Virginia | The Observatory of Economic Complexity

Virginia

State in United States

2023
Economic
Complexity 0.25Rank 32 of 52

Jul 2024
Trade
Exports | Imports $1.76B | $3.88B26 of 54 | 17 of 54

Jul 2024
Country
Destination | Origin Canada | China $292M | $519M

Image 1

Image by Doug Kerr
Link: https://flic.kr/p/dmQCUj

Latest Trends
Historical Data
Economic Complexity

About

Overview This page contains the latest international trade data for Virginia. In July 2024 Virginia was the number 25 in total exports and the number 23 in total imports in United States.

Exports In 2023, United States' Virginia exported $25B, making it the 25th largest exporter out of the 53 exporters in United States. In 2023 the top exports of Virginia were Bituminous coal, not agglomerated ($4.16B), Soya beans: other than seed, whether... ($1.28B), Electronic integrated circuits: memories ($720M), Diesel road tractors for semi-trailers ($470M), and Other Aircraft parts ($417M).

Imports In 2023, United States' Virginia imported $39.6B, making it the 23rd largest importer out of the 53 importers in United States. In 2023 top imports of Virginia were Printing machinery: parts and accessories, n.e.c.... ($1.68B), Aircraft parts (excl. propellers/rotors, undercarriages) ($1.33B), Standalone Computer Processing Units (excluding specific... ($1.09B), Commodities not specified according to kind ($655M), and Other toys (wheeled, model scale, puzzles) ($566M).

Economic Complexity In 2023, the highest complexity exports of Virginia according to the product complexity index (PCI) are Polyamides (1.6), Forging Machines (1.49), Knitting Machine Accessories (1.45), Industrial Printers (1.31), Compasses (1.27), Self-adhesive Plastics (1.17), Motor-working Tools (1.06), Tractors (1.03), Laboratory Ceramic Ware (0.95), and Antibiotics (0.92). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

July, 2024

About

Overview In July 2024 Virginia exported $1.76B and imported $3.88B, resulting in a negative trade balance of $2.12B. Between July 2023 and July 2024 the exports of Virginia have increased by $65.9M (3.88%) from $1.7B to $1.76B, while imports increased by $785M (25.4%) from $3.09B to $3.88B.

Trade In July 2024, the top exports of Virginia were Coal Briquettes ($318M), Commodities not elsewhere specified ($113M), Self-adhesive Plastics ($56.1M), Integrated Circuits ($50M), and Aircraft Parts ($36.4M). In July 2024 the top imports of Virginia were Aircraft parts including unmanned craft ($399M), Industrial Printers ($310M), Computers ($229M), Commodities not elsewhere specified ($208M), and Iron Structures ($90.1M).

Destinations In July 2024, Virginia exported mostly to Canada ($292M), Germany ($175M), India ($132M), China ($117M), and Mexico ($106M), and imported mostly from China ($519M), Mexico ($312M), Germany ($294M), Canada ($279M), and Malaysia ($269M).

Growth In July 2024, the increase in Virginia's year-by-year exports was explained primarily by an increase in exports to Germany ($96.2M or 121%), Brazil ($47M or 98.8%), and China ($32.6M or 38.4%), and product exports increase in Commodities not elsewhere specified ($101M or 880%), Self-adhesive Plastics ($34.5M or 160%), and Ethylene Polymers ($19.3M or 309%). In July 2024, the increase in Virginia's year-by-year imports was explained primarily by an increase in imports from United Kingdom ($179M or 221%), Japan ($131M or 187%), and Malaysia ($130M or 93.5%), and product imports increase in Aircraft parts including unmanned craft ($334M or 511%), Industrial Printers ($146M or 89.1%), and Iron Structures ($77.1M or 591%).

Latest Data

Time Scale

Year

Quarter

Month

Flow

Exports

Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

Product

EXPORT GROWTH (July 2023 - July 2024)$65.9M(3.88%)

IMPORT GROWTH (July 2023 - July 2024)$785M(25.4%)

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

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Historical Data

Yearly Exports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Destination (2023)Canada$3.56B

Top Product (2023)Bituminous coal, not agglomerated$4.16B

In 2023 the top export destinations of Virginia were Canada ($3.56B), China ($2B), India ($1.83B), Mexico ($1.24B), and Netherlands ($1B).

In 2023 the top exports of Virginia were Bituminous coal, not agglomerated ($4.16B), Soya beans: other than seed, whether... ($1.28B), Electronic integrated circuits: memories ($720M), Diesel road tractors for semi-trailers ($470M), and Other Aircraft parts ($417M).

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Exports Dynamics

Starting Date

Ending Date

Fastest Growing Exports Destination (Jul 2023 - Jul 2024)

Germany $96.2M (121%)

Brazil $47M (98.8%)

China $32.6M (38.4%)

Rapidly Declining Export Origins (Jul 2023 - Jul 2024)

Singapore -$51M (-64.7%)

Croatia -$41.5M (-99.9%)

India -$29.6M (-18.3%)

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Yearly Imports

Color

Trade Value

Growth

Growth (%)

Depth

HS2

HS4

HS6

Year

Top Origin (2023)China$5.67B

Top Import (2023)Printing machinery: parts and accessories, n.e.c....$1.68B

In 2023 the top import origins of Virginia were China ($5.67B), Mexico ($2.77B), Canada ($2.74B), Germany ($2.74B), and India ($1.79B).

In 2023 the top imports of Virginia were Printing machinery: parts and accessories, n.e.c.... ($1.68B), Aircraft parts (excl. propellers/rotors, undercarriages) ($1.33B), Standalone Computer Processing Units (excluding specific... ($1.09B), Commodities not specified according to kind ($655M), and Other toys (wheeled, model scale, puzzles) ($566M).

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Imports Dynamics

Starting Date

Ending Date

Fastest Growing Import Origins (Jul 2023 - Jul 2024)

United Kingdom $179M (221%)

Japan $131M (187%)

Malaysia $130M (93.5%)

Rapidly Declining Import Origins (Jul 2023 - Jul 2024)

Brazil -$41.5M (-45.9%)

Pakistan -$27.5M (-72.8%)

China -$24.9M (-4.57%)

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Economic Complexity

Economic Complexity of Virginia

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Geomap

Treemap

Economic Complexity (2023)0.25

Virginia ranks 32nd 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 Virginia already has a comparative advantage, are led by Developed Exposed Photographic Material (0.24), Tanks and Armored vehicles (0.23), Additive manufacturing machines (0.23), Planes, Helicopters, and/or Spacecraft (0.23), and Chemical Analysis Instruments (0.23).

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Most Complex Products by PCI

The highest complexity exports of Virginia according to the product complexity index (PCI) are Polyamides (1.6), Forging Machines (1.49), Knitting Machine Accessories (1.45), Industrial Printers (1.31), Compasses (1.27), Self-adhesive Plastics (1.17), Motor-working Tools (1.06), Tractors (1.03), Laboratory Ceramic Ware (0.95), and Antibiotics (0.92). 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 Artificial Filament Tow (128.73), Synthetic Filament Tow (38.55), Cellulose (32.27), Work Trucks (25.83), and Non-Retail Artificial Filament Yarn (23.69).

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