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 northeastern United States, New York shipped US$75.3 billion worth of goods around the globe in 2017. That dollar amount represents a -1.9% downtick from 2016 to 2017 and a -15.3% slowdown since 2014.

New York is America’s fourth-biggest exporter by state behind Texas, California and Washington state. The value of New York’s exports equals 4.9% of United States’ overall exported products for 2017.

Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), New York’s exported products represent 5.9% 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 York’s population of 19.849 million people, its total $75.3 billion in 2017 exports translates to roughly $3,800 for every resident in The Empire State.

New York’s unemployment rate was 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 2017. 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 (worked but unmounted): US$12.2 billion (16.2% of New York’s total exports)
  2. Hand-drawn paintings, drawings: $7 billion (9.4%)
  3. Jewelry articles clad in precious metal: $5.9 billion (7.9%)
  4. Gold (unwrought): $3.7 billion (4.9%)
  5. Aircraft including engines, parts: $1.41 billion (1.9%)
  6. Rubies, sapphires, emeralds: $1.39 billion (1.8%)
  7. Original sculptures, statues: $1.2 billion (1.6%)
  8. Diamonds (raw): $937 million (1.2%)
  9. Integrated circuits (processors/controllers): $806 million (1.1%)
  10. Cell phones: $740 million (1%)

New York’s top 10 exports accounted for almost half (47%) of the overall value of the state’s global shipments.

Electronic integrated circuits were the fastest-growing among the top 10 export categories, up by 148.8% from 2016.

In second place for improving export sales were raw diamonds which appreciated by 55.6%.

New York exports of aircraft including engines or other parts incurred the third-fastest gain in value, up by 33.5%. Close behind were exported rubies, sapphires and emeralds via a 33.4% improvement.

The leading decliner among New York’s top 10 export products was gold which fell -26.6% year over year.

More Key Facts

Overall, New York incurred a -$51.7 billion deficit exporting and importing products during 2017. That dollar amount reflects a -3.2% year-over-year dip from -$53.4 billion in red 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 York’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2017.

  1. Diamonds (worked but unmounted): $20.3 billion (16% of New York’s total imports)
  2. Hand-drawn paintings, drawings: $5.4 billion (4.2%)
  3. Jewelry articles clad in precious metal: $3.7 billion (2.9%)
  4. Gold (unwrought): $2 billion (1.6%)
  5. Natural gas (gaseous state): $1.35 billion (1.1%)
  6. Rubies, sapphires, emeralds: $1.27 billion (1%)
  7. Miscellaneous medications: $1.1 billion (0.9%)
  8. Diamonds (raw): $1 billion (0.8%)
  9. Grape wines (not sparkling): small containers: $874 million (0.7%)
  10. Mid-sized automobiles (piston engine): $861 million (0.7%)

New York has highly negative net exports in the international trade of processed but unmounted diamonds. In turn, these cashflows indicate New York’s strong competitive disadvantages under the diamonds (worked but unmounted) product category showing the impact of foreign-made automotive goods on New York state’s global balance sheet.

Partners

The following list shows the top 10 customers that purchase almost three-quarters (74.2%) worth of the total value of products exported from New York during 2017.

  1. Canada $3.9 billion (17.9% of New York’s total exports)
  2. Hong Kong $2.3 billion (10.6%)
  3. United Kingdom $2.3 billion (10.5%)
  4. Switzerland $2 billion (9.2%)
  5. Israel $1.8 billion (8.3%)
  6. Belgium $1.6 billion (7.3%)
  7. China $862 million (3.9%)
  8. Mexico $498 million (2.3%)
  9. India $465 million (2.1%)
  10. Germany $451 million (2.1%)

New York’s top trade partners in North America, namely Canada and Mexico, account for one-fifth (20.2%) of the overall value of exported goods from the Empire State. This compares with 16.6% from Asian countries among the top 10 suppliers of New York’s imports.

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 April 30, 2018

FlagPictures.org, Flags of US States. Accessed on April 30, 2018

Forbes 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 30, 2018

International Trade Centre, Trade Map. Accessed on April 30, 2018

Investopedia, Net Exports Definition. Accessed on April 30, 2018

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 April 28, 2018

United States Census Bureau, QuickFacts: New York, United States. Accessed on April 30, 2018

Wikipedia, New York (state). Accessed on April 30, 2018

Wikipedia, List of New York Companies. Accessed on April 30, 2018

World’s Capital Cities, Capital Facts for Albany, United States. Accessed on April 30, 2018

YCharts, Regional and State Employment and Unemployment Report. Accessed on April 30, 2018