Oklahoma’s Top 10 Exports

Oklahoma state flag courtesy of FlagPictures.org

Oklahoma state flag

Nicknamed the “Sooner State” and “Land of the Red Man” located in America’s South Central region, Oklahoma shipped US$5.4 billion worth of goods around the globe in 2017. That dollar amount represents a 7.1% gain from 2016 to 2017 but a -14.3% setback since 2014.

Oklahoma is America’s 37th-biggest exporter by state behind front-runners Texas, California, Washington and New York state. The value of Oklahoma’s exports equals 0.3% of United States’ overall exported products for 2017.

Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), Oklahoma’s exported products represent 3.1% 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 Oklahoma’s population of 3.931 million people, its total $5.4 billion in 2017 exports translates to roughly $1,400 for every resident in the Sooner State.

Oklahoma’s unemployment rate was 4% as of March 2018 per YCharts.

Oklahoma’s Top 10 Exports

Top 10

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

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

  1. Aircraft including engines, parts: US$587 million (10.9% of Oklahoma’s total exports)
  2. Computer data storage units: $159 million (2.9%)
  3. Taps, cocks, valves and similar appliances: $124 million (2.3%)
  4. Liquid pump parts: $116 million (2.1%)
  5. Cotton (uncarded, uncombed): $113 million (2.1%)
  6. Pork cuts (fresh/chilled): $110 million (2%)
  7. Industrial heat exchange units: $88 million (1.6%)
  8. Bombs, mines: $87 million (1.6%)
  9. Supported catalysts: $84 million (1.6%)
  10. Air/gas pumps, compressors, fans: $81 million (1.5%)

Oklahoma’s top 10 exports accounted for 28.6% of the overall value of the state’s global shipments.

Raw cottom was the fastest-growing among the top 10 export categories, up by 113.2% from 2016.

In second place for improving export sales were air/gas pumps, compressors and fans which rose 76.1%.

Oklahoma’s shipments of liquid pump parts posted the third-fastest gain in value, up by 46.8%.

The sole decliner among Oklahoma’s top 10 export products were bombs and cards which retreated -49.7% year over year.

More Key Facts

Overall, Oklahoma incurred a -$4.3 billion deficit exporting and importing products during 2017. That dollar amount reflects a 25% year-over-year increase from -$3.4 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 Oklahoma’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2017.

  1. Crude petroleum oils: $2 billion (20.7% of Oklahoma’s total imports)
  2. Solid-state semiconductor storage devices: $273 million (2.8%)
  3. Liquid pump parts: $265 million (2.7%)
  4. Small portable digital computers: $165 million (1.7%)
  5. Turbo-jets: $150 million (1.5%)
  6. Taps, valves, similar appliances (no thermo control): $148 million (1.5%)
  7. Miscellaneous aircraft parts: $135 million (1.4%)
  8. Ash, residues containing metals: $126 million (1.3%)
  9. Christmas-related items: $121 million (1.2%)
  10. Taps, valves, similar appliances (with thermo control): $103 million (1.1%)

Oklahoma has highly negative net exports in the international trade of crude oils and solid-state semiconductor storage devices. In turn, these cashflows indicate Oklahoma’s competitive disadvantages under these product categories.

Partners

The following list shows the top 10 customers that purchase 70% worth of the total value of products exported from Oklahoma during 2017.

  1. Canada: $1.4 billion (26% of Oklahoma’s total exports)
  2. Mexico: $527 million (9.7%)
  3. Germany: $406 million (7.5%)
  4. Japan: $284 million (5.3%)
  5. Singapore: $253 million (4.7%)
  6. Netherlands: $247 million (4.6%)
  7. China: $223 million (4.1%)
  8. United Kingdom: $218 million (4%)
  9. India: $114 million (2.1%)
  10. Australia: $111 million (2%)

Oklahoma’s top trade partners in North America (Canada and Mexico) purchase over a third (35.7%) of the overall value of exported goods from the Sooner State.

Companies

Oklahoma Export Companies

Twelve of Oklahoma-based corporations rank among Fortune 1000 Companies in 2017, a list that showcases America’s largest businesses. Selected examples are listed below.

  • WPX Energy (petroleum, natural gas)
  • Continental Resources, Inc. (petroleum, natural gas)
  • Helmerich & Payne, Inc. (oil field products, services)
  • Williams Companies, Inc. (petroleum, natural gas)
  • ONEOK, Inc. (natural gas)
  • Chesapeake Energy Corp (petroleum, natural gas)
  • Devon Energy Corp (petroleum, natural gas)
  • NGL Energy Partners LP (crude oil logistics, water solutions, propane)

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



 
Oklahoma’s capital is Oklahoma City, nicknamed “OKC”, “The Big Friendly” and “The 405”.

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

Research Sources:
Department of Numbers, Oklahoma GDP (dollars shown in real terms). Accessed on May 9, 2018

FlagPictures.org, Flags of US States. Accessed on May 9, 2018

Forbes, 2016 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 9, 2018

GeoLounge, Fortune 1000 Companies List for 2016 , Fortune 1000 by State and Place. Accessed on May 9, 2018

International Trade Centre, Trade Map. Accessed on May 9, 2018

Investopedia, Net Exports Definition. Accessed on May 9, 2018

State Symbols USA, State Nicknames. Accessed on May 9, 2018

United States Census Bureau, QuickFacts: Oklahoma. Accessed on May 9, 2018

Wikipedia, Oklahoma. Accessed on May 9, 2018

Wikipedia, Category:Companies based in Oklahoma. Accessed on May 9, 2018

World’s Capital Cities, Capital Facts for Oklahoma City, United States. Accessed on May 9, 2018

YCharts, Regional and State Employment and Unemployment Report. Accessed on May 9, 2018