EXPORTS from Rhode Island fell 2.2 percent in January, which could have much to do with the economic climate in Europe, according to e-forecasting.com. For a larger version of this graph, click HERE.
By Emily Greenhalgh PBN Contributing Writer
PROVIDENCE – Exports from Rhode Island fell 2.2 percent in January, which could have much to do with the economic climate in Europe, according an international trade statistics report from e-forecasting.com.
The state’s sale of exported goods fell $4.1 million from December to a total of $180.8 million. Of that $180.8 million, $28 million – or 18.9 percent – of all of the state’s exports were sold to euro-area buyers.
In comparison to the same month last year, Ocean State exports to the euro area declined 23.7 percent. The state’s total foreign exports decreased 9.4 percent when compared with January 2011.
“A major recession in the Euro Area - the second largest economy in the world with an annual income of $11 trillion, which is three-fourths of the United States income - is estimated to have unfavorable spillover effects on all its trading partner-countries, and consequently on Rhode Island’s exporting companies,” said e-forcasting.com.
Among the 50 states, Rhode Island ranks seventh for its exposure to the economic conditions in Europe, according to the report.
For the United States as a whole, January exports to the euro area registered $15 billion – 12.7 percent of all national exports and a 2.7 percent increase from January 2011.
economic climate in europe