana’s exports)
- South Korea: $162.6 million (8.3%)
- mainland China: $155 million (7.9%)
- Mexico: $119.2 million (6.1%)
- Japan: $98.2 million (5%)
- Belgium: $54.7 million (2.8%)
- Taiwan: $54.2 million (2.8%)
- Switzerland: $50.4 million (2.6%)
- Netherlands: $45.3 million (2.3%)
- United Kingdom: $42.9 million (2.2%)
Montana’s top trade partners in North America (Canada and Mexico) imported almost half (48.4%) of the overall value of goods exported from the Big Sky Country state.
Another 24.1% worth of Montanan exports were bought by top 10 importers in Asian countries (South Korea, mainland China, Japan and Taiwan).
Leading customers in Europe (Belgium, Switzerland, Netherlands and the UK) purchased 9.9% worth.
Montanan Export Companies
Not one Montana-based corporation ranks among Fortune 1000 Companies, a list that showcases America’s largest businesses.
According to Zippia, below are examples of relatively large companies based in Montana.
- Murdoch’s Ranch & Home Supply (apparel, tools, fencing, equipment)
- RightNow Technologies (internet software, services)
- The Waggoners Trucking (transportation services)
- Watkins & Shepard Trucking (transportation services)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
Montana’s capital is Helena, a city nicknamed “Queen City of the Rockies”.
See also Nevada’s Top 10 Exports, Idaho’s Top 10 Exports, Kentucky’s Top 10 Exports, Arizona’s Top 10 Exports and Maryland’s Top 10 Exports
Research Sources:
Department of Numbers, Montana GDP (dollars shown in real terms). Accessed on May 4, 2023
FlagPictures.org, Flags of US States. Accessed on May 4, 2023
Forbes, 2019 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 4, 2023
GeoLounge, Fortune 1000 Companies List for 2019 , 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
State Symbols USA, State Nicknames. Accessed on May 4, 2023
Statista, Real gross domestic product of Montana. Accessed on May 4, 2023
United States Census Bureau, QuickFacts: Montana. Accessed on May 4, 2023
USA Trade Online, Official Source of Trade Statistics. Accessed on May 4, 2023
Wikipedia, Category:Companies based in Montana. Accessed on May 4, 2023
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 4, 2023
Wikipedia, Montana. Accessed on May 4, 2023
World’s Capital Cities, Capital Facts for Helena, United States. Accessed on May 4, 2023
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 4, 2023
Zippia, These are the 100 largest companies in Montana. Accessed on May 4, 2023