R.I. exports up 2.9% in Nov., but manufactured shipments slide
RHODE ISLAND'S November exports totaled $189.4 million, an increase of 2.9 percent compared with a month earlier, but a decline of 1.4 percent compared with November 2012. Manufacturing exports, which account for 61 percent of Rhode Island's total exports, fell 2 percent on a month-over-month basis in November, totaling $115.7 million.
PROVIDENCE – Rhode Island exports rose $5.3 million, or 2.9 percent, in November, according to an e-forecasting.com report.
The month-over-month increase, which followed a 1.5 percent increase in exports between September and October, brought Rhode Island’s total exports for November to a seasonally adjusted $189.4 million.
On a year-over-year basis, November exports represented a 1.4 percent decline.
Foreign sales of manufactured goods accounted for roughly 61 percent of Rhode Island’s exports in November, totaling $115.7 million. Shipments abroad from Rhode Island manufacturers in November fell 2 percent compared with the previous month, but increased 3 percent compared with November 2012.
The $73.7 million total of non-manufactured exports in November represented a month-over-month increase of 11.7 percent and a year-over-year decline of 7.6 percent. Non-manufactured goods include agricultural goods, mining products and re-exports.
Rhode Island ranked 43rd in export growth among the 50 states during the first 11 months of 2013, moving up two spots from 45th in October. Between January and November, Rhode Island exports decreased 8.7 percent compared with the first 11 months of 2012. Only New Mexico, Utah, Nevada, Maine, North Dakota, Hawaii and West Virginia registered larger percentage declines of exports for the first 11 months of the year.
U.S. exports for November totaled a seasonally adjusted $137.1 billion, an all-time monthly high. The November figure represented a 1.1 percent increase over the previous month and a 5.7 percent increase over the same period last year.
Internationally, World Trade Organization statistics from November 2013 showed that exports from the top 70 exporting countries worldwide increased 0.6 percent compared with October and increased 3.6 percent compared with a year earlier. Total worldwide merchandise exports totaled $1.4 trillion in November.
“The outlook over the next few months for exports of manufactured goods depends on the pace of incoming orders from foreign buyers,” the e-forecasting.com report stated. “According to the December business survey conducted by the Institute of Supply Management, the nation’s purchasing executives continue to be optimistic about the prospects of selling abroad their products.”
PBN is now accepting applications for its newest award program and event for RI & Bristol County to celebrate the Manufacturing Renaissance that is evolving regionally and across the country. The deadline for applications is March 20th.
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.