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Nicknamed “The Magnolia State” and “The Hospitality State” positioned in America’s Southern area, Mississippi shipped US$14.3 billion price of exported merchandise across the globe in 2023.
That greenback quantity displays a 39% advance from $10.3 billion again in 2020.
12 months over 12 months, the general worth of excellent exported from Mississippi fell by -11.4% in comparison with $16.1 billion for 2022.
Mississippi ranks amongst America’s 35 most profitable exporters by state far behind front-runners together with Texas, California, Louisiana, New York state and Illinois. The worth of Mississippi’s exports equals 0.7% of the US’ total exported merchandise for 2023.
Mississippi’s exported merchandise symbolize 13.6% of the state’s whole financial output or Gross Home Product in 2023 ($105.1 billion), down from 15.6% one 12 months earlier.
Probably the most invaluable merchandise shipped from Mississippi are refined petroleum oils excluding biodiesel, mild oils excluding biodiesel, then devices used for medical, dental or veterinarian duties. Collectively, these main commodities generated 36.5% of Mississippi’s whole export revenues throughout 2023..
Given Mississippi’s inhabitants of two.94 million individuals, its whole $14.3 billion in 2023 exports interprets to roughly $4,900 for each resident within the Magnolia State. That greenback metric lags the common $5,600 per capita calculated for 2022.
Mississippi’s unemployment fee was 4.1% on the finish of February 2024, up from the common 3.3% jobless fee one 12 months earlier per YCharts.
The next export merchandise symbolize the best greenback worth in Mississippi international shipments throughout 2023. Additionally proven is the proportion share every export class represents by way of total exports from Mississippi.
Figures are proven on the extra granular six-digit Harmonized Tariff System code stage, for extra exact product identification.
- Refined petroleum oils excluding biodiesel: US$3.1 billion (21.9% of Mississippi’s whole exports)
- Mild petroleum oils excluding biodiesel: $1.14 billion (8%)
- Medical/dental/veterinarian devices: $947.9 million (6.6%)
- Cotton (uncarded, uncombed): $715.6 million (5%)
- Chemical woodpulp, soda (coniferous): $660.7 million (4.6%)
- Mid-sized cars (piston engine): $579.5 million (4.1%)
- Medical needles, catheters: $494.1 million (3.5%)
- Pigments, titanium dioxide preparations: $412.8 million (2.9%)
- Modems, related reception/transmission units: $336.9 million (2.4%)
- Medium-sized plane: $193.3 million (1.4%)
Mississippi’s prime 10 exports accounted for three-fifths (60.2%) of the general worth of the state’s international shipments.
The quickest gainers among the many listed main product classes have been exports of medical needles and catheters (up 54.2% from 2022) forward of medium-sized plane (up 50%), then uncarded and uncombed cotton (up 39.2%).
The severest decliners amongst Mississippi’s prime 10 export merchandise have been pigments and titanium dioxide preparations (down -39.4% from 2022), refined petroleum oils excluding biodiesel (down -24.2%), Mild petroleum oils excluding biodiesel (down -12.4%), then chemical woodpulp and soda processed from coniferous timber (down -9.1%).
Extra Key Information about Mississippi’s Worldwide Commerce
Mississippi racked up an total -US$5.62 billion deficit exporting and importing merchandise throughout 2023. That worldwide commerce greenback quantity displays a 0.4% enhance from -$5.6 billion in purple ink for 2022.
One other means of claiming surplus or deficit is optimistic or damaging internet exports. In a nutshell, the time period “internet exports” quantifies the quantity by which overseas spending on a state’s items or companies exceeds or lags that very same state’s spending on overseas items or companies.
All informed, merchandise imported from across the globe into Mississippi amounted to $19.9 billion for 2023 down from $21.7 billion in 2022.
Beneath are Mississippi’s prime 10 import merchandise highlighting the state’s highest spending on overseas items in 2023.
- Crude petroleum oils: US$2.25 billion (8.6% of Mississippi’s whole imports)
- Petroleum bitumen: $591 million (3%)
- Synthetic joints, elements and equipment: $589 million (3%)
- Pig iron (non-alloyed): $576.4 million (2.9%)
- Medical/dental/veterinarian devices: $555.3 million (2.8%)
- Motorcar gear packing containers: $468.2 million (2.3%)
- Miscellaneous seat elements: $389.1 million (2%)
- Modems, related reception/transmission units: $378.3 million (1.9%)
- Built-in digital circuits (processors, controllers): $326.2 (1.6%)
- Opacifying preparations for x-ray exams: $300.3 million (1.5%)
Mississippi has extremely damaging internet exports within the worldwide commerce of non-alloyed pig iron and synthetic joints and elements. In flip, these cashflows point out Mississippi’s aggressive disadvantages below associated product classes.
Mississippi’s Main Buying and selling Companions
The next listing reveals the highest 10 prospects that bought three-quarters (74.9%) price of the entire worth of merchandise exported from Mississippi throughout 2023.
- Canada: US$2.2 billion (15.3% of Mississippi’s whole exports)
- Mexico: $2 billion (13.8%)
- Panama: $1.64 billion (11.5%)
- Netherlands: $782 million (5.5%)
- China: $780.5 million (5.5%)
- Guatemala: $771.4 million (5.4%)
- Honduras: $746 million (5.2%)
- Belgium: $725.8 million (5.1%)
- Japan: $601.3 million (4.2%)
- Brazil: $474.5 million (3.3%)
Mississippi’s prime commerce companions in North America (Canada and Mexico) bought virtually one-third (29.2%) of the general worth of exported items from the Magnolia State.
Main importers in Central America (Panama, Guatemala and Honduras) plus South America (Brazil) accounted for 25.4% of Mississippian export gross sales in 2023.
Mississippian Export Firms
Only one Mississippi-based company ranks amongst Fortune 1000 Firms, an inventory that showcases America’s largest companies.
Headquartered in Laurel, Mississippi is a poultry business behemoth named Sanderson Farms.
Amongst America’s three greatest poultry producers, Sanderson Farms’ merchandise are additionally worldwide trade-related merchandise.
Mississippi’s capital is Jackson, a metropolis formally known as the Metropolis of Jackson and nicknamed “Crossroads of the South”.
See additionally Oklahoma’s Top 10 Exports, New Jersey’s Top 10 Exports, Missouri’s Top 10 Exports, Pennsylvania’s Top 10 Exports and Virginia’s Top 10 Exports
Analysis Sources:
FlagPictures.org, Flags of US States. Accessed on March 27, 2024
Forbes, 2020 Global 2000 rankings, The World’s Largest Public Firms. Accessed on March 27, 2024
GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on March 27, 2024
IBIS World, State Economic Profile (including GDP). Accessed on March 27, 2024
Worldwide Commerce Centre, Trade Map. Accessed on March 27, 2024
Investopedia, Net Exports Definition. Accessed on March 27, 2024
State Symbols USA, State Nicknames. Accessed on March 27, 2024
United States Census Bureau, QuickFacts: Mississippi. Accessed on March 27, 2024
USA Commerce On-line, Official Source of Trade Statistics. Accessed on March 27, 2024
Wikipedia, List of Mississippi Companies. Accessed on March 27, 2024
Wikipedia, List of U.S. states and territories by GDP. Accessed on March 27, 2024
Wikipedia, Mississippi. Accessed on March 27, 2024
YCharts, Regional and State Employment and Unemployment Report. Accessed on March 27, 2024
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