New YorkState in United States
2020 Economic Complexity : 0.31, Rank 27 of 52
May 2022 Trade Exports | Imports: $8.81B | $15.3B, 4 of 54 | 4 of 54
May 2022 Country Destination | Origin: Canada | Canada , $1.76B | $1.98B
May 2022 Product Exports | Imports: Gold in unwrought forms non-monetary | Diamonds (jewellery) worked but not mounted or set..., $1.48B | $2.1B
Overview This page contains the latest international trade data for New York. In May 2022 New York was the number 3 in total exports and the number 5 in total imports in United States.
Exports In 2021, United States' New York exported $84.9B, making it the 3rd largest exporter out of the 53 exporters in United States. In 2021 the top exports of New York were Gold in unwrought forms non-monetary ($14.6B), Diamonds (jewellery) worked but not mounted... ($9.54B), Commodities not specified according to kind ($5.44B), Paintings/drawings/pastels executed by hand ($4.52B), and Jewellery and parts of precious metal... ($3.85B).
Imports In 2021, United States' New York imported $154B, making it the 5th largest importer out of the 53 importers in United States. In 2021 top imports of New York were Diamonds (jewellery) worked but not mounted... ($18.4B), Commodities not specified according to kind ($8.01B), Articles of, or clad with, precious... ($6.5B), Jewellery and parts of precious metal... ($5.38B), and Paintings/drawings/pastels executed by hand ($3.66B).
Economic Complexity In 2020, the highest complexity exports of New York according to the product complexity index (PCI) are Glass Working Machines (1.53), Micro-Organism Culture Preparations (1.23), Paintings (0.074), Synthetic Reconstructed Jewellery Stones (-0.3), and Pearl Products (-0.51). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
May, 2022
Overview In May 2022 New York exported $8.81B and imported $15.3B, resulting in a negative trade balance of $6.53B. Between May 2021 and May 2022 the exports of New York have increased by $2.01B (29.6%) from $6.8B to $8.81B, while imports increased by $3.67B (31.4%) from $11.7B to $15.3B.
Trade In May 2022, the top exports of New York were Gold ($1.49B), Diamonds ($1.01B), Commodities not elsewhere specified ($756M), Paintings ($621M), and Jewellery ($522M). In May 2022 the top imports of New York were Diamonds ($2.11B), Commodities not elsewhere specified ($955M), Jewellery ($522M), Other Precious Metal Products ($515M), and Platinum ($359M).
Destinations In May 2022, New York exported mostly to Canada ($1.76B), Switzerland ($1.45B), India ($572M), France ($547M), and United Kingdom ($475M), and imported mostly from Canada ($1.98B), China ($1.89B), India ($1.81B), Switzerland ($1.07B), and Israel ($784M).
Growth In May 2022, the increase in New York's year-by-year exports was explained primarily by an increase in exports to China ($87.9M or 48%), Taiwan ($23.9M or 39.3%), and Brazil ($10.1M or 25.4%), and product exports increase in Gold ($140M or 239%), Glass Working Machines ($70.4M or 353%), and Telephones ($34.5M or 32%). In May 2022, the increase in New York's year-by-year imports was explained primarily by an increase in imports from Switzerland ($851M or 229%), India ($360M or 38%), and Australia ($241M or 574%), and product imports increase in Other Precious Metal Products ($851M or 2.19k%), Gold ($578M or 687%), and Scented Mixtures ($174M or 628%).
EXPORT GROWTH (May 2021 - May 2022): $2.01B, (29.6%)
IMPORT GROWTH (May 2021 - May 2022): $3.67B, (31.4%)
This section shows exports and imports data at subnational level for New York. 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 York over time.
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Top Destination (2021): Canada, $16.5B
Top Product (2021): Gold in unwrought forms non-monetary, $14.6B
In 2021 the top export destinations of New York were Canada ($16.5B), Switzerland ($11.5B), Hong Kong ($7.17B), United Kingdom ($3.87B), and India ($3.79B).
In 2021 the top exports of New York were Gold in unwrought forms non-monetary ($14.6B), Diamonds (jewellery) worked but not mounted... ($9.54B), Commodities not specified according to kind ($5.44B), Paintings/drawings/pastels executed by hand ($4.52B), and Jewellery and parts of precious metal... ($3.85B).
Top Origin (2021): China, $22.5B
Top Import (2021): Diamonds (jewellery) worked but not mounted..., $18.4B
In 2021 the top import origins of New York were China ($22.5B), Canada ($17.9B), India ($17.2B), Switzerland ($13.9B), and France ($7.61B).
In 2021 the top imports of New York were Diamonds (jewellery) worked but not mounted... ($18.4B), Commodities not specified according to kind ($8.01B), Articles of, or clad with, precious... ($6.5B), Jewellery and parts of precious metal... ($5.38B), and Paintings/drawings/pastels executed by hand ($3.66B).
Economic Complexity (2021): 0.31
New York ranks 27th 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.
The top export opportunities according to the relatedness level, without considering those products were New York already has a comparative advantage, are led by Halides (0.26), Non-optical Microscopes (0.26), Nickel Sheets (0.25), Nitrogen Heterocyclic Compounds (0.25), and Blown Glass (0.24).
The highest complexity exports of New York according to the product complexity index (PCI) are Glass Working Machines (1.53), Micro-Organism Culture Preparations (1.23), Paintings (0.074), Synthetic Reconstructed Jewellery Stones (-0.3), and Pearl Products (-0.51). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The most specialized products according to the RCA index are led by Paintings (61.9), Sculptures (54.2), Glass Working Machines (53.0), Precious Stones (41.1), and Antiques (27.1).
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 York 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.
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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