The New York City Metropolitan Area accounted for more than $103 billion, or 69%, of the value of goods imported to New York state. In 2023, Europe provided the largest share of goods by value to the metropolitan area among all regions, according to a report released today by New York State Comptroller Thomas P. DiNapoli. The report, which examines imports into the New York part of the metro area, aims to help New Yorkers understand the potential effects of federal trade policy choices on their businesses and households.
“New York City is one of the country’s largest importers and exporters of goods, and its consumers and businesses could be negatively affected by new tariffs on goods traded with some of our biggest trading partners,” DiNapoli said. “Tariffs will likely raise costs for producers and consumers and may create higher operating costs for local businesses. The impact of these changes on the local and national economy are difficult to gauge and will take time to fully understand.”
New York state imported $157.2 billion in goods in 2023, according to the International Trade Administration (ITA), making up about 5% of the national total. However, ITA does not provide detailed data on imports at the metropolitan area level.
An analysis based on the U.S. Bureau of Transportation Statistics’ commodity flow data estimates the New York portion of the New York City Metropolitan Area – which includes New York City, Long Island, and certain Hudson Valley counties – imported over $103 billion in goods from foreign countries in 2023. The largest source of imports into the metropolitan area, and the state, by region, is Europe. Europe is estimated to make up about 31% of the value of all goods imported into the New York City area in 2023.
Eastern Asia is the nation’s largest partner at over 25% of total import value ($747.2 billion). Canada was also estimated to provide more than 16% of the total import value to the metropolitan area within New York state.
The largest share of imported goods to the New York portion of the metropolitan area is for miscellaneous manufacturing products (such as medical equipment), which made up an estimated 38.4% of the total goods value imported to the area in 2023. Textiles/leather, electronics and machinery are the next three largest categories by estimated import value to flow into the area.
In some cases, countries already have retaliated or suggested they will respond in the future in answer to tariffs by the United States, which would impact certain industries more than others. Healthcare, retail, and manufacturing firms may have to pay higher prices or see markets for their goods potentially impacted by tariffs. Restaurants and bars could also see higher prices for products, adding costs for businesses that already operate on relatively thin margins, according to DiNapoli’s report.
The New York City-Newark-Jersey City Metropolitan Area, which also includes parts of northern New Jersey, exported over $106 billion in goods in 2023 according to ITA, second only to the Houston Metropolitan Area and its large oil and gas exports.
The metropolitan area’s largest export trading partners are Canada and Switzerland, each of which make up more than 12% of total exports from the area. Hong Kong, Mexico and the United Kingdom round out the top five countries that receive goods exported from the New York City Metropolitan Area.
The largest share of exported goods is for miscellaneous manufacturing products at more than a quarter of the total in 2023. Primary metals, chemicals and computer and electronic products all exceeded $10 billion each in exports from the metropolitan area in 2023. Companies in these industries reliant on exports may see shrinking markets for goods or need to alter strategies to direct production towards domestic uses.
DiNapoli’s office will continue to monitor actions by the federal government and their impact on local prices, productivity and profitability indicators.
Report
Imports and Exports in the New York City Metropolitan Area
Related Reports
The Cost of Living in New York City: Transportation
Office Real Estate in New York City: A Review of Market Valuation Shifts
New York City Industry Sector Dashboards
Arts, Entertainment and Recreation Sector
Construction Sector
Office Sector
Restaurant Sector
Retail Sector
Securities Sector
Subway Recovery Tracker
Tourism Sector
Transportation and Warehousing Sector