SALT LAKE CITY — Utah’s international trade sector continued to be a powerful driver of the state’s economy in 2024, with $18.2 billion in goods exports supporting 70,171 jobs, according to a new report released today by the Kem C. Gardner Policy Institute. The report details the significant contributions of exports to Utah’s economy, including nearly $8.0 billion to the state’s gross domestic product (GDP) and $15.9 billion to the state’s gross output.

“Utah consistently punches above its weight in international trade, outperforming many peer states,” said Natalie Gochnour, director of the Gardner Institute. “This research underscores how critical exports are in maintaining a diverse and robust economy in the state, creating opportunities and strengthening our economic foundation.”

Key findings from the report include the following:

Utah exports – Utah’s merchandise exports tallied $18.2 billion in 2024 and were shipped to 201 countries. After adjusting for inflation, the state’s 2024 exports decreased by $659.0 million over 2023, a 3.5% decline.

Largest trading partners – The United Kingdom received the largest value of Utah’s exports at $7.9 billion in 2024, or 43.6%. Approximately $7.6 billion of Utah’s exports to the U.K. consist of unwrought gold. Canada at $1.5 billion, China at $1.1 billion, Mexico at $1.1 billion, and Japan at $0.7 billion round out Utah’s top five export trading partners.

Primary metals – Primary metal manufacturing contributed 44.7% of Utah’s total exports and $8.1 billion in value; gold represents 97% of this value. Computer and electronic products ranked second at $1.7 billion (9.6%), followed by chemicals at $1.5 billion (8.0%).

National comparison – Over the last decade (2014 to 2024), Utah exports increased by 12.0%, compared with national growth of 15.8%, adjusted for inflation.

Utah imports – Utah’s merchandise imports totaled $21.9 billion in 2024 and were shipped from 154 countries. This led to a goods trade deficit of $3.7 billion.

Economic impacts – Utah’s exports in 2024 supported an estimated $8.0 billion in GDP, $3.9 billion of earnings, $15.9 billion of output, and 70,171 jobs. These impacts represent 2.6% of GDP, 2.3% of earnings, 3.0% of output, and 2.9% of total employment in Utah.

Tariffs – The Trump administration’s trade policy, motivated by a desire to rebalance global trade, has increased uncertainty and will likely increase costs for businesses and consumers. Analysts expect the effective tariff rate to increase significantly, but the actual long-run implementation and impacts remain unclear.

The full report is available online. The Kem C. Gardner Policy Institute acknowledges and appreciates the support of Zions Bank in underwriting this research.

ABOUT THE KEM C. GARDNER POLICY INSTITUTE

The Kem C. Gardner Policy Institute serves Utah by preparing economic, demographic, and public policy research that helps the state prosper. We are Utah’s demographic experts, leaders on the Utah economy, and specialists on public policy and survey research. We are an honest broker of INFORMED RESEARCH, which guides INFORMED DISCUSSIONS, and leads to INFORMED DECISIONSTM. For more information, please visit gardner.utah.edu or call 801-587-3717.

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