New Mexico

New Mexico Exports & Foreign Investment

 

In 2023, New Mexico exported not a record $4.9 billion of goods to the world.  In 2021, exports from New Mexico supported an estimated 15 thousand jobs.

 

Exports from New Mexico and Jobs

• New Mexico was the 41^st largest state exporter of goods in 2023.
• In 2023, New Mexico goods exports were $4.9 billion, an increase of 81 percent ($2.2 billion) from its export level in 2013 (latest data available).
• Goods exports accounted for 3.8 percent of New Mexico GDP in 2023 (latest data available).
• New Mexico goods exports in 2021 (latest data available) supported an estimated 15 thousand jobs. Nationally, jobs supported by goods exports pay up to an estimated 18 percent above the national average.

Manufacturing Exports from New Mexico and Jobs

• In 2023, New Mexico exported $4.6 billion of manufactured products.
• New Mexico exports of manufactured products supported an estimated 14 thousand jobs in 2021 (latest data available).
• The state's largest manufacturing export category is computer and electronic products, which accounted for $2.6 billion of New Mexico's total goods exports in 2023.
• Other top manufacturing exports are transportation equipment ($595 million), electrical equipment, appliances and components ($301 million), machinery, except electrical ($229 million), and food and kindred products ($208 million).

 

Exports Sustain Thousands of New Mexico Businesses many of which are SMEs

• A total of 1,332 companies exported from New Mexico locations in 2022 (latest data available). Of those, 1,115 (84 percent) were small and medium sized enterprises with fewer than 500 employees.
•  Small and medium-sized firms generated 66.1 percent of New Mexico's total exports of goods in 2022.

 

New Mexico Depends on World Markets

• The state’s largest market was Mexico. New Mexico exported $3.4 billion in goods to Mexico in 2023, representing 70 percent of the state’s total goods exports.
• Mexico was followed by China ($262 million), Colombia ($202 million), Canada ($186 million), and United Kingdom ($76 million).
• New Mexico’s exports to major world areas included:

 

 

• 81 percent of New Mexico’s goods exports ($4.0 billion) in 2023 went to current FTA partners. 

Agriculture in New Mexico depends on Exports

• New Mexico is the country’s 35^th largest agricultural exporting state, shipping $948 million in domestic agricultural exports abroad in 2022 (latest data available according to the U.S. Dept. of Agriculture).^[1]
• Top Agricultural exports were:

 

 

International Investment Creates Jobs in New Mexico

• In 2021 (latest data available), foreign-controlled companies employed 18,700 New Mexico workers. Major sources of foreign investment in New Mexico included Canada, Canada and the United Kingdom. 
• Foreign investment in New Mexico was responsible for 2.9 percent of the state's total private-industry employment in 2021.

New Mexico’s Major Metropolitan Areas Benefit from Exporting

In 2022 (latest data available), the following metropolitan areas in New Mexico recorded goods exports: Las Cruces ($3 billion), Albuquerque ($939.7 million), Farmington ($32.2 million), and Santa Fe ($20.8 million).