Overview In August 2022 Michigan exported $5.23B and imported $13.5B, resulting in a negative trade balance of $8.27B. Between August 2021 and August 2022 the exports of Michigan have increased by $518M (11%) from $4.72B to $5.23B, while imports increased by $2.51B (22.8%) from $11B to $13.5B.
Trade In August 2022, the top exports of Michigan were Motor vehicles; parts and accessories (8701... ($806M), Delivery Trucks ($709M), Cars ($492M), Petroleum Gas ($165M), and Spark-Ignition Engines ($94.6M). In August 2022 the top imports of Michigan were Cars ($2.64B), Motor vehicles; parts and accessories (8701... ($2B), Delivery Trucks ($1.52B), Crude Petroleum ($537M), and Commodities not elsewhere specified ($398M).
Destinations In August 2022, Michigan exported mostly to Canada ($2.28B), Mexico ($1.08B), China ($227M), Germany ($148M), and South Korea ($137M), and imported mostly from Mexico ($5.03B), Canada ($4.1B), China ($937M), South Korea ($925M), and Germany ($433M).
Growth In August 2022, the increase in Michigan's year-by-year exports was explained primarily by an increase in exports to China ($26.3M or 16.8%), France ($17.3M or 55.1%), and Australia ($16.3M or 68.2%), and product exports increase in Cars ($52.1M or 21.9%), Electrical Capacitors ($12.8M or 341%), and Vaccines, blood, antisera, toxins and cultures ($12M or 156%). In August 2022, the increase in Michigan's year-by-year imports was explained primarily by an increase in imports from Mexico ($199M or 4.78%), South Korea ($187M or 36.6%), and China ($66.6M or 9.14%), and product imports increase in Cars ($91M or 3.68%), Delivery Trucks ($75.9M or 5.97%), and Electrical Control Boards ($50.7M or 61.1%).