TRADE

R.I. exports rise 9.1% in November

COURTESY E-FORECASTING.COM
RHODE ISLAND'S total exports surged 9.1 percent in November to $195.9 million.
Posted 2/1/13

PROVIDENCE – Exports from the Ocean State rose 9.1 percent in November to $195.9 million on a month-to-month, seasonally adjusted basis after rising 1.4 percent in October, according to an international trade statistics report from e-forecasting.com.

Overseas shipments from Rhode Island manufacturers, which accounted for 56 percent of the month’s exports, increased 0.4 percent from October to November to $109.4 million, seasonally adjusted.

Exports of non-manufactured goods totaled $86.5 million in November, a 22.5 percent increase over the $70.6 million shipped in October. 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 undersold their November 2011 performance by $4.9 million, or 2.4 percent, according to the report. This loss was led by Rhode Island’s manufacturing plants, which undersold their November 2011 figures by $17.8 million.

Nationally, exports rose 1.3 in November to $129.3 billion, adjusted for seasonal variation. The report said the national growth was fueled by increases in capital goods, automotive vehicles, parts and engines, industrial supplies and materials and consumer goods.

“The latest export trends are important for the state’s job market and overall economic development as the industrial mix of foreign sales implies that nearly one in every five factory jobs is tied to exports of manufactures,” said e-forecating.com Chief Economist Evangelos Otto Simos in the report.

In terms of export growth, Rhode Island ranked 26th among the 50 states for the first 11 months of 2012. For 2012, up until the end of November, Rhode Island exports increased 3.4 percent versus the first 11 months of 2011. Comparatively, national exports increased 4.6 percent during the same period.

Rhode Island’s 2013 export outlook is heavily affected by growth predicted by the World Bank in emerging countries such as China and India.

“The global forecast implies that Rhode Island’s exporting companies selling their products to emerging countries will do better in 2013 than last year with good prospects for growing exports over the next two years,” said Simos. “However, exports to the industrial countries, particularly in Europe, are expected to stagnate during 2013 to 15.”

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement