Oklahoma | The Observatory of Economic Complexity

Oklahoma

State in United States

2023
Economic
Complexity 0.5Rank 8 of 52

Jan 2024
Trade
Exports | Imports $521M | $1.34B38 of 54 | 33 of 54

Jan 2024
Country
Destination | Origin Canada | Canada $133M | $616M

Image 1

Image by Peer Lawther
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Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Oklahoma. In January 2024 Oklahoma was the number 38 in total exports and the number 33 in total imports in United States.

Exports In 2023, United States' Oklahoma exported $6.8B, making it the 38th largest exporter out of the 53 exporters in United States. In 2023 the top exports of Oklahoma were Other Aircraft parts ($783M), Parts of turbo-jet or turbo-propeller engines ($395M), Precious metal compounds except gold, silver,... ($135M), Cotton, not carded or combed ($132M), and Semiconductor media: solid-state non-volatile storage devices,... ($112M).

Imports In 2023, United States' Oklahoma imported $18.8B, making it the 33rd largest importer out of the 53 importers in United States. In 2023 top imports of Oklahoma were Petroleum oils, oils from bituminous minerals,... ($7.14B), Commodities not specified according to kind ($1.43B), Turbo-jet engines of a thrust >... ($421M), Parts of pumps for liquids ($370M), and Christmas decorations ($270M).

Economic Complexity In 2023, the highest complexity exports of Oklahoma according to the product complexity index (PCI) are Precious Metal Compounds (2.07), Machinery Having Individual Functions (1.93), Blank Audio Media (1.91), Oscilloscopes (1.81), Metal Lathes (1.78), Other Organo-Inorganic Compounds (1.77), Interchangeable Tool Parts (1.76), Fork-Lifts (1.63), Chemical Analysis Instruments (1.63), and Transmissions (1.51). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

January, 2024

About

Overview In January 2024 Oklahoma exported $521M and imported $1.34B, resulting in a negative trade balance of $817M. Between January 2023 and January 2024 the exports of Oklahoma have increased by $23M (4.62%) from $498M to $521M, while imports increased by $19.7M (1.49%) from $1.32B to $1.34B.

Trade In January 2024, the top exports of Oklahoma were Gas Turbines ($66.9M), Aircraft Parts ($47.6M), Valves ($20.4M), Computers ($19.7M), and Precious Metal Compounds ($17.1M). In January 2024 the top imports of Oklahoma were Crude Petroleum ($481M), Commodities not elsewhere specified ($127M), Gas Turbines ($43.7M), Liquid Pumps ($35.8M), and Computers ($28.8M).

Destinations In January 2024, Oklahoma exported mostly to Canada ($133M), Germany ($56.5M), Mexico ($53.8M), Netherlands ($39.6M), and Japan ($24.8M), and imported mostly from Canada ($616M), China ($227M), Mexico ($74.1M), Germany ($50.7M), and Italy ($28M).

Growth In January 2024, the increase in Oklahoma's year-by-year exports was explained primarily by an increase in exports to Canada ($10.6M or 7%), Norway ($7.3M or 574%), and China ($6.67M or 37.2%), and product exports increase in Natural Polymers ($10.9M or 1.19k%), Refined Petroleum ($9.69M or 149%), and Coal Briquettes ($9.21M or 16.6k%). In January 2024, the increase in Oklahoma's year-by-year imports was explained primarily by an increase in imports from China ($22.3M or 10.7%), South Korea ($18.9M or 132%), and Italy ($18.6M or 236%), and product imports increase in Commodities not elsewhere specified ($38.9M or 75.6%), Electric Motor Parts ($15.8M or 655%), and Titanium Ore ($12.7M or 681%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (January 2023 - January 2024)$23M(4.62%)

IMPORT GROWTH (January 2023 - January 2024)$19.7M(1.49%)

This section shows exports and imports data at subnational level for Oklahoma. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Oklahoma over time.

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)Canada$1.86B

Top Product (2023)Other Aircraft parts $783M

In 2023 the top export destinations of Oklahoma were Canada ($1.86B), Mexico ($630M), Germany ($595M), Netherlands ($321M), and Japan ($262M).

In 2023 the top exports of Oklahoma were Other Aircraft parts ($783M), Parts of turbo-jet or turbo-propeller engines ($395M), Precious metal compounds except gold, silver,... ($135M), Cotton, not carded or combed ($132M), and Semiconductor media: solid-state non-volatile storage devices,... ($112M).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Jan 2023 - Jan 2024)

Netherlands $17.8M (81.3%)

Denmark $13.9M (15.4k%)

Germany $11.8M (26.4%)

Rapidly Declining Export Origins (Jan 2023 - Jan 2024)

Canada -$28.7M (-17.8%)

South Africa -$10.8M (-61.7%)

India -$8.25M (-66%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)Canada$9.02B

Top Import (2023)Petroleum oils, oils from bituminous minerals,...$7.14B

In 2023 the top import origins of Oklahoma were Canada ($9.02B), China ($2.5B), Mexico ($1.13B), Germany ($516M), and India ($373M).

In 2023 the top imports of Oklahoma were Petroleum oils, oils from bituminous minerals,... ($7.14B), Commodities not specified according to kind ($1.43B), Turbo-jet engines of a thrust >... ($421M), Parts of pumps for liquids ($370M), and Christmas decorations ($270M).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Jan 2023 - Jan 2024)

Canada $41.8M (7.28%)

Israel $19.6M (1.07k%)

Germany $16.4M (47.7%)

Rapidly Declining Import Origins (Jan 2023 - Jan 2024)

India -$26.1M (-61.6%)

South Korea -$16.4M (-49.4%)

Denmark -$15.2M (-95%)

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Economic Complexity

Economic Complexity of Oklahoma

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Geomap

Treemap

Economic Complexity (2023)0.5

Oklahoma ranks 8th out of the 53 states and territories in United States according to ECI.

The Economic Complexity Index, or ECI, is a measure of an economy’s capacity which can be inferred from data connecting locations to the activities that are present in them. For more info about Economic Complexity, visit the Economic Complexity page.

Estimated using exports data.

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Export Opportunities by Relatedness

The top export opportunities according to the relatedness level, without considering those products were Oklahoma already has a comparative advantage, are led by Non-optical Microscopes (0.21), Additive manufacturing machines (0.2), Nickel Sheets (0.2), Cutting Blades (0.2), and Combustion Engines (0.2).

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Most Complex Products by PCI

The highest complexity exports of Oklahoma according to the product complexity index (PCI) are Precious Metal Compounds (2.07), Machinery Having Individual Functions (1.93), Blank Audio Media (1.91), Oscilloscopes (1.81), Metal Lathes (1.78), Other Organo-Inorganic Compounds (1.77), Interchangeable Tool Parts (1.76), Fork-Lifts (1.63), Chemical Analysis Instruments (1.63), and Transmissions (1.51). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

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Most Specialized Products by RCA Index

The most specialized products according to the RCA index are led by Natural Polymers (88.30), Aircraft Launch Gear (69.25), Halogens (65.64), Liquid Fuel Furnaces (57.29), and Peptones (49.51).

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Product Space

RCA Filter

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since Oklahoma is more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

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Relatedness Space

This network shows the products most related to the production structure of Oklahoma. These are products that tend to be co-exported with the products that Oklahoma exports. Higher relatedness values indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

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Diversification Frontier

Depth

Section

HS2

HS4

Filter

All

RCA≤1

RCA>1

The Complexity-Relatedness diagram compares the risk and the strategic value of a territory's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions. Bubble size corresponds to exports value by year 2020.