The latest Wisconsin Policy Forum report found that businesses and consumers in Wisconsin bought $38.9 billion in imported goods in 2024 — down from a $43.9 billion peak in 2022, according to WisBusiness. The inflation-adjusted value of state imports has increased 32.4% since 2016.
Meanwhile, Wisconsin’s exports have seen a decline in recent years, resulting in a trade imbalance. Last year, state exports of physical goods dropped to $27.5 billion — $11.4 billion below imports and down from the roughly $30 billion in goods exported annually from 2012-16. During those years, imports were valued around the same.
The report said the change could stem from shifts in industrial bases and natural resources, currency values, savings rates and more.
Wisconsin’s two largest import categories are industrial and electrical machinery, with $8.2 billion and $4.9 billion in 2024, respectively. Pharmaceutical products followed at $4.7 billion. WPF noted that industrial and electrical machinery are also Wisconsin’s top export categories, indicating that state businesses are buying necessary equipment to build other machines for domestic and industrial markets.
Click here to read the full report.
