Minnesota made exports recorded their best Q3 ever this year,totaling USD 5.1 billion.
Overall exports of products ranging from medical equipment to iron ore and dozens of others managed to climb 1 percent despite worries about a global economic slowdown.
Mr Ed Dieter acting executive director of the Minnesota Trade Office said that"The fact that Minnesota companies and especially manufacturers were able to forge ahead even when there are significant headwinds out there."
According to the Minnesota Trade Office,exports of iron ore increased by 51%to USD 202 million.Almost half was exported to China,which has increased its use of Minnesota ore this year.Last year China imported USD 37 million in iron ore from Minnesota all year;this year so far it has imported more than USD 260 million.The other major importer of Minnesota iron ore is Canada.
Machinery remained the state's top export category with USD 950 million in sales in the quarter.Medical instrument exports totaled USD 813 million,a 17%jump.
By region,China and Europe had the biggest export gains in the quarter.Sales to China of USD 632 million were up 16%compared with 2011's Q3.
Mr Dieter said that"We see in the headlines that China's slowing down.But actually,China's held up quite well for us."
Mr Ralph Imholte CEO of Bepex International said that one company that's seen business remain strong in China is Bepex International,a Minneapolis based manufacturer of large scale processing equipment.The company is relatively small USD 25 million to USD 30 million in annual sales.More than half of those sales come from international markets.
Mr Imholte said that"This year especially,we've seen it primarily in Asia,with China our biggest market.This year will be the company's best under the current ownership that dates back 8 years and export is a huge part of that."
He said that Bepex's equipment is used in food and chemical processing and the large machinery can take 12 months to design and deliver.If China's economic slowdown is going to impact Bepex,it likely would take a while for that to cycle back.We're watching that very carefully.
Minnesota exports to Europe gained 5%to USD 1.1 billion in the quarter,largely because of growth in countries outside the European Union.Exports to European Union countries were up 2%.
Mr Dieter said that"I was surprised the European Union held up as well as it did."
