Indiana’s biggest export in 2020 was miscellaneous medications accounting for 10.3% of the state’s aggregated exports revenue. The state’s top 3 exports were miscellaneous medications, immunological products in measured doses and motor vehicle transmissions representing 19.9% of the total. Those percentages suggest a relatively concentrated range of exported goods notably for pharmaceuticals.
Indiana ranks among America’s biggest 20 exporters by state behind front-runners including Texas, California, New York and Louisiana. The value of Indiana’s exports equals 2.5% of United States’ overall exported products for 2020.
Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), Indiana’s exported products represent 9.5% of the state’s total economic output or real Gross Domestic Product in 2020 ($372.6 billion in current dollars based on BEA statistics). That metric is down from 10.6% one year earlier.
Given Indiana’s population of 6.764 million people, its total $35.3 billion in 2020 exports translates to roughly $5,200 for every resident in the Hoosier State.
Indiana’s unemployment rate was 4% at February 2021, up from 3.2% one year earlier per YCharts.
Indiana’s Top 10 Exports
The following export products represent the highest dollar value in Indiana global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from Indiana.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Miscellaneous medications: US$3.6 billion (10.3% of Indiana’s total exports)
- Immunological goods in measured doses: $1.8 billion (5.1%)
- Motor vehicle transmissions: $1.6 billion (4.5%)
- Small gas-powered trucks: $1.27 billion (3.6%)
- Aircraft including engines, parts: $1.26 billion (3.6%)
- Piston engines: $1.16 billion (3.3%)
- Artificial joints, parts, accessories: $0.81 billion (2.3%)
- Composite diagnostic/laboratory reagents: $788 million (2.2%)
- Large automobiles (piston engine): $679 million (1.9%)
- Trailers, semi-trailers (housing, camping): $605 million (1.7%)
Indiana’s top 10 exports accounted for 38.5% of the overall value of the state’s global shipments.
Miscellaneous medications represent the fastest grower among the top 10 export categories, up by 23% from 2019 to 2020. Two other major product shipments from Indiana increased namely composite diagnostic or laboratory reagents (up 15.9%) and immunological goods in measured doses (up 6.7%).
The leading decliners among Indiana’s top 10 export products year over year were large automobiles with piston engine (down -52.8%), small gas-powered trucks (down -39.1%) then motor vehicle transmissions (down -31%).
More Key Facts
Overall, Indiana incurred a -$28.6 billion deficit exporting and importing products during 2020. That dollar amount reflects a 13.1% year-over-year increase from -$25.3 billion in red ink in 2019.
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 Indiana’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2020.
- Miscellaneous hormones: $6.8 billion (10.7% of Indiana’s total imports)
- Immunological goods for retail sale: $3.5 billion (5.5%)
- Polypeptide/protein/glycoprotein hormones: $3.2 billion (5%)
- Blood fractions including antisera: $3 billion (4.7%)
- Miscellaneous medications: $2.5 billion (3.9%)
- Heterocyclics with oxygen hetero-atoms: $1.2 billion (1.8%)
- Motor vehicle transmissions: $1.1 billion (1.7%)
- Heterocyclics with unfused thiazole ring: $906 million (1.4%)
- Modems, similar reception/transmission devices: $743 million (1.2%)
- Artificial joints, parts and accessories: $742 million (1.2%)
Indiana has highly negative net exports in the international trade of miscellaneous hormones and antisera. In turn, these cashflows indicate Indiana’s competitive disadvantages under those product subcategories showing the strong impact of foreign goods on Indiana’s global balance sheet}
The following list shows the top 10 customers that purchased over three-quarters (78%) worth of the total value of products exported from Indiana during 2020.
- Canada: $11.1 billion (31.4% of Indiana’s total exports)
- Mexico: $4.7 billion (13.2%)
- China: $2.8 billion (8%)
- Japan: $1.82 billion (5.2%)
- Germany: $1.78 billion (5%)
- Netherlands: $1.30 billion (3.7%)
- France: $1.27 billion (3.6%)
- Italy: $1.1 billion (3.1%)
- United Kingdom: $938 million (2.7%)
- Brazil: $662 million (1.9%)
Indiana’s top trade partners in North America, Canada and Mexico, account for 44.6% of the overall value of exported goods from the Hoosier State. Europe consumer 18.1% worth (Germany, Netherlands, France, Italy, United Kingdom) while Asia was the destination for 13.2% (China, Japan).
Indiana Export Companies
Seventeen of Indiana-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are shown below.
- Allison Transmission Holdings (transmissions, other propulsion systems)
- Wabash National (semi-trailers, liquid transportation products)
- Thor Industries (recreational vehicles)
- Calumet Specialty Products (specialty oils, solvents, waxes)
- Berry Global (plastic packaging products)
- Zimmer Biomet (medical devices, artificial limbs)
- Steel Dynamics (steel)
- Cummins (engines, filtration, power products)
- Eli Lilly and Company (pharmaceuticals)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
Indiana’s capital is Indianapolis, a city nicknamed “Indy”, “Circle City” and the “Crossroads of America”.
See also America’s Top 20 Export States, United States Top 10 Exports and Top United States Trade Balances
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