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Import/Export Price Indexes

Great Lakes States: Price Movements of Top Exports and Other Highlights

June 2024

Photo of a hotel in Mackinac Island, Michigan

The Great Lakes states—composed of Illinois, Michigan, Ohio, Indiana, Wisconsin, and Minnesota—exported a total trade dollar value of $308.4 billion in 2023, an advance of 3.9 percent from 2022. The price index for the largest export industry in the Great Lakes region, transportation equipment manufacturing, was unchanged in May. Export prices for chemical manufacturing and machinery manufacturing declined in May.

Top Six Great Lakes Exports by Trade Dollar Value, 2023

  • The Great Lakes states exported a combined trade dollar value of $308.4 billion in 2023, accounting for 15.3 percent of total U.S. exports.
  • Transportation equipment manufacturing was the largest 2023 export industry in the Great Lakes, with the region representing 24.9 percent of total U.S. exports by trade dollar value for the industry.
  • The top 6 Great Lakes export industries accounted for 72.8 percent of the region's U.S. total export trade value in 2023.

U.S. Export Price Indexes: Transportation Equipment Manufacturing

  • The price index for export transportation equipment manufacturing was unchanged in May.
  • Transportation equipment manufacturing export prices rose 4.9 percent for the 12 months ended May 2024.
  • A 6.1-percent increase in prices for aerospace product and parts manufacturing led the 12-month advance in prices for transportation equipment manufacturing.

U.S. Export Price Indexes: Chemical Manufacturing

  • Export chemical manufacturing prices decreased 0.5 percent in May.
  • The price index for chemical manufacturing exports declined 3.0 percent over the past year.
  • A 9.4-percent decrease in prices for other basic inorganic chemical manufacturing led the 12-month decline in prices for chemical manufacturing.

U.S. Export Price Indexes: Machinery Manufacturing

  • The price index for export machinery manufacturing fell 0.1 percent in May.
  • Despite the monthly decline, export machinery manufacturing prices increased 2.0 percent over the past year.
  • A 2.9-percent increase in prices for agriculture, construction, and mining machinery manufacturing contributed to the 12-month advance in prices for machinery manufacturing.

Great Lakes States by Export Trade Dollar Value, 2023

  • The top 3 exporting states within the Great Lakes region—Illinois, Michigan, and Indiana—represented 9.9 percent of total U.S. exports by trade dollar value.
  • Illinois accounted for 25.5 percent of total Great Lakes exports, while Michigan and Indiana represented 21.0 percent and 18.2 percent, respectively.
  • Ohio, Wisconsin, and Minnesota combined for 35.2 percent of Great Lakes exports by trade dollar value in 2023.

 

Midwest Information Office • BLSInfoChicago@bls.gov • https://www.bls.gov/regions/midwest/ • 312-353-1880 

 

Last Modified Date: June 26, 2024