Nicknamed “Old North State” and “Tar Heel State” located in America’s southeastern region, North Carolina shipped US$42.2 billion worth of exported products around the globe in 2023.

That dollar amount results from a 48.2% gain from $28.5 billion back in 2020.

Year over year, the overall value of North Carolinian exports grew by 5% compared to $40.2 billion for 2022.

North Carolina ranks among America’s 15 most lucrative exporters by state behind front-runners including Texas, California, Louisiana and New York. The value of North Carolina’s exports equals 2.1% of the United States’ overall exported products for 2023 ($2.019 trillion), up from 2.1% one year earlier.

North Carolina’s exported products represent 7.5% of the state’s total economic output or real Gross Domestic Product ($565.2 billion). That metric is up from 7.4% in 2022.

The most valuable products shipped from North Carolina include immunological products in doses packaged for retail sale and blood fractions including antisera. Combined, those major commodities generated almost 15% of North Carolina’s total export revenues during 2023..

Given North Carolina’s population of 10.9 million people, its total $42.2 billion in 2023 exported goods translates to almost $3,900 for every resident in the Old North State. That dollar metric exceeds the average $3,800 per capita in 2022.

North Carolina’s unemployment rate was 3.5% in December 2023, down from 3.8% one year earlier per YCharts.

North Carolina’s Top 10 Exports

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

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

1. Immunological products in doses packaged for retail: US$3.84 billion (9.1% of North Carolina’s exports)
2. Antisera, other blood fractions: $2.44 billion (5.8%)
3. Civilian aircraft, engines or other parts: $1.5 billion (3.5%)
4. Miscellaneous medications in doses packaged for retail: $1.2 billion (2.8%)
5. Human medicine vaccines: $854.5 million (2%)
6. Chemical woodpulp, soda (coniferous): $771.3 million (1.8%)
7. Bombs, mines, similar ammunition: $692.8 million (1.6%)
8. Compression ignition piston engine: $692.8 million (1.6%)
9. Supported catalysts (precious metals): $683.8 million (1.6%)
10. Vaccines, toxins, cultures of micro-organisms (excluding yeasts): $582.2 million (1.4%)

North Carolina’s top 10 exports approached a third (31.3%) of the overall value of the state’s global shipments.

The fastest-growing goods exported from North Carolina were vaccines, toxins, cultures of micro-organisms excluding yeasts (up 657.2% from 2022), human medicine vaccines (up 108.7%), bombs, mines and similar ammunition (up 66.3%), then antisera plus other blood fractions (up 65.2%).

There was a pair of decliners. Those top commodities were immunological products in doses packaged for retail (down -17.2% from 2022) and supported catalysts containing precious metals (down -16%).

More Key Facts about North Carolina’s International Trade

Overall, North Carolina incurred a -US$37.7 billion deficit exporting and importing products during 2023. That dollar amount represents an 18.3% expansion from -$31.9 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.

All told, imports into North Carolina amounted to a total cost of $80 billion during 2023.

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

1. Immunological products in doses packaged for retail: US$8.1 billion (10.1% of North Carolina’s total imports)
2. Medium-sized passenger vehicles: $3.2 billion (3.9%)
3. Digital processing units (individual components): $3 billion (3.8%)
4. Miscellaneous medications in doses packaged for retail: $1.9 billion (2.3%)
5. Turbo-jet and turbo-propeller parts: $1.72 billion (2.1%)
6. Halogenated derivatives of adrenal cortical hormones: $1.67 billion (2.1%)
7. Small portable digital computers: $1.25 billion (1.6%)
8. Insulated optical fiber cables: $984.5 million (1.2%)
9. Cotton knitted or crocheted t-shirts, singlets: $964.5 billion (1.2%)
10. Vehicles with spark ignition and electric motors: $889.4 million (1.1%)

North Carolina has negative net exports in the international trade of components of medicine, automotive, computer and apparel-related items. In turn, these cashflows indicate North Carolina’s competitive disadvantages under these product categories.

North Carolina’s Major Trade Partners

The following list shows the top 10 customers that purchase nearly two-thirds (64.8%) worth of the total value of products exported from North Carolina during 2023.

1. Canada: US$7.7 billion (18.2% of North Carolina’s exports)
2. China: $5.8 billion (13.6%)
3. Mexico: $5.4 billion (12.8%)
4. France: $2.1 billion (4.9%)
5. Netherlands: $1.18 billion (2.8%)
6. Spain: $1.16 billion (2.8%)
7. Japan: $1.1 billion (2.6%)
8. United Kingdom: $1.07 billion (2.5%)
9. Germany: $1.03 billion (2.4%)
10. Ireland: $918.9 million (2.2%)

North Carolina’s top trade partners in North America (Canada and Mexico) accounted for almost one-third (31%) of the overall value of exported goods from the state.

That percentage compares with 16.2% for North Carolina’s top customers in Asia (mainland China and Japan), and 17.6% for major importers in Europe (France, Netherlands, Spain, United Kingdom, Germany and Ireland).

North Carolinian Export Companies

Twenty-one of North Carolina-based corporations rank among Fortune 1000 Companies, a list that showcases America’s largest businesses. Selected examples are shown below.

• Alliance One International (tobacco)
• Coca-Cola Bottling Co. (beverages)
• Curtiss-Wright Corp (motors, generators, instruments, sensors)
• Duke Energy (electricity, natural gas)
• Lowe’s Companies (appliances, home improvement goods)
• Martin Marietta (construction materials)
• Reynolds American, Inc (tobacco)
• Sealed Air Corp (bubble wrap, food packaging)
• SPX Corp (infrastructure equipment, industrial conglomerate)
• VF Corp (footwear, apparel)

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

North Carolina’s capital is Raleigh, nicknamed “City of Oaks”.

See also South Carolina’s Top 10 Exports, New Jersey’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 February 28, 2024

Forbes, 2020 Global 2000 rankings, The World’s Biggest Public Companies. Accessed on February 28, 2024

GeoLounge, Fortune 1000 Companies List for 2020 , Fortune 1000 by State and Place. Accessed on February 28, 2024

IBIS World, State Economic Profile (including GDP). Accessed on February 28, 2024

International Trade Centre, Trade Map. Accessed on February 28, 2024

Investopedia, Net Exports Definition. Accessed on February 28, 2024

United States Census Bureau, QuickFacts: North Carolina. Accessed on February 28, 2024

USA Trade Online, Official Source of Trade Statistics. Accessed on February 28, 2024

Wikipedia, Companies based in North Carolina. Accessed on February 28, 2024

Wikipedia, List of U.S. states and territories by GDP. Accessed on February 28, 2024

Wikipedia, North Carolina. Accessed on February 28, 2024

YCharts, Regional and State Employment and Unemployment Report. Accessed on February 28, 2024