PROVIDENCE – Rhode Island exports fell $37.4 million, or 19.7 percent, in July, according to an e-forecasting.com report.
The month-over-month drop, which came on the heels of a 15.5 percent rise in exports from May to June, brought Rhode Island’s total exports for July to a seasonally adjusted $152.7 million.
On a year-over-year basis, July exports represented a 14.1 percent decline.
Foreign sales of manufactured goods accounted for 62.7 percent of Rhode Island’s exports in July, totaling $95.8 million, 9 percent less than the previous month’s total and 8.5 percent less than in July 2012.
Exports of non-manufactured goods went down month over month by 32.9 percent and year over year by 22.2 percent in July to $56.9 million. Non-manufactured goods include agricultural goods, mining products and re-exports.
Rhode Island ranked 46th in export growth among the 50 states during the first seven months of 2013, a decrease of 10.8 percent compared with the first seven months of 2012.
Only Utah, Missouri, New Mexico and West Virginia registered slower export growth between January and July.
Nationally, World Trade Organization statistics from the first seven months of 2013 show that the United States remained the world’s second largest exporter, with foreign sales hitting $918 billion, $8 billion more than during the same period last year.
However, on a monthly basis, exports of goods fell 0.8 percent in July to a seasonally adjusted $132.7 billion, reflecting declines in capital goods, consumer goods and automotive products. Year over year, the U.S. saw a 1.9 percent increase in exports, however.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.