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.

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.

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).

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.