North Raleigh Today

North Carolina, ranked as the 15th largest export state in the United States, plays an important role in international trade. Between 2019 and 2024, the state saw a recovery in trade activity following pandemic disruptions, marked by solid growth. After a sharp 14% decline in exports in 2020, export levels bounced back and exceeded pre-pandemic levels by 7% by 2024. Imports, meanwhile, rose throughout the pandemic as consumer preferences shifted towards goods over services. By 2024, imports from North Carolina grew by 35% compared to 2019, underscoring the state's engagement in global trade.

In 2024, more than half of North Carolina’s exports went to five countries. Canada was the largest recipient of these exports, accounting for 20.2% with shipments including industrial machinery, pharmaceuticals, and vehicles. China followed closely with 13.8%, focusing on pharmaceuticals, stone/lime, and cement, while Mexico accounted for 11.7%, importing industrial machinery and chemical products.

North Carolina also saw strong export growth from industries such as pharmaceuticals and medicines, which constituted nearly 30% of the state’s total exports of $42.8 billion. Aerospace products, engines and turbines, general machinery, and basic chemicals also contributed notably to export values.

The state's imports were dominated by a top five list of countries accounting for nearly half of total imports in 2024, with Ireland leading at 13.8%, primarily comprising pharmaceuticals. Mexico, China, Germany, and the Netherlands followed, contributing to the state's demand for advanced machinery.

Imports reached $87.6 billion in 2024, with the largest share coming from pharmaceuticals and medicines. Other significant imports included computer equipment, motor vehicles, apparel, and basic chemicals.

The significance of trade to North Carolina's economy is highlighted by nearly $43 billion in export revenue and $88 billion in imports. Key trade partners include China, Mexico, Canada, and the European Union. The state's economic sectors such as pharmaceuticals, transportation equipment, electronics, and machinery are vulnerable to changes in tariffs due to their dependency on global supply chains.

The future of North Carolina's economy may be influenced by national tariff policies which impact domestic manufacturing. As North Carolina ranks as the U.S.'s 8th largest state in manufacturing GDP, potential industry reshoring could occur. However, this involves long-term investments in manufacturing capacity, workforce, and supply chains. Automation and advanced manufacturing trends also pose challenges and opportunities for workforce development.

As the global trade landscape evolves, North Carolina's ability to adapt will be crucial for maintaining economic resilience and achieving long-term prosperity.