Nicknamed “Old Dominion” located in America’s Southeastern and Mid-Atlantic regions, the Commonwealth of Virginia shipped US$20 billion worth of products around the globe in 2021.

That dollar amount represents a 9.3% increase from $18.3 billion four years earlier in 2018.

Year over year, the overall value of Virginian exports accelerated by 22.4% compared to $16.4 billion during 2020.

Looking ahead to 2022, the value of Virginian exports from January to August 2022 totaled $16.9 billion. The dollar sum for exports from Virginia is projected to be an annualized $25.3 billion, increasing via a 26.3% advance versus the $20 billion for 2021.

Virginia ranks among America’s 25 biggest exporters by state behind front-runners including Texas, California, New York and Louisiana. The value of Virginia’s exports equals 1.1% of the United States’ overall exported products for 2021.

Based on statistics from the US Department of Commerce’s Bureau of Economic Analysis (BEA), Virginia’s exported products represent 3.4% of the state’s total economic output or real Gross Domestic Product ($591.9 billion in current dollars based on BEA statistics). That percentage compares with 3% one year earlier.

Given Virginia’s population of 8.642 million people, its total $20 billion in 2021 exports translates to roughly $2,300 for every resident in the Old Dominion state. That dollar metric exceeds the average $1,900 per capita for 2020.

Virginia’s unemployment rate was 2.6% in September 2022, down from 5.1% at March 2021 per YCharts.

Virginia’s Top 10 Exports

The following export products represent the highest dollar value in Virginia global shipments during 2021. Also shown is the percentage share each export category represents in terms of overall exports from Virginia.

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

1. Coal (non-agglomerated, bituminous): US$3.2 billion (16% of Virginia’s total exports)
2. Soya beans: $1.1 billion (5.6%)
3. Integrated circuits (memories): $690.8 million (3.4%)
4. Self-adhesive plastic plates, sheets, film: $431.8 million (2.2%)
5. Pork (frozen): $358.8 million (1.8%)
6. Semi-trailer road tractors: $357.1 million (1.8%)
7. Office machine parts and accessories: $345.5 million (1.7%)
8. Kraft paper, paperboard: $263.7 million (1.3%)
9. Aircraft or engines, parts: $252.1 million (1.3%)
10. Solid residues including soya bean oil-cake: $233.8 million (1.2%)

Virginia’s top 10 exports accounted for over one third (36.3%) of the overall value of the state’s global shipments.

Self-adhesive plastic plates, sheets and film represent the fastest grower among Virginia’s top 10 export categories, up by 168.2% from 2020 to 2021. In second place was non-agglomerated bituminous coal (up 111.6%) trailed by semi-trailer road tractors (up 74%), soya beans (up 47.8%), then frozen port (up 39.6%).

There was a trio of decliners among Virginia’s top 10 export products. The laggards were aircraft fully assembled or engines and other parts separately (down -42.7% from 2020), memories for electronic integrated circuits (down -16.4%), then office machine parts and accessories (down -6.9%).

More Key Facts about Virginia’s International Trade

Virginia incurred an overall -$14.7 billion trade deficit exporting and importing products during 2021. That dollar amount reflects a 17.6% year-over-year expansion from -$12.5 billion in red ink in 2020.

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 Virginia’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2021.

1. Office machine parts and accessories: $2.64 billion (7.6% of Virginia’s total imports)
2. Digital processing units (individual components): $1.5 billion (4.4%)
3. Miscellaneous aircraft parts: $818 million (2.4%)
4. Wheeled toys (tricycles, scooters, pedal cars, carriages): $662.4 million (1.9%)
5. Waters including mineral/aerated waters: $387.4 million (1.1%)
6. Small portable digital computers: $332 million (1%)
7. Gas purification filters, machinery: $301.7 million (0.9%)
8. Miscellaneous textile items: $295.9 million (0.9%)
9. Wooden furniture: $278.7 million (0.8%)
10. Vinyl chloride polymer floor, wall or ceiling coverings: $256.4 million (0.7%)

Virginia has highly negative net exports in the international trade of office machine parts and accessories and components for digital processing units. In turn, these cashflows indicate Virginia’s competitive disadvantages under these product categories.

Virginia’s Major Trading Partners

The following list shows the top 10 customers that purchased almost three-fifths (58%) worth of the total value of products exported from Virginia during 2021.

1. Canada: $3.23 billion (16.1% of Virginia’s total exports)
2. China: $3.18 billion (15.9%)
3. Mexico: $912.9 million (4.6%)
4. India: $833.7 million (4.2%)
5. Germany: $765.6 million (3.8%)
6. Brazil: $668.5 million (3.3%)
7. Netherlands: $655.4 million (3.3%)
8. United Kingdom: $614.6 million (3.1%)
9. Taiwan: $575.6 million (2.9%)
10. Japan: $528.4 million (2.6%)

Virginia’s top trade partners in Asia (mainland China, India, Taiwan and Japan) purchased over one-fifth (25.5%) of the overall value of exported goods from the state commonly called “Old Dominion”.

In comparison, 20.7% worth originated from Virginia’s major customers in North America (Canada and Mexico Taiwan). Another 10.2% was sold to importers in Europe (Germany, Netherlands and the UK).
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Virginian Export Companies

Thirty-six of Virginia-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are listed below.

• Advance Auto Parts (auto parts, accessories)
• Altria Group (tobacco products)
• Beacon Roofing Supply (building supplies)
• CACI International Inc (technology, professional services)
• Computer Sciences Corp (technology, professional services)
• Huntington Ingalls Industries (ships,submarines, aircraft carriers)
• NewMarket Corp (petroleum additives)
• Orbital ATK Inc (aerospace, defense industry products)
• Performance Food Group (food products, snacks)
• Universal Corp (tobacco products)

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

Virginia’s capital is Richmond, a city nicknamed “RVA”, “The River City” and “Capital of the South”.

See also Oklahoma’s Top 10 Exports, Alaska’s Top 10 Exports, Top 10 Exports from Massachusetts, Louisiana’s Top 10 Exports and Washington State’s Top 10 Exports

Research Sources:
Department of Numbers, Virginia GDP (dollars shown in real terms). Accessed on October 22, 2022

FlagPictures.org, Flags of US States. Accessed on October 22, 2022

Forbes, Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 22, 2022

GeoLounge, Fortune 1000 Companies List for 2018 , Fortune 1000 by State and Place. Accessed on October 22, 2022

International Trade Centre, Trade Map. Accessed on October 22, 2022

Investopedia, Net Exports Definition. Accessed on October 22, 2022

United States Census Bureau, QuickFacts: Virginia. Accessed on October 22, 2022

USA Trade Online, Official Source of Trade Statistics. Accessed on October 22, 2022

Wikipedia, Category:Companies based in Virginia. Accessed on October 22, 2022

Wikipedia, List of U.S. states and territories by GDP. Accessed on October 22, 2022

Wikipedia, Virginia. Accessed on October 22, 2022

World’s Capital Cities, Capital Facts for Richmond, United States. Accessed on October 22, 2022

YCharts, Regional and State Employment and Unemployment Report. Accessed on October 22, 2022