That dollar amount reflects a 29.6% gain from $35.7 billion four years earlier in 2019.
Year over year, the overall value of New Jerseyan export sales dropped by -6.3% compared to $49.4 billion during 2021.
New Jersey is a top 15 American exporter by state lagging front-runners including Texas, California, Louisiana, New York State and Illinois. The value of New Jersey’s exports equals 2.2% of the United States’ overall exported products for 2022, significantly down from 2.8% one year earlier.
Based on research from Statista, New Jersey’s exported products represent 7.3% of the state’s total economic output or real Gross Domestic Product ($672.1 billion in current dollars based on BEA statistics).
Given New Jersey’s population of 9.262 million people, its total $46.3 billion in 2022 exports translates to roughly $5,000 for every resident in the Garden State. That dollar metric falls below the average $5,300 per capita one year earlier in 2021.
New Jersey’s unemployment rate was 3.5% at March 2023, down from 7.8% at February 2022 per YCharts.
New Jersey’s Top 10 Exports
The following export products represent the highest dollar value in New Jersey global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from New Jersey.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Rhodium (unwrought or in powder form): US$2.672 billion (5.8% of New Jersey’s total exports)
- Palladium (unwrought or in powder form): $2.666 billion (5.8%)
- Non-silver precious metal jewelry, parts: $1.8 billion (3.8%)
- Processed petroleum oils (not biodiesel): $1.31 billion (2.8%)
- Mid-sized automobiles (piston engine): $1.28 billion (2.8%)
- Palladium (semi-manufactured): $1 billion (2.2%)
- Beauty and skin care preparations: $986.7 million (2.1%)
- Platinum waste, scrap: $940.9 million (2%)
- Iron waste, scrap: $842.9 million (1.8%)
- Precious metal waste, scrap: $842.3 million (1.8%)
New Jersey’s top 10 exports generated nearly one-third (31%) of the overall value of the state’s global shipments.
Processed petroleum oils excluding biodiesel represent the fastest grower among New Jersey’s top 10 export categories, up by 74.8% from 2021 to 2022.
In second place for improving export sales were mid-sized automobiles powered by piston engine, thanks to its 22.2% increase from 2021.
New Jersey’s shipments of beauty and skin care preparations appreciated by 16.6%.
The only other increase among New Jersey’s top 10 export products was the 7.7% upturn for jewelry and parts made with precious metals excluding silver.
The severest year-over-year decline was recorded for exported precious metal waste and scrap (down -56.1% from 2021).
More Key Facts about New Jersey’s International Trade
New Jersey incurred an overall -$117.4 billion deficit exporting and importing products during 2022. That dollar amount reflects a 9.4% year-over-year increase from -$107.4 billion in red ink for 2021.
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 Jersey’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2022.
- Crude petroleum oils: US$12.5 billion (7.6% of New Jersey’s total imports)
- Light petroleum oils: $12.2 billion (7.4%)
- Miscellaneous medications: $9.9 billion (6.1%)
- Processed petroleum oils (not biodiesel): $4.2 billion (2.5%)
- Large automobiles (piston engine): $3.9 billion (2.4%)
- Mid-sized automobiles (piston engine): $3.7 billion (2.3%)
- Automobiles (both spark ignition and electric motors): $2.7 billion (1.7%)
- Immunological goods for retail sale: $1.9 billion (1.2%)
- Coffee (caffeinated, not roasted): $1.543 billion (0.9%)
- Rhodium (unwrought or in powder form): $1.538 billion (0.9%)
New Jersey has highly negative net exports notably in the international trade of petroleum oils, medicines and automobiles. In turn, these cashflows indicate New Jersey’s strong competitive disadvantages under these product categories showing the strong impact of foreign goods on New Jersey’s global balance sheet.
New Jersey’s Major Trade Partners
The following list shows the top 10 customers that purchased over two-thirds (68.6%) worth of the total value of products exported from New Jersey during 2022.
- Canada: US$10 billion (21.7% of New Jersey’s total exports)
- Mexico: $3.4 billion (7.3%)
- Japan: $3.22 billion (7%)
- mainland China: $3.14 billion (6.8%)
- United Kingdom: $2.8 billion (6.1%)
- Italy: $2.3 billion (5%)
- Germany: $2.13 billion (4.6%)
- Netherlands: $1.43 billion (3.1%)
- South Korea: $1.39 billion (3%)
- United Arab Emirates: $1.1 billion (2.3%)
New Jersey’s trade partners in North America–Canada and Mexico–approached one-third (29%) of the overall value of exported goods from the Garden State in 2022.
That percentage compares with 18.7% for top importing countries in Europe (United Kingdom, Italy, Germany and the Netherland) as well as 19.1% for leading New Jerseyan trade partners located in Asia.
New Jerseyan Export Companies
Thirty of New Jersey-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are shown below.
- Automatic Data Processing (management software, services)
- Bard (medical technologies)
- Becton Dickinson (medical devices, instrument systems, reagents)
- Campbell’s (soups, juices, related products)
- Celgene Corp (medicines for cancer, inflammatory disorders)
- Church & Dwight Co. (household goods)
- Honeywell International (aircraft, defense industry, computer, scanning, mobile goods)
- PBF Energy (petroleum oils, lubricants, petrochemicals)
- Pinnacle Foods (frozen food, condiments, mixes, packaged meat)
- Zoetis (animal medicines, vaccinations)
Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
New Jersey’s capital is Trenton, a city literally nicknamed “The Capital City”.
See also Oklahoma’s Top 10 Exports, Alaska’s Top 10 Exports, Oregon’s Top 10 Exports, Pennsylvania’s Top 10 Exports and Virginia’s Top 10 Exports
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