New York is America’s third-biggest exporter by state behind Texas and California. The value of New York’s exports equals 4.3% of United States’ overall exported products for 2020.
Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), New York’s exported products represent an estimated 3.6% of the state’s total economic output or real Gross Domestic Product in 2020 ($1.699 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 $61.9 billion in 2020 exported products translates to roughly $3,200 for every resident in The Empire State.
New York’s unemployment rate was 8.9% in February 2021, up from 4% at December 2019 per YCharts.
New York’s Top 10 Exports
The following export products represent the highest dollar value in New York global shipments during 2020. Also shown is the percentage share each export category represents in terms of overall exports from New York state.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Diamonds (unmounted): US$6.6 billion (10.7% of New York’s total exports)
- Gold (unwrought): $5.8 billion (9.3%)
- Hand-drawn paintings, drawings: $4.3 billion (6.9%)
- Jewelry articles clad in precious metal: $2.8 billion (4.5%)
- Aircraft including engines, parts: $1.1 billion (1.7%)
- Integrated circuits (processors/controllers): $0.9 billion (1.5%)
- Original sculptures, statues: $0.8 billion (1.3%)
- Rubies, sapphires, emeralds: $690 million (1.1%)
- Silver, unwrought: $655 million (1.1%)
- Modems, similar reception/transmission devices: $607 million (1%)
New York’s top 10 exports represent under 39.1% of the overall value of the state’s global shipments.
Three of these major exports increased in value from 2019 to 2020 namely gold (up 333.1%), silver (up 213.4%) and modems including similar reception or transmission devices (up 25.9%).
Leading decliners among New York’s top 10 export products were rubies, sapphires and emeralds (down -55.2%), jewelry items clad in precious metal (down -45.9%), unmounted diamonds (down -44.8%), original sculptures or statues (down -34.7%) and hand-drawn paintings and drawings (down -34.7%).
More Key Facts
Overall, New York incurred a -$91.9 billion deficit exporting and importing products during 2020. That dollar amount reflects a 61% year-over-year expansion from -$57.1 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 2020.
- Miscellaneous precious metal or metal clad items: $21.9 billion (14.3% of New York’s total imports)
- Gold (unwrought): $21.3 billion (13.9%)
- Diamonds (unmounted): $11.2 billion (7.3%)
- Gold (semi-manufactured form): $4 billion (2.6%)
- Jewelry articles clad in precious metal: $2.9 billion (1.9%)
- Hand-drawn paintings, drawings: $2.3 billion (1.5%)
- Odiferous substance mixtures: $1.5 billion (1%)
- Miscellaneous medications: $1.45 billion (0.9%)
- Silver, unwrought: $1.39 billion (0.9%)
- Cell phones: $1.32 billion (0.9%)
New York has highly negative net exports in the international trade of miscellaneous precious metal or metal clad items, diamonds and gold. 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 69.3% worth of the total value of products exported from New York during 2020.
- Canada $13.8 billion (22.3% of New York’s total exports)
- Switzerland $6.4 billion (10.4%)
- United Kingdom $4.1 billion (6.6%)
- Hong Kong $3.9 billion (6.3%)
- Germany $3.0 billion (4.9%)
- Israel $2.7 billion (4.4%)
- China $2.7 billion (4.4%)
- Mexico $2.2 billion (3.6%)
- Belgium $2.1 billion (3.3%)
- India $1.9 billion (3.1%)
New York’s top trade partners in North America, namely Canada and Mexico, account for over one quarter (25.9%) of the overall value of exported goods from the Empire State. This compares with 13.9% 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 2019. 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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