Business Excellence Awards
Please Join PBN to Celebrate the 2014 Business Excellence Award Winners on Novem ...
By PBN Staff
By PBN Staff
PROVIDENCE – Exports from the Ocean State rose 15.5 percent in June to $190.1 million on a month-to-month, seasonally adjusted basis after rising 5.9 percent in May, according to a trade statistics report from e-forecasting.com.
Overseas shipments from Rhode Island manufacturers, which accounted for 55 percent of the month’s exports, decreased 1.5 percent from May to June to $105.3 million, seasonally adjusted.
According to the report, Rhode Island’s foreign sales in June reflected the mix of trends in foreigners’ demand for goods made by different industries.
Exports of non-manufactured goods totaled $84.8 million in June, a 46.7 percent increase from the $57.8 million shipped in 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.
Year over year in June, total exports from Rhode Island fell 5.9 percent, or $12 million, from June 2012. For the state’s manufactures, exports dropped 25.4 percent, or $35.8 million, from June of last year.
Nationally, exports rose 2.1 percent to $134.3 billion from June 2012 to June 2013. From May to June 2013, national exports rose 3.1 percent.
Year over year, for the first six months of 2013, Rhode Island’s exporters sold 10.3 percent less than they did during the first six months of 2012, as overall exports from the U.S. increased 0.9 percent year over year, according to the report.
Nationally, Rhode Island ranked No. 46 in export growth among the 50 states for the first six months of the year.
In a report analyzing the export statistics, e-forecasting Chief Economist Evangelos Otto Simos noted that “changes in sales abroad have implications for jobs in the Little Rhody. It is estimated that about one in every five local factory jobs is tied to exports because of the high labor content of manufactures in the chain of production.”
According to a survey cited in the report, executives nationwide are optimistic about export expansion moving forward. The July business survey by the Institute of Supply Management found increased export orders last month, with 15 percent of respondents reporting more orders than in June, 77 percent reporting no change, and 8 percent reporting fewer orders.
The survey followed six consecutive months of export-order contraction.