The New Mexico export recap is generated by the International Business Accelerator, which tracks and analyzes the state’s worldwide exports.
Companies based in New Mexico exported more than $4.8 billion worth of goods to 151 countries in 2022. This was a 12% decline from 2021, in which exports reach $5.5 billion, which was a record year for the state. The chart below shows New Mexico’s exports for the last 10 years and the percentage change from the previous year.
Annual NM Exports to the World and Percent Change from the Previous Year
After a record year in 2021, 2022’s exports dropped mostly due to a reduction in exports of electronic integrated circuits to China. In 2021, New Mexico’s exports to China totaled $1.46 billion, of which $1.23 billion were electronic integrated circuits. In 2022, The state’s exports to China declined 84% to $228 million. Of that $228 million, only $4.6 million were from electronic integrated circuits, a drop of 99.6%. This is due to export controls the U.S. placed on semiconductor exports to China in 2021 and 2022. Although New Mexico’s exports of electronic integrated circuits to China saw such a drastic drop, the product remained the state’s second-largest export in 2022 due to an increase in exports to Mexico. New Mexico’s electronic integrated circuits exports to Mexico rose 310% between 2021 and 2022, from $100 million to $409 million.
NM’s Exports to Mexico with Percentage Change from the Previous Year
Mexico is New Mexico’s largest destination for export goods, representing 66% of all of the state’s exports. The year 2022 was a record year for exports to Mexico, increasing 27% to $3.2 billion from $2.5 billion in 2021. Looking back at the last 10 years, exports to Mexico have risen four-fold, going from $801 million in 2013 to $3.2 billion in 2022. New Mexico’s largest export to Mexico is computer parts and accessories. Learn more about the Borderplex here and NM Tradeport here!
Article source from New Mexico Partnership
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