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By PBN Staff
PROVIDENCE – Exports from the Ocean State increased 19.3 percent in January to $227.9 million on a month-to-month, seasonally adjusted basis after dropping 0.5 percent in December, according to an international trade statistics report from e-forecasting.com.
Overseas shipments from Rhode Island manufacturers, which accounted for 60 percent of the month’s exports, increased 6.3 percent from December to January to $136.2 million, seasonally adjusted.
Exports of non-manufactured goods totaled $91.7 million in January, a 45.6 percent increase from the $63 million shipped in December. 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 exporters surpassed their January 2012 performance by $47.4 million, or 26.3 percent, according to the report.
Nationally, exports dropped 1.5 percent from December to January to $130.8 billion, seasonally adjusted, although the total in January represented a 2.4 percent increase on the January 2012 total.
Although Rhode Island’s manufacturers began 2013 with an increase in exports, e-forecasting.com Chief Economist Evangelos Otto Simos said that the double-dip recession in Europe was bound to have negative spillover effect on its trading partner countries and consequently on Rhode Island.
In January, $46.5 million of goods made in Rhode Island were sold to euro-zone buyers, 24.8 percent of all state exports, said the e-forecasting report. Among the 50 U.S. states, Rhode Island ranked third for its percentage exposure to the economic conditions in Europe.