Nicknamed the “Silver State” and “Sagebrush State” located in America’s Western, Mountain West and Southwestern regions, Nevada shipped US$9 billion worth of goods around the globe in 2019. That dollar amount reflects a -19.1% dip from 2018 to 2019 and an -8.1% decrease since 2016.
Nevada ranks among America’s 40 biggest exporters by state behind front-runners including Texas, California, New York and Washington states. The value of Nevada’s exports equals 0.5% of United States’ overall exported products for 2019.
Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), Nevada’s exported products represent 6.6% of the state’s total economic output or real Gross Domestic Product in 2019 ($168.8 billion in current dollars based on BEA statistics).
Given Nevada’s population of 3.080 million people, its total $9 billion in 2019 exports translates to roughly $2,900 for every resident in the Silver State.
Nevada’s unemployment rate was 3.6% at February 2020 down from 4.9% as of March 2019, per YCharts.
Nevada’s Top 10 Exports
The following export products represent the highest dollar value in Nevada global shipments during 2019. Also shown is the percentage share each export category represents in terms of overall exports from Nevada.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Gold (unwrought): US$2.7 billion (29.9% of Nevada’s total exports)
- Games operated by token/coin/credit card: $551 million (6.1%)
- Integrated circuits (excluding processors/controllers): $462 million (5.1%)
- Copper ores, concentrates: $410 million (4.6%)
- Diamonds (unmounted): $345 million (3.8%)
- Miscellaneous coins: $280 million (3.1%)
- Integrated circuits (processors/controllers): $278 million (3.1%)
- Computer parts and accessories: $258 million (2.9%)
- Aircraft including engines, parts: $188 million (2.1%)
- Cell phones: $156 million (1.7%)
Nevada’s top 10 exports approached two-thirds (62.4%) of the overall value of the state’s global shipments.
Computer parts and accessories was the fastest grower among the top 10 export categories, up by 437.5% from 2018 to 2019. In second place for improving export sales were unmounted diamonds which rose 169.5%. Nevada’s shipments of miscellaneous coins posted the third-fastest gain in value up by 15.7%.
The severest decliner among Nevada’s top 10 export products was unrefined gold via its -45.4% year-over-year decrease.
More Key Facts
Overall, Nevada incurred a -$2 billion deficit exporting and importing products during 2019. That dollar amount reflects a 182% year-over-year increase from -$699 million in red ink for 2018.
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 Nevada’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2019.
- Integrated circuits (excluding processors/controllers): $668 million (6.1% of Nevada’s total imports)
- Games operated by token/coin/credit card: $446 million (4.1%)
- Parts of electric storage batteries: $294 million (2.7%)
- Integrated circuits (processors/controllers): $286 million (2.6%)
- Electric static converters: $245 million (2.2%)
- Diamonds (unmounted): $222 million (2%)
- Large aircraft: $211 million (1.9%)
- Cell phones: $205 million (1.9%)
- Unknit men’s cotton trousers: $201 million (1.8%)
- Miscellaneous liquor: $198 million (1.8%)
Nevada has negative net exports in the international trade of electronic circuits, electric storage battery parts and large aircraft. In turn, these cashflows indicate Nevada’s competitive disadvantages under these product categories.
The following list shows the top 10 customers that purchased 73.7% worth of the total value of products exported from Nevada during 2019.
- India: $1.5 billion (17.2% of Nevada’s total exports)
- Switzerland: $1.3 billion (14.6%)
- Canada: $1.2 billion (12.9%)
- Mexico: $778 million (8.7%)
- China: $515 million (5.7%)
- Germany: $336 million (3.7%)
- Japan: $300 million (3.3%)
- Hong Kong: $284 million (3.2%)
- United Kingdom: $207 million (2.3%)
- Australia: $186 million (2.1%)
Nevada’s top trade partners in North America (Canada and Mexico) bought 21.6% of the overall value of exported goods from the Silver State. That percentage compares with 20.6% from top suppliers in Europe (Switzerland, Germany, UK).
Nevada Export Companies
Nine of Nevada-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are listed below.
- Boyd Gaming Corp (casinos, hotels)
- Scientific Games Corp (gaming machines, systems, internet apps)
- Wynn Resorts (casinos, hotels)
- Caesars Entertainment Corp (casinos, hotels)
- MGM Resorts International (casinos, hotels)
- Las Vegas Sands Corp (casinos, hotels)
Shown within brackets for each company is a summary of the products or services which each business sells, some of which are international trade-related.
Nevada’s capital is Carson City, a city nicknamed “CC”, “Carson” and “The Capitol”.
See also America’s Top 20 Export States, United States Top 10 Exports and Top United States Trade Balances
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