A new study from the Kem C. Gardner Policy Institute at the University of Utah found that Utah’s international trade sector continued to be a powerful driver of the state’s economy in 2024, with $18.2 billion in goods exported, supporting 70,171 jobs.
The report details the significant contributions of exports to Utah’s economy, including nearly $8 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.”
Utah’s $18.2 billion in exported goods in 2024 went to 201 different countries, the study found. After adjusting for inflation, the state’s 2024 exports decreased by $659 million from 2023, just a 3.5 percent decline.
The United Kingdom received the largest value of Utah’s exports at $7.9 billion in 2024, or 43.6 percent of the total. Approximately $7.6 billion of Utah’s exports to the U.K. consisted of unwrought gold. Canada at $1.5 billion, China at $1.1 billion, Mexico at $1.1 billion and Japan at $700 million round out Utah’s top five export trading partners.
Primary metal manufacturing contributed 44.7 percent of Utah’s total exports and $8.1 billion in value. Gold represented 97 percent of the total. Computer and electronic products ranked second at $1.7 billion (9.6 percent), followed by chemicals at $1.5 billion (8 percent).
Over the past decade (2014 to 2024), Utah exports increased by 12 percent, compared with national growth of 15.8 percent, adjusted for inflation.
Meanwhile, 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.
Utah’s exports in 2024 supported an estimated $8 billion in GDP, $3.9 billion of earnings, $15.9 billion of output and 70,171 jobs. These impacts represent 2.6 percent of GDP, 2.3 percent of earnings, 3 percent of output and 2.9 percent of total employment in Utah.
Study authors said 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. Institute analysts expect the effective tariff rate to increase significantly, but the actual long-run implementation and impacts remain unclear, the study concluded.
The full report is available through the Gardner Institute website at gardner.utah.edu.
Zions Bank contributed underwriting to the research.
