The Minnesota Department of Employment & Economic Development reported the 2nd Quarter 2012 Export Report for Minnesota. I am tracking this for a couple of reasons, this is connected to employment and our economies vulnerability to the Euro Debt Crisis.
This is a very positive report showing Exports rising by 1.2% to a record high of $5.4billion. Digging deeper into the report shows a little concern over the EU market as exports dropped by 5% to EU. This may or may not be an indication of the slowing economy in Europe. Time will tell, that is why I am watching this.
Minnesota exports declined by 5 percent to $1 billion to the European Union (EU). Major EU markets with
weak sales included the United Kingdom (down 24 percent), Belgium (down 13 percent) and Spain (down 55
percent). In sharp contrast, state exports grew 18 percent to $107 million to other European countries (outside
the EU), led by gains of 106 percent (to $35 million) to Russia.
The below graph from MNDeed’s report shows the percentage of export market is to the EU at 19%.