By Kimberley Donoghue PBN Web Editor Twitter: @kydonoghue
PROVIDENCE – Rhode Island exports increased 57.9 percent in April when compared with a year earlier, according to seasonally adjusted data from e-forecasting.com.
Exports jumped to $222.3 million in April from $140.8 million a year earlier. When comparing April to March, exports declined 1.6 percent from $225.8 million.
Manufactured goods, accounting for 62 percent of all foreign sales, advanced 47.1 percent in April to $138.4 million from $94.1 million as seen in April 2010. In contrast, manufactured goods dropped 11.2 percent when comparing April to March.
Nonmanufactured goods exports - agricultural goods, mining products and re-exports – swelled 79.7 percent from a year earlier, reaching $83.9 million in April from $46.7 million a year earlier. When comparing the figure with a month earlier, nonmanufactured exports jumped 20 percent.
Rhode Island grew its exports 32.2 percent in the first four months of the year, placing it No. 8 in the country. In a regional comparison, Maine ranked No. 5, while Vermont came in at No. 50. New Hampshire ranked No. 33, Connecticut came in at No. 45 and Massachusetts, No. 46.
Nationally, exports rose 18.8 percent in April year over year to $175.6 billion, seasonally adjusted, said Evangelos Simos, chief economist of e-forecasting.com.
“The expectation of gains in worldwide trade translates to good news for Rhode Island’s exporters. In the second half of 2011, orders from abroad, especially emerging economies, are projected to increase – although at a slower pace than in the past - which would improve production and continue to generate new export-related jobs in Little Rhody,” said Simos.