New York State’s Top 10 Exports

New York state flag courtesy of FlagPictures.org

New York state flag

Nicknamed “The Empire State” and located in the northeastern United States, New York state shipped US$81.5 billion worth of goods around the globe in 2018. That dollar amount reflects a 4.6% improvement from 2017 to 2018 but a -2% decline since 2015.

New York is America’s third-biggest exporter by state behind Texas and California. The value of New York’s exports equals 4.9% of United States’ overall exported products for 2018.

Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), New York’s exported products represent 4.8% of the state’s total economic output or real Gross Domestic Product in 2018 ($1.701 trillion in current dollars based on BEA statistics).

Given New York’s population of 19.542 million people, its total $81.5 billion in 2018 exported products translates to roughly $4,200 for every resident in The Empire State.

New York’s unemployment rate was 3.9% at April 2019, down from 4.2% as of February 2018 per YCharts.

New York’s Top 10 Exports

Top 10

The following export products represent the highest dollar value in New York global shipments during 2018. Also shown is the percentage share each export category represents in terms of overall exports from New York.

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

  1. Diamonds (unmounted): US$13.3 billion (16.4% of New York’s total exports)
  2. Hand-drawn paintings, drawings: $8.5 billion (10.4%)
  3. Jewelry articles clad in precious metal: $5.7 billion (7%)
  4. Gold (unwrought): $5.2 billion (6.4%)
  5. Rubies, sapphires, emeralds: $1.6 billion (1.9%)
  6. Original sculptures, statues: $1.4 billion (1.7%)
  7. Aircraft including engines, parts: $1.2 billion (1.5%)
  8. Integrated circuits (processors/controllers): $896 million (1.1%)
  9. Diesel engines: $814 million (1%)
  10. Cell phones: $658 million (0.8%)

New York’s top 10 exports accounted for almost half (48.2%) of the overall value of the state’s global shipments.

Diesel engines were the fastest-growing among the top 10 export categories, up by 57.1% from 2017 to 2018.

In second place for improving export sales was unwrought gold which improved by 41.4%.

New York exports of hand-drawn painting and drawings incurred the third-fastest gain in value, up by 20.7%. Close behind were original sculptures and statues via a 16.2% increase.

The leading decliners among New York’s top 10 export products were aircraft including engines and other parts which fell -14.2% year over year trailed by the -11.1% loss for its international trade in cell phones.

More Key Facts

Overall, New York incurred a -$55.6 billion deficit exporting and importing products during 2018. That dollar amount reflects a 14.2% year-over-year uptick from -$48.7 billion in red ink for 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 New York’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2018.

  1. Diamonds (unmounted): $22.3 billion (16.2% of New York’s total imports)
  2. Hand-drawn paintings, drawings: $5.8 billion (4.2%)
  3. Jewelry articles clad in precious metal: $3.5 billion (2.5%)
  4. Gold (unwrought): $1.47 billion (1.1%)
  5. Rubies, sapphires, emeralds: $1.33 billion (1.0%)
  6. Original sculptures, statues: $1.28 billion (0.9%)
  7. Miscellaneous medications: $1.2 billion (0.9%)
  8. Natural gas (gaseous state): $1.1 billion (0.8%)
  9. Grape wines (non-sparkling): $951 million (0.7%)
  10. Cell phones: $932 million (0.7%)

New York has highly negative net exports in the international trade of processed but unmounted diamonds, miscellaneous medications and natural gas. In turn, these cashflows indicate New York’s competitive disadvantages under those product categories on New York state’s global balance sheet.

Partners

The following list shows the top 10 customers that purchased almost three-quarters (72.2%) worth of the total value of products exported from New York during 2018.

  1. Canada $13.8 billion (16.9% of New York’s total exports)
  2. Hong Kong $9.2 billion (11.2%)
  3. Switzerland $7.7 billion (9.5%)
  4. United Kingdom $6.4 billion (7.9%)
  5. Israel $4.9 billion (6%)
  6. Belgium $3.8 billion (4.6%)
  7. Mexico $3.5 billion (4.3%)
  8. China $3.4 billion (4.2%)
  9. India $3.2 billion (4%)
  10. Germany $3 billion (3.6%)

New York’s top trade partners in North America, namely Canada and Mexico, account for a little over one-fifth (21.2%) of the overall value of exported goods from the Empire State. This compares with 19.4% from Asian countries among the top 10 suppliers of New York’s imports (namely Hong Kong, China and India).

Companies

New York Export Companies

Forty-five of corporations headquartered in New York state rank among Forbes Global 2000 for 2017. Selected examples are shown below.

  • Verizon Communications (telecommunications)
  • Pfizer Inc (pharmaceuticals)
  • Philip Morris International (cigarettes, other tobacco products)
  • Bristol-Myers Squibb (pharmaceuticals)
  • Colgate-Palmolive (household products, personal care, pet food)
  • Arconic (aluminum, titanium, nickel)
  • Estée Lauder Companies (makeup, skin care, hair care, fragrances)
  • L3 Technologies (intelligence, surveillance, reconnaissance systems)
  • PVH (branded clothing)
  • Ralph Lauren Corp (clothing, footwear, fragrances, housewares, jewelry)

Shown within brackets for each company is a summary of the international trade-related products which each business sells.



 

New York’s capital is Albany, a city nicknamed “Cradle of the Union” or the “518 Cap City” where 518 refers to Albany’s telephone area code.

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 York GDP (dollars shown in real terms). Accessed on June 15, 2019

FlagPictures.org, Flags of US States. Accessed on June 15, 2019

Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 15, 2019

International Trade Centre, Trade Map. Accessed on June 15, 2019

Investopedia, Net Exports Definition. Accessed on June 15, 2019

New York Business Journal, JPMorgan Chase leads the list of 45 New York companies on the new Fortune 500 ranking. Accessed on April 30, 2018

United States Census Bureau, Foreign Trade (State by 6-Digit HS Code). Accessed on June 15, 2019

United States Census Bureau, QuickFacts: New York, United States. Accessed on June 15, 2019

Wikipedia, List of New York Companies. Accessed on June 15, 2019

Wikipedia, List of U.S. states and territories by GDP. Accessed on June 13, 2019

Wikipedia, New York (state). Accessed on June 15, 2019

World’s Capital Cities, Capital Facts for Albany, United States. Accessed on June 15, 2019

YCharts, Regional and State Employment and Unemployment Report. Accessed on June 15, 2019