TRADE

R.I. exports reach record high in Feb.

COURTESY E-FORECASTING.COM
EXPORTS from Rhode Island surged 46.9 percent in February, reaching a record high of $265.5 million. For a larger version of this chart, click HERE.
Posted 4/30/12

PROVIDENCE – Exports from Rhode Island surged 46.9 percent in February, reaching a record high of $265.5 million, according to an international trade statistics report from e-forecasting.com.

The Ocean State’s sale of exported goods rose $84.8 million to $265.5 million from January to February, compared with a drop of $44.1 million from December to January.

During the first two months of 2012, export goods from the Ocean State increased 13.6 percent year-over-year from the first two months of 2011.

As a result, Rhode Island ranked 22nd in export growth among the United States for the January-February period.

Manufactured goods accounted for 56 percent of all state exports. Foreign shipments from Rhode Island manufacturers rose 22.7 percent from January to February to $148.8 million, adjusted for seasonal variation.

Year-over-year, overseas sales from Rhode Island factories were $32.0 million, 36.9 percent greater than in February 2011.

Exports of non-manufactured goods, including agricultural and mining products, rose 96.2 percent from January to February.

For the first two months of 2012, national exports rose 8.3 percent compared to the first two months of 2011 to $256 billion.

“The monthly numbers for 2012 indicate that American foreign sales continue to grow but at a slower pace than a year ago amid a recession in Europe and weakening in economic growth in emerging countries, especially China,” said the report.

“More than three years have passed since the trade collapse of 2008-2009, but the world economy and trade remain fragile,” said World Trade Organization Director-General Pascal Lamy.

“The further slowing of trade expected in 2012 shows that the downside risks remain high. We are not yet out of the woods,” Lamy added.

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