Nicknamed “The Ocean State” and “Little Rhody” located in America’s New England region within the country’s northeastern area, Rhode Island shipped US$3 billion worth of exported products around the globe in 2023.

That dollar amount represents an 27.9% increase from $2.36 billion four years earlier in 2020.

Year over year, the overall value of Rhode Islander exports rose by 4.4% compared to $2.89 billion during 2022.

Rhode Island ranks as America’s 7th smallest exporter by state ahead of Maine, South Dakota, Montana, Wyoming, Vermont and Hawaii.

The value of Rhode Island’s exports equals 0.1% of the United States’ overall exported products for 2023.

Based on research from IBIS World, Rhode Island’s exported products represent 5.4% of the state’s total economic output or Gross Domestic Product in 2023 ($55.6 billion).

Given Rhode Island’s population of 1.112 million people, its total $3 billion in 2023 exports translates to roughly $2,700 for every resident in the Ocean State. That dollar metric lags the average $2,600 per capita in 2022.

Rhode Island’s unemployment rate was 4.1% at the end of April 2024, up from 2.7% one year prior per YCharts.

Rhode Island’s Top 10 Exports

The following export products represent the highest dollar value in Rhode Island global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Rhode Island.

Figures are shown at the more granular six-digit Harmonized Tariff System code level, for more precise product identification.

1. Miscellaneous precious metal scrap: US$362 million (12% of Rhode Island’s exports)
2. Imitation jewelry (precious metal): $288 million (9.6%)
3. Immunological products (unmixed): $263.2 million (8.7%)
4. Iron or steel scrap: $213.6 million (7.1%)
5. Gold scrap: $126.6 million (4.2%)
6. Immunological products (mixed): $111.7 million (3.7%)
7. Silver powder: $70.2 million (2.3%)
8. Miscellaneous food preparations: $57.9 million (1.9%)
9. Electronic scrap: $56.6 million (1.9%)
10. Gold compounds: $53.9 million (1.9%)

Rhode Island’s top 10 exports generated over half (53.2%) of the overall value of the state’s global shipments.

Posting the strongest gains from 2022 to 2023 were Rhode Island’s shipments of mixed immunological products via a 336,257% acceleration.

In second place were Rhode Islander exports of electronic waste and scrap (up 102.6% from 2022) ahead of exported gold waste and scrap (up 34.2%) then unmixed immunological products (up 20.5%).

Year over year, the severest decliners among Rhode Island’s top 10 exported products were gold compounds (down -34.3% from 2022) and miscellaneous precious metal scrap (down -13.6%).

More Key Facts about Rhode Island’s International Trade

Rhode Island incurred an overall -US$7.05 billion deficit exporting and importing products during 2023. That dollar amount reflects a -2.4% slowdown from -$7.22 billion in red ink for 2022.

Another way of saying surplus or deficit is positive or negative net exports. In a nutshell, the term “net exports” quantifies the amount by which foreign spending on a state’s goods or services exceeds or lags that same state’s spending on foreign goods or services.

Below are Rhode Island’s top 10 import products highlighting the state’s highest spending on foreign-made goods in 2023.

1. Mid-sized automobiles (piston engine): US$3.7 billion (36.7% of Rhode Island’s imports)
2. Light petroleum oils (not biodiesel): $1.4 billion (13.8%)
3. Large automobiles (piston engine): $526.5 million (5.2%)
4. Medical/surgical/veterinarian instruments, appliances: $387 million (3.8%)
5. Medical needles, catheters: $383.9 million (3.8%)
6. Vehicles powered by electric motor only: $331.9 million (3.3%)
7. Miscellaneous petroleum oils (not crude nor biodiesel): $227.7 million (2.3%)
8. Artificial joints, parts, accessories: $162.5 million (1.6%)
9. Small automobiles (piston engine): $159.5 million (1.6%)
10. Petroleum bitumen: $97.6 million (1%)

Rhode Island has highly negative net exports in the international trade of automobiles and petroleum products. In turn, these cashflows indicate Rhode Island’s competitive disadvantages under those product categories.

Rhode Island’s Major Trade Partners

The following list shows the top 10 customers that purchased over three-quarters (76.5%) worth of the total value of products exported from Rhode Island during 2023.

1. Canada: US$486.8 million (16.1% of Rhode Island’s exports)
2. Italy: $388.3 million (12.9%)
3. Dominican Republic: $331.3 million (11%)
4. Ireland: $247.6 million (8.2%)
5. Mexico: $220.3 million (7.3%)
6. Turkey: $207.4 million (6.9%)
7. Germany: $146.7 million (4.9%)
8. Japan: $125.8 million (4.2%)
9. mainland China: $93.8 million (3.1%)
10. Taiwan: $58.1 million (1.9%)

Rhode Island’s top trade partners in North America (Canada and Mexico) consumed 23.4% of the overall value of exported goods from the Ocean State.

In comparison, exports from Rhode Island to major European importers was 26% (Italy, Ireland and Germany), with another 16.1% going to leading customers in Asia (Turkey, Japan, mainland China and Taiwan).

Rhode Islander Export Companies

Eight Rhode Island-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are listed below.

• Hasbro (toys, games, sports equipment)
• Nortek (air conditioning goods, safety technology)
• Textron (aerospace, security, advanced techologies)
• United Natural Foods (natural, organic, specialty foods)

Shown within brackets for each company is a summary of the international trade-related products or services which each business sells.
 

Rhode Island’s capital is Providence, a city nicknamed the “Creative Capital” and “Renaissance City”.

See also Oklahoma’s Top 10 Exports, North Carolina’s Top 10 Exports, Missouri’s Top 10 Exports, Pennsylvania’s Top 10 Exports and Mississippi’s Top 10 Exports

Research Sources:
FlagPictures.org, Flags of US States. Accessed on May 25, 2024

Forbes, 2020 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 25, 2024

GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on May 25, 2024

IBIS World, Rhode Island Economic Profile (gross domestic product, population). Accessed on May 25, 2024

International Trade Centre, Trade Map. Accessed on May 25, 2024

Investopedia, Net Exports Definition. Accessed on May 25, 2024

State Symbols USA, State Nicknames. Accessed on May 25, 2024

United States Census Bureau, QuickFacts: Rhode Island. Accessed on May 25, 2024

USA Trade Online, Official Source of Trade Statistics. Accessed on May 25, 2024

Wikipedia, List of Rhode Island Companies. Accessed on May 25, 2024

Wikipedia, List of U.S. states and territories by GDP. Accessed on May 25, 2024

Wikipedia, Rhode Island. Accessed on May 25, 2024

YCharts, Regional and State Employment and Unemployment Report. Accessed on May 25, 2024