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By PBN Staff
PROVIDENCE – Exports from the Ocean State rose 1.4 percent in October to $179.5 million on a month-to-month, seasonally adjusted basis after dropping 13.8 percent in September, according to an international trade statistics report from e-forecasting.com.
Exports from the Ocean State rose in October as exports from the United States as a whole dropped 3.6 percent over the month, the largest monthly decline in national exports in nearly four years.
Overseas shipments from Rhode Island manufacturers, which accounted for 61 percent of the month’s exports, increased 5.6 percent from September to October to $108.9 million, seasonally adjusted.
Exports of non-manufactured goods declined 4.5 percent to $70.6 million in October, seasonally adjusted, from September. 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 exporting companies outsold their October 2011 performance by $6.4 million, or 0.1 percent.
Through the first 10 months of 2012, overseas sales from Rhode Island companies increased by an annual rate of 4 percent when compared with the same 2011 period, earning the Ocean State the ranking of 26 among the 50 U.S. states, which in total registered an annual rate of increase of 4.9 percent through October.
Comparatively, during the first 10 months of 2011 and 2010, the U.S. saw an average annual growth of 14.2 percent and 16.7 percent, respectively.
“The projections on global growth and international trade suggest modest improvement in export orders for Rhode Island companies in 2013. The stalling in growth of foreign demand will not provide a needed boost to production activity at the state level and, as a result, will not generate significant gains in export-related jobs in 2013,” said e-forecating.com Chief Economist Evangelos Otto Simons in the report, citing data from Organization for Economic Cooperation and Development.