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State in United States

2023
Economic
Complexity 0.29Rank 31 of 52
Sep 2024
Trade
Exports | Imports $3.52B | $12.5B16 of 54 | 6 of 54
Sep 2024
Country
Destination | Origin Canada | China $694M  | $1.25B

About

Overview This page contains the latest international trade data for New Jersey. In September 2024 New Jersey was the number 13 in total exports and the number 6 in total imports in United States.

Exports In 2023, United States' New Jersey exported $46.3B, making it the 13th largest exporter out of the 53 exporters in United States. In 2023 the top exports of New Jersey were Data Readers (Magnetic or Optical) ($2.11B), Palladium unwrought or in powder form ($2.06B), Jewelry & Parts of Precious Metals... ($1.9B), Rhodium unwrought or in powder form ($1.56B), and Medium Sized Cars ($1.27B).

Imports In 2023, United States' New Jersey imported $164B, making it the 6th largest importer out of the 53 importers in United States. In 2023 top imports of New Jersey were Petroleum spirit for motor vehicles ($12.5B), Crude Petroleum Oils ($9.51B), Medicaments in Dosage (n.e.s.) ($5.73B), Light petroleum distillates nes ($3.98B), and Medium Sized Cars ($3.76B).

Economic Complexity In 2023, the highest complexity exports of New Jersey according to the product complexity index (PCI) are Photographic Chemicals (2.17), Precious Metal Compounds (2.07), Phosphoric Esters and Salts (1.84), Silicone (1.74), Polymer Ion-Exchangers (1.74), Rolling Machines (1.71), Lubricating Products (1.68), Epoxides (1.67), Chemical Analysis Instruments (1.63), and Wrenches (1.61). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

September, 2024

About

Overview In September 2024 New Jersey exported $3.52B and imported $12.5B, resulting in a negative trade balance of $9.02B. Between September 2023 and September 2024 the exports of New Jersey have increased by $37.6M (1.08%) from $3.48B to $3.52B, while imports increased by $841M (7.19%) from $11.7B to $12.5B.

Trade In September 2024, the top exports of New Jersey were Refined Petroleum ($260M), Platinum ($238M), Computers ($177M), Cars ($117M), and Beauty Products ($112M). In September 2024 the top imports of New Jersey were Cars ($1.38B), Refined Petroleum ($989M), Crude Petroleum ($839M), Packaged Medicaments ($542M), and Platinum ($360M).

Destinations In September 2024, New Jersey exported mostly to Canada ($694M), Netherlands ($267M), Mexico ($265M), United Kingdom ($199M), and Japan ($196M), and imported mostly from China ($1.25B), United Kingdom ($886M), India ($821M), Canada ($796M), and Italy ($717M).

Growth In September 2024, the increase in New Jersey's year-by-year exports was explained primarily by an increase in exports to Netherlands ($168M or 170%), India ($47.6M or 76.8%), and United Kingdom ($30.2M or 17.9%), and product exports increase in Refined Petroleum ($82.7M or 46.8%), Laboratory Reagents ($32.3M or 234%), and Cocoa Beans ($30.7M or 19.5k%). In September 2024, the increase in New Jersey's year-by-year imports was explained primarily by an increase in imports from Japan ($333M or 158%), United Kingdom ($286M or 47.6%), and Saudi Arabia ($191M or 134%), and product imports increase in Cars ($540M or 64.4%), Platinum ($131M or 57.5%), and Hormones ($105M or 2.31k%).

Latest Data

Time Scale
Flow
Color
Depth
EXPORT GROWTH (September 2023 - September 2024)$37.6M(1.08%)
IMPORT GROWTH (September 2023 - September 2024)$841M(7.19%)

This section shows exports and imports data at subnational level for New Jersey. 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 New Jersey over time.

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Historical Data

Yearly Exports

Color
Depth
Top Destination (2023)Canada$8.78B
Top Product (2023)Data Readers (Magnetic or Optical)$2.11B

In 2023 the top export destinations of New Jersey were Canada ($8.78B), Mexico ($3.26B), Japan ($2.43B), China ($2.28B), and United Kingdom ($1.98B).

In 2023 the top exports of New Jersey were Data Readers (Magnetic or Optical) ($2.11B), Palladium unwrought or in powder form ($2.06B), Jewelry & Parts of Precious Metals... ($1.9B), Rhodium unwrought or in powder form ($1.56B), and Medium Sized Cars ($1.27B).

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Exports Dynamics

Fastest Growing Exports Destination (Sep 2023 - Sep 2024)
Netherlands $168M (170%)
India $47.6M (76.8%)
United Kingdom $30.2M (17.9%)
Rapidly Declining Export Origins (Sep 2023 - Sep 2024)
Sweden -$192M (-93.3%)
Canada -$60.5M (-8.02%)
Italy -$50.8M (-42.6%)

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Yearly Imports

Color
Depth
Top Origin (2023)China$13.6B
Top Import (2023)Petroleum spirit for motor vehicles$12.5B

In 2023 the top import origins of New Jersey were China ($13.6B), Italy ($10.6B), India ($10.5B), Canada ($8.86B), and United Kingdom ($7.64B).

In 2023 the top imports of New Jersey were Petroleum spirit for motor vehicles ($12.5B), Crude Petroleum Oils ($9.51B), Medicaments in Dosage (n.e.s.) ($5.73B), Light petroleum distillates nes ($3.98B), and Medium Sized Cars ($3.76B).

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Imports Dynamics

Fastest Growing Import Origins (Sep 2023 - Sep 2024)
Japan $333M (158%)
United Kingdom $286M (47.6%)
Saudi Arabia $191M (134%)
Rapidly Declining Import Origins (Sep 2023 - Sep 2024)
Chinese Taipei -$190M (-51.9%)
Mexico -$133M (-20.6%)
Iraq -$122M (-100%)

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Economic Complexity

Economic Complexity of New Jersey

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Economic Complexity (2023)0.29

New Jersey ranks 31st 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 New Jersey already has a comparative advantage, are led by Non-optical Microscopes (0.35), Developed Exposed Photographic Material (0.35), X-Ray Equipment (0.34), Sulfonamides (0.34), and Phenol Derivatives (0.33).

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Most Complex Products by PCI

The highest complexity exports of New Jersey according to the product complexity index (PCI) are Photographic Chemicals (2.17), Precious Metal Compounds (2.07), Phosphoric Esters and Salts (1.84), Silicone (1.74), Polymer Ion-Exchangers (1.74), Rolling Machines (1.71), Lubricating Products (1.68), Epoxides (1.67), Chemical Analysis Instruments (1.63), and Wrenches (1.61). 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 Platinum (27.38), Glass Balls (22.48), Cathode Tubes (20.86), Precious Metal Scraps (15.99), and Other Sea Vessels (13.14).

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Product Space

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 New Jersey 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  New Jersey. These are products that tend to be co-exported with the products that New Jersey 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
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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.

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