Nicknamed “The Empire State” and located in the northeastern United States, New York state shipped US$73.3 billion worth of goods around the globe in 2019. That dollar amount reflects a -13.5% decline from 2018 to 2019 and a -4.5% downturn since 2016.
New York is America’s third-biggest exporter by state behind Texas and California. The value of New York’s exports equals 4.5% of United States’ overall exported products for 2019.
Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), New York’s exported products represent an estimated 4.4% of the state’s total economic output or real Gross Domestic Product in 2018 ($1.669 trillion in current dollars based on Federal Reserve Bank of St. Louis economic research statistics.
Given New York’s population of 19.454 million people, its total $73.3 billion in 2019 exported products translates to roughly $3,800 for every resident in The Empire State.
New York’s unemployment rate was 4% at December 2019, up from 3.9% as of April 2019 per YCharts.
New York’s Top 10 Exports
The following export products represent the highest dollar value in New York global shipments during 2019. 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.
- Diamonds (unmounted): US$12 billion (16.3% of New York’s total exports)
- Hand-drawn paintings, drawings: $6.9 billion (9.4%)
- Jewelry articles clad in precious metal: $5.2 billion (7.1%)
- Rubies, sapphires, emeralds: $1.5 billion (2.1%)
- Original sculptures, statues: $1.33 billion (1.8%)
- Gold (unwrought): $1.33 billion (1.8%)
- Aircraft including engines, parts: $1.2 billion (1.6%)
- Integrated circuits (processors/controllers): $977 million (1.3%)
- Diesel engines: $700 million (1%)
- Antiques older than 100 years: $614 million (0.8%)
New York’s top 10 exports represent less than half (43.2%) of the overall value of the state’s global shipments.
Exported antiques more than 100 years old appreciated up by 13.9% from 2018 to 2019. The only other top 10 export from New York to increase in value were processors and controllers for integrated circuits via a 9% rise.
The leading decliners among New York’s top 10 export products include gold (down -74.7%), hand-drawn paintings and drawings (down -18.5%), diesel engines (down -14.1%) and unmounted diamonds (down -10.3%).
More Key Facts
Overall, New York incurred a -$59.7 billion deficit exporting and importing products during 2019. That dollar amount reflects a 13.9% year-over-year expansion from -$52.4 billion in red ink one year earlier.
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 2019.
- Diamonds (unmounted): $18.2 billion (13.7% of New York’s total imports)
- Hand-drawn paintings, drawings: $5.9 billion (4.4%)
- Gold (unwrought): $3.5 billion (2.6%)
- Jewelry articles clad in precious metal: $3.4 billion (2.6%)
- Cell phones: $1.39 billion (1%)
- Miscellaneous medications: $1.35 billion (1%)
- Small portable digital computers: $1.2 billion (0.9%)
- Natural gas (gaseous state): $940 million (0.7%)
- Grape wines (not sparkling): containers 2 ltr and under: $937 million (0.7%)
- Original sculptures, statues: $930 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 trade partners that purchased over two-thirds (70.4%) worth of the total value of products exported from New York during 2019.
- Canada $14.2 billion (19.4% of New York’s total exports)
- Hong Kong $6.6 billion (8.9%)
- Switzerland $6.2 billion (8.4%)
- United Kingdom $5.3 billion (7.3%)
- Israel $4.4 billion (6%)
- Belgium $3.3 billion (4.6%)
- Mexico $3.1 billion (4.2%)
- Germany $3.1 billion (4.2%)
- China $2.8 billion (3.9%)
- India $2.6 billion (3.5%)
New York’s top trade partners in North America, namely Canada and Mexico, account for almost one quarter (23.6%) of the overall value of exported goods from the Empire State. This compares with 16.3% from the 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 2018. 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
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