New Mexico’s Top 10 Exports

New Mexico state flag courtesy of FlagPictures.org

New Mexico flag

Nicknamed the “Land of Enchantment” located in America’s southwestern region, New Mexico shipped US$3.6 billion worth of goods around the globe in 2017. That dollar amount represents a -0.2% dip from 2016 to 2017 and a -4.7% decline since 2014.

New Mexico is America’s 43rd-biggest exporter by state behind front-runners Texas, California, Washington and New York state. The value of New Mexico’s exports equals 0.2% of United States’ overall exported products for 2017.

Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), New Mexico’s exported products represent 4.2% of the state’s total economic output or real Gross Domestic Product in 2016. The latter real dollar values were expressed in 2009 chained dollars, according to the BEA.

Given New Mexico’s population of 2.088 million people, its total $3.6 billion in 2017 exports translates to roughly $1,700 for every resident in the Land of Enchantment state.

New Mexico’s unemployment rate was 5.6% as of March 2018 per YCharts.

New Mexico’s Top 10 Exports

Top 10

The following export products represent the highest dollar value in New Mexico global shipments during 2017. Also shown is the percentage share each export category represents in terms of overall exports from New Mexico.

Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.

  1. Integrated circuits (processors/controllers): US$714 million (19.7% of New Mexico’s total exports)
  2. Computer parts and accessories: $665 million (18.4%)
  3. Medical/dental/veterinarian instruments: $216 million (5.9%)
  4. Bombs, mines: $149 million (4.1%)
  5. Modems, similar reception/transmission devices: $128 million (3.5%)
  6. Aircraft including engines, parts: $96 million (2.6%)
  7. Computer data storage units: $72 million (2%)
  8. Piston engine pumps: $54 million (1.5%)
  9. Taps, cocks, valves and similar appliances: $51 million (1.4%)
  10. Miscellaneous edible nuts: $49 million (1.4%)

New Mexico’s top 10 exports accounted for 60.5% of the overall value of the state’s global shipments.

Medical/dental/veterinarian instruments were the fastest-growing among the top 10 export categories, up by 127.4% from 2016.

Coming in second place with an 80% improvement were exported computer data storage units which rose 80%.

New Mexico’s shipments of miscellaneous edible nuts posted the third-fastest gain in value, up by 75%.

The leading decliner among New Mexico’s top 10 export products were processors or controllers used in integrated circuits, a category which retreated -17.7% year over year.

More Key Facts

Overall, New Mexico incurred a 1.346 billion surplus exporting and importing products during 2017. That dollar amount reflects a slight 0.3% year-over-year increase from $1.342 billion in black ink for 2016.

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 New Mexico’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2017.

  1. Computer parts and accessories: $356 million (15.6% of New Mexico’s total imports)
  2. Solid-state semiconductor storage devices: $211 million (9.2%)
  3. Transmission, reception appliances: $108 million (4.7%)
  4. Mixed immunological products: $76 million (3.3%)
  5. Live cattle: $66 million (2.9%)
  6. Miscellaneous plastic articles: $60 million (2.6%)
  7. Miscellaneous chemical elements for electronics: $45 million (2%)
  8. Peppers (fresh/chilled): $35 million (1.5%)
  9. Electric static converters: $33 million (1.5%)
  10. Textile fabrics: $31 million (1.4%)

New Mexico has positive net exports in the international trade of integrated circuits (particularly processors and controllers) as well as computer parts and accessories. In turn, these cashflows indicate New Mexico’s competitive advantages under these product categories.

Partners

The following list shows the top 10 customers that purchase 88.4% worth of the total value of products exported from New Mexico during 2017.

  1. Mexico: $1.6 billion (43.8% of New Mexico’s total exports)
  2. China: $1 billion (27.7%)
  3. Saudi Arabia: $149 million (4.1%)
  4. Canada: $124 million (3.4%)
  5. Singapore: $81 million (2.2%)
  6. Germany: $63 million (1.7%)
  7. South Korea: $62 million (1.7%)
  8. Japan: $48 million (1.3%)
  9. Australia: $46 million (1.3%)
  10. Turkey: $43 million (1.2%)

New Mexico’s top trade partners in North America–Mexico and Canada–account for almost half (47.2%) of the overall value of exported goods from the state nicknamed the Land of Enchantment.

Companies

New Mexico Export Companies

Not one of New Mexico-based corporations rank among Fortune 1000 Companies in 2017, a list that showcases America’s largest businesses.

According to Zippia, below are examples of relatively large companies based in New Mexico.

  • ARA (international research, engineering)
  • U.S. Cotton (health/beauty cotton, cotton products)
  • Delta Group Electronics (electronics)
  • Speridian Technologies (global info technology solutions)

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.



 
New Mexico’s capital is Santa Fe, a city uniquely nicknamed “The City Different”.

See also America’s Top 20 Export States, United States Top 10 Exports and Top United States Trade Balances

Research Sources:
Department of Numbers, New Mexico GDP (dollars shown in real terms). Accessed on May 10, 2018

FlagPictures.org, Flags of US States. Accessed on May 10, 2018

Forbes, 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 10, 2018

GeoLounge, Fortune 1000 Companies List for 2016 , Fortune 1000 by State and Place. Accessed on May 10, 2018

International Trade Centre, Trade Map. Accessed on May 10, 2018

Investopedia, Net Exports Definition. Accessed on May 10, 2018

State Symbols USA, State Nicknames. Accessed on May 10, 2018

United States Census Bureau, QuickFacts: New Mexico. Accessed on May 10, 2018

Wikipedia, New Mexico. Accessed on May 10, 2018

Wikipedia, Category:Companies based in New Mexico. Accessed on May 10, 2018

World’s Capital Cities, Capital Facts for Santa Fe, United States. Accessed on May 10, 2018

YCharts, Regional and State Employment and Unemployment Report. Accessed on May 10, 2018

Zippia, These are the 100 largest companies in New Mexico. Accessed on May 10, 2018