ECONOMIC INDICATORS

R.I. exports rise 13.2% in June

COURTESY E-FORECASTING.COM
EXPORTS FROM the Ocean State rose 13.2 percent in June. For a larger version of this graph, click HERE.
Posted 8/22/12

PROVIDENCE – Exports from Rhode Island rose 13.2 percent in June after plunging 23.1 percent in May, according to an international trade statistics report from e-forecasting.com.

The Ocean State’s exporters sold $198.6 million in goods overseas in June, adjusted for seasonal variation. Year over year, Rhode Island’s exporting companies out-shipped their 2011 performances by $26.9 million, or 15.6 percent.

According to the e-forecasting report, Rhode Island’s foreign sales reflected a mix of foreigners’ desire for goods made by the state’s major exporting industries.

Overseas shipments from Rhode Island manufacturers, which accounted for 72 percent of the month’s exports, increased 2.5 percent from May to $143.7 million, seasonally adjusted. Year over year, international shipments of manufactured goods rose $31.1 million.

“This is important news for economic development and jobs in the Little Rhody,” said e-forecasting.com chief economist Evangelos Otto Simos in a report. “It is estimated that one in every five local factory jobs is tied to exports because of the high labor content in the chain of production delivering technologically advanced goods to major markets around the world.”

Exports of non-manufactured goods rose 55.4 percent to $54.9 million in June, seasonally adjusted, from May. 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.

Nationally, exports of goods rose 1.4 percent in June to $132.8 billion, seasonally adjusted, from May. According to the e-forecasting report, the national rise reflects gains in automotives, parts and engines as well as consumer goods.

In the first six months of the year, national exports of goods grew by an annual rate of 6.8 percent.

Rhode Island ranked 21st among the 50 states in export growth so far this year, according to the e-forecasting report.

“Particularly, in comparison with the first six months of 2011, foreign sales from Rhode Island’s companies, seasonally adjusted, increased by an annual rate of 7.9 percent,” added Simos.

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