That dollar amount reflects an -11.9% decline from $2.84 billion four years earlier during 2019.
Year over year, the overall value of Vermont’s exports fell by -3.2% compared to $2.59 billion for 2021.
Vermont ranks among America’s 10 smallest exporters by state well behind front-runners including Texas, California, Louisiana, New York State and Illinois. The value of Vermont’s exports equals 0.1% of the United States’ overall exported products for 2022.
Based on research from Statista, Vermont’s exported products represent 8% of the state’s total economic output or real Gross Domestic Product in 2022 ($31.4 billion).
Given Vermont’s population of 647,064 people, its total $2.5 billion in 2022 exports translates to roughly $3,900 for every resident in the Green Mountain State. That dollar metric falls below the average $4,000 per capita in 2021.
Vermont’s unemployment rate was 2.7% at the end of March 2023, up from 2.3% one year earlier per YCharts.
Vermont’s Top 10 Exports
The following export products represent the highest dollar value in Vermont global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Vermont.
Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.
- Electronic integrated circuits (miscellaneous): US$578.4 million (23.1% of Vermont’s exports)
- Electronic integrated circuits (processors, controllers): $312.7 million (12.5%)
- Integrated circuits (amplifiers): $208 million (8.3%)
- Physical exercise equipment: $96.3 million (3.8%)
- Civilian aircraft, engines or other parts: $69.5 million (2.8%)
- Clay-coated paper, paperboard: $55.3 million (2.2%)
- Parts for machinery to work rubber or plastics: $46.2 million (1.8%)
- Safety headgear including sports: $45.7 million (1.8%)
- Miscellaneous optical radiation instruments: $35.8 million (1.4%)
- Miscellaneous items made from plastic: $35.4 million (1.4%)
Vermont’s top 10 exports were worth about three-fifths (59.3%) of the overall value of the state’s global shipments.
The strongest gainer among Vermont’s top 10 export categories were miscellaneous instruments using optical radiation propelled by a 701.9% advance from 2021.
Other leading accelerations belong to Vermonter international sales of parts for machinery to work rubber or plastics (up 47.8%), safety headgear including those used in sports (up 44.9%), then miscellaneous items made from plastics (up 36.2%).
There was a trio of sales decliners among Vermont’s top 10 export products. The losing product categories compared to 2021 were physical exercise equipment (down -34.7%), processors and controllers for electronic integrated circuits (down -30.9%), then miscellaneous electronic integrated circuits (down -6.2%).
More Key Facts about Vermont’s International Trade
Vermont incurred an overall -$1.75 billion trade deficit exporting and importing products during 2022. That dollar amount reflects a 135% expansion from -$746.5 million 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 Vermont’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2022.
- Electrical energy: US$821.6 million (19.3% of Vermont’s imports)
- Processed petroleum oils (not biodiesel): $276.5 million (6.5%)
- Chocolate, food preparations including cocoa: $244.5 million (5.7%)
- Light petroleum oils (not biodiesel): $229.1 million (5.4%)
- Liquified propane: $107.5 million (2.5%)
- Natural gas (gaseous state): $106.2 million (2.5%)
- Integrated circuits (processors, controllers): $79.8 million (1.9%)
- Wool suit jackets, blazers (not knit): $71.7 million (1.7%)
- Coniferous wood sawn or chipped lengthwise: $69.1 million (1.6%)
- Revolvers, pistols: $67.3 million (1.6%)
Vermont has negative net exports in the international trade of commodities such as electrical energy, petroleum oils and chocolate preparations. In turn, these cashflows indicate Vermont’s competitive disadvantages under these product categories.
Vermont’s Major Trade Partners
The following list shows the top 10 customers that purchased 85.1% worth of the total value of products exported from Vermont during 2022.
- Canada: US$777.3 million (31.1% of Vermont’s exports)
- Taiwan: $464.9 million (18.6%)
- mainland China: $210.7 million (8.4%)
- South Korea: $145 million (5.8%)
- Hong Kong: $119.3 million (4.8%)
- Malaysia: $109.2 million (4.4%)
- Germany: $106.3 million (4.2%)
- Netherlands: $72.4 million (2.9%)
- United Kingdom: $71 million (2.8%)
- Mexico: $52.1 million (2.1%)
Vermont’s top trade partners in Asia (Taiwan, mainland China, South Korea, Hong Kong and Malaysia) bought 41.9% of the overall value of export sales from the Green Mountain State.
That percentage compares to 33.1% for importers in North America (Canada and Mexico).
Vermonter Export Companies
Just one among all Vermont-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses.
That company is Keurig Green Mountain, Inc.–a specialty coffee and coffee maker business that was previously called Green Mountain Coffee Roasters.
In addition to coffee-related products, Keurig Green Mountain also sells tea, cocoa and K-Cup pods on domestic as well as international markets.
Vermont’s capital is Montpelier, America’s smallest city in terms of population that serves as state capital.
See also North Dakota’s Top 10 Exports, Montana’s Top 10 Exports, Wisconsin’s Top 10 Exports, Arizona’s Top 10 Exports and Maryland’s Top 10 Exports
Department of Numbers, Vermont GDP (dollars shown in real terms). Accessed on May 10, 2023
FlagPictures.org, Flags of US States. Accessed on May 10, 2023
Forbes, 2019 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 10, 2023
GeoLounge, Fortune 1000 Companies List for 2019 , Fortune 1000 by State and Place. Accessed on May 10, 2023
International Trade Centre, Trade Map. Accessed on May 10, 2023
Investopedia, Net Exports Definition. Accessed on May 10, 2023
State Symbols USA, State Nicknames. Accessed on May 10, 2023
Statista, Real gross domestic product of Vermont. Accessed on May 10, 2023
United States Census Bureau, QuickFacts: Vermont. Accessed on May 10, 2023
USA Trade Online, Official Source of Trade Statistics. Accessed on May 10, 2023
Wikipedia, Category:Companies based in Vermont. Accessed on May 10, 2023
Wikipedia, List of U.S. states and territories by GDP. Accessed on May 10, 2023
Wikipedia, Vermont. Accessed on May 10, 2023
World’s Capital Cities, Capital Facts for Montpelier, United States. Accessed on May 10, 2023
YCharts, Regional and State Employment and Unemployment Report. Accessed on May 10, 2023