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By PBN Staff
PROVIDENCE – Exports from the Ocean State dropped 0.5 percent in December to $191.1 million on a month-to-month, seasonally adjusted basis after rising a revised 3.4 percent in November, according to an international trade statistics report from e-forecasting.com.
Overseas shipments from Rhode Island manufacturers, which accounted for 67 percent of the month’s exports, increased by 14.1 percent from November to December to $128.1 million, seasonally adjusted.
Exports of non-manufactured goods totaled $63 million in December, a 21.1 percent drop from the $79.8 million (also a revised number) shipped in November. Non-manufactured goods include agricultural goods, mining products and re-exports, which are foreign goods that entered the state as imports and are exported in the same condition.
Year over year, Rhode Island’s exporting companies outsold their December 2011 performance by $7.8 million, or 4.3 percent, according to the report.
Nationally, exports grew 2.6 percent from November to December to $132.6 billion, adjusted for seasonal variation.
The December statistics reflect “a mix of overall economic conditions in the countries of foreign buyers and their preferences,” said e-forecating.com Chief Economist Evangelos Otto Simos in the report.
In terms of export growth, Rhode Island ranked 28th among the 50 states for 2012 as a whole. For 2012, Rhode Island exports increased 3.3 percent to $2.4 billion versus 2011. Comparatively, national exports increased 4.4 percent over the year.
Rhode Island’s 2013 export outlook is heavily affected by growth predicted by the World Bank in emerging countries such as China and India. “The non-industrial countries will be the major source of increase in global demand for goods made in Rhode Island this year,” said Simos.