By Kimberley Donoghue PBN Web Editor Twitter: @kdonog
PROVIDENCE – Rhode Island exports jumped 11.7 percent in November, e-forecasting.com said.
Exports increased to $204.8 million in Rhode Island, the seasonally adjusted data revealed. Nationally, the country saw 11.2 percent export growth to $126.6 billion.
“Economic events unfolding overseas, far from Rhode Island, could shape the state’s business outlook for 2012,” said e-forecasting.com chief economist Evangelos Simos.
“If the financial and sovereign debt crisis does not improve in the troubled economies of the Euro zone, an expected severe downturn in Europe will have significant adverse spillovers worldwide, nationally and in the state’s industries,” he said.
Manufactured goods, which accounted for 62 percent of all state exports in November, advanced 16.4 percent. Non-manufactured exports - agricultural goods, mining products and re-exports – increased 4.8 percent.
When comparing Rhode Island’s November data to a month earlier, overall exports increased 17.7 percent – with manufactured goods surging 28 percent and non-manufactured goods increasing 4.1 percent.
In a ranking of export growth for the first 11 months of the year, Rhode Island ranked No. 19 in the United States at 21.1 percent growth.
The Ocean State fared better than its New England counterparts for export growth year-to-date: Maine came in No. 29 and Massachusetts at No. 45. Continuing to occupy the bottom spots were: New Hampshire, No. 48; Connecticut, No. 49; and Vermont, No. 50.
“What are the prospects for Rhode Island exports? According to the latest business survey, conducted by the Institute of Supply Management, the nation’s supply executives remained cautiously optimistic about the prospects of growing export markets,” Simos added.
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